Summary banking and payment methods, Consumer Sciences/Hospitality
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Course
Consumer Sciences/Hospitality
Institution
12th Grade
Three easy to read through notes summarising The consumer, banking and payment methods and clothing; which are sections in the IEB curriculum. These are perfect to use as study notes. Not over whelming at all.
Financial Intelligence Centre Act (FICA) designed to prevent fraud and money laundering
this is why consumer has to have an SA bar-coded ID book and Proof of residence
Types of bank accounts: choose bank account that meets your needs, shop around
1. Savings account: min of R50.00 to open
- bank/debit card be used at ATM and at retailers. Very low interest rates
2. Current or cheque account:
- Bank card used ad ATM and a debit card at retailers
- Have overdraft facility
- Charged interest on overdraft facility
- Very little interest earned on money in acc
3. Fixed Deposit accounts:
- Special savings account offers higher interest rate as money is deposited in
bank for a set period of time
4. Call account:
- Like a savings account, but min amount in account is higher. The more
money in the account the more interest you will earn
5. Money market account:
- Minimum opening account
- More money=more interest
- Charge withdraw money
- Deposits of fee
Bank charges:
Bank charges a fee for services:
- Managing the account
- Depositing or withdrawing the money
- Stop orders or debit orders
- Overdraft facility
- Lost card protection fee
Reduce bank charges:
- Use debit card facility rather than drawing cash
- ATM,internet and cellphone banking is cheaper than going to a teller
- Use your banks ATM
- Avoid going into debt
Methods of purchasing goods and services:
Cash transactions
1. Cash transactions= pay cash, internet transfer, or use card to pay for goods
- Dangerous method, no paper trail, immediate and ideal for small
purchases
2. Internet payments= EFT, electronic fund transfer
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