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Every modern business requires one or more bank accounts, which are opened and maintained in much the same way as a personal account. In modern commercial practice, the greater part of a trader's transactions, as regards to both receipts and payments, are settled by cheques. A bank is a financial intermediary which accepts deposits in various forms, gives different kinds of loan and transacts several other kinds of financial or quasi-financial business.

Advantages of Maintaining Bank Accounts

â?¢ You don't need to keep large amounts of currency at hand.
â?¢ Surplus money deposited into the bank earns interest.
â?¢ In case of disputes, cheques can serve as evidence of payment.
â?¢ The use of bank account contributes to strong internal control in many ways. In case of a limited company, the board of directors must tell the bank the names of persons authorized to sign cheques, and thus access to cash becomes limited to those officers or employees, and the officer responsible for each payment is readily identified by the signature on the cheque.
â?¢ Many clients wish to pay their invoices by cheques, which must be paid into an account.
â?¢ Payment to your suppliers by cheque, particularly if delivered by post, is much more convenient and secure.
â?¢ You can avail yourself of other bank services like loans and overdrafts, safe custody of valuables, and expert advice on a wide range of business problems.
â?¢ On behalf of its customers, banks can sell and purchase shares and securities, and perform a wide range of services of great help to any business.

Bank Deposit Accounts

Bank deposits come in two main types: demand deposits and time deposits. Demand deposits are those from which funds can be withdrawn on demand, or on which payments can be made on order. Funds within time deposit accounts can only be withdrawn after the expiry of the fixed period. They are also called Term Deposits or Fixed deposits.

Opening a Bank Account

In order to open a business bank account, you will have to furnish your name in full, your specimen signature and the name of the person who introduced you to the bank. You will then need to submit the following documents:
â?¢ A copy of the resolution of Board of Directors authorising the executive(s) to sign the cheques.
â?¢ A copy of your Memorandum of Association
â?¢ A copy of the Certificate of Incorporation.
â?¢ A copy of the Certificate of Commencement of business for a public limited company.
â?¢ A specimen signature card.

A partnership is required to submit the following documents:

â?¢ A copy of the partnership deed
â?¢ A copy of the resolution of the partners authorising other partners to sign the cheques
â?¢ A specimen signature card.



Author Roger Chateauxdate added 2009-08-25 15:08:44

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