(a) Steps in opening a current account:
(i) An application is made to the bank by filling the appropriate form.
(ii) Presentation of referees as required by the bank.
(iii) Completion of a specimen signature card and attach a passport photograph.
(iv) Obtaining an account number.
(v) Payment of initial deposit with the paying-in slip.
(vi) Receipt of a cheque book.
(b) Functions of commercial banks:
(i) Banks accept savings/current/time deposits from customers.
(ii) Granting loans/overdrafts/leasing/factoring to customers - businesses and individuals.
(iii) Discounting of bills of exchange, that is they pay cash for bills of exchange before the bills mature.
(iv) Providing advisory services to customers on viable investments.
(v) Acting as agents. They act as agents of their customers by paying on their behalf through standing orders, sale of forms, money remittances, subscriptions to societies and insurance premiums.
(vi) Sales of traveller's cheques. They provide services to travellers through the sale of travellers' cheque.
(vii) Keeping/safe custody of valuables. Banks keep goods such as wills, certificates, jewellery, etc in the bank's strong room.
(viii) Overnight safe facility. Customers are provided with envelopes to enable them to deposit their money when the banks have closed.
(ix) Act as referees to customers.
(x) Banks deal in foreign exchange (foreign currency) and they transfer and receive money from foreigners for financing international trade.
(xi) Overseas reports. They secure overseas intelligence reports on trade for their customers.
(xii) Act as trustees and executors of wills.