BANK SERVICES

Retail and Commercial banks: Barklays, HSBC, Loyds, Royal Bank of Scotland and Spanish Santander

Retail banks: refer to banking institutions which execute transactions directly with consumers

Commercial bank: is a financial institution and intermediary

Cooperative Banks: are owned by cooperative group: Harrods, Saintsbury, Tesco,

Building society: It is a cooperative organisation that accepts deposits of money from savers and uses
them to make loans, secured by mortgages

Many of them have been demutualised (convert a building society to a public limited company) through
Nationalisation, Acquisition.

Loan: it provides expansion capital to the businesses

Secured loans are guaranteed by assets

Unsecured loans: they are not backed with a higher rate of interest

Business Account: this service enables business to transact day -to- day affairs with Standing orders to pay
water, electricity, regulars bills

Overdraft: businesses have a short period of credit to smooth cash flow difficulties

Credit cards, Bank Draft: these services enable businesses to transact day -to- day payment and
transactions. Bank statements allow the business to keep regular check on its accounting position

Business Advice: to small businesses or start ups (to construct a business plan)