CHAPTER 6 – FINANCIAL SERVICE PROVIDERS The main financial service providers operating in Ireland are:
1. Commercial banks 2. Credit unions 3. Post offices.
COMMERCIAL BANKS
A commercial bank is an institution that provides financial services to business and personal customers. Commercial banks are often called high-street banks, as they are familiar fixtures in our cities and towns. An outlet of a financial institution is called a branch. For example, in 2016 Bank of Ireland had 250 branches throughout Ireland.
Some of the commercial banks operating in Ireland are:
• Bank of Ireland • Allied Irish Bank (AIB) • Ulster Bank • Barclays Bank Ireland • KBC • Permanent TSB.
i
We will learn more about savings and investment options in chapter 7
A commercial bank is a financial institution that serves individuals and businesses.
Services Offered by Commercial Banks Commercial banks offer their customers a wide range of financial services, including:
GO
• Current accounts • Deposit accounts • Savings and investment options • Payment facilities, such as standing orders and direct debits • Borrowing options, such as credit cards, overdrafts and loans • Foreign currency exchange • Online banking.
CURRENT ACCOUNTS
A current account is an account that is used for day-to-day transactions. A person’s wages are usually paid into their current account (Paypath) and their household bills are usually paid out of the account.
