Banking Products Awareness
Are those products that are funds owned by the customers and placed with the Bank in the form of Transactional Need, Savings Need and Long Term Returns:
- Current Accounts: The term Current Account comes from the main purpose this type of account is aimed to achieve; regular and frequent transactions. Current Accounts are generally more appropriate for specific types of customers like businesses, enterprises, companies, businessmen, etc. Currents Accounts usually earn significantly less interest and in most cases no interest at all due to the flexibility offered by this account and the unlimited number of transactions, which can be carried out.
- Savings Accounts: A short-term investment, which allow the customer to earn interest and have an easy access to his funds. The interest rate you receive can go up or down over time according to the bank’s internal policies and in line with the interest rates that are set by the Central Bank of Egypt. Some Savings Accounts offer Debit Cards to allow you to withdraw money using an ATM or an electronic transfer. A savings Account may also require you to maintain a minimum balance to avoid a monthly fee.
- Time Deposits (TDs): Suitable for those who want to save yet have the flexibility to redeem and enjoy high rate of return. You can earn fixed interest based on fixed tenor starting from one week and up to five years with fixed interest.
Long Term Returns
- Certificates of Deposit (CDs): Long-term investment starting from 1 year and up to 10 years. CDs must meet a minimum amount, and could not be withdrawn before the 6 month from the issuance, during the CD lifetime a penalty could be applied in case of you break it.
A debit Card might look like a Credit Card but they are both very different. A Debit Card is issued by a bank to their customers for the purpose of accessing their funds without having to write a paper check or make a cash withdrawal.
A Debit Card is linked to one’s Checking or Saving Account and can be used anywhere Credit Cards are permitted. If your Debit Card has a Visa logo, for example, it can be used anywhere that accepts Visa.
When you use a Debit Card, the money will either go immediately out of your account or be held by the bank for 24 hours or longer.
A Credit Card is a card that allows you to borrow money against a line of credit, otherwise known as the Card’s Credit limit you use the card to make basic transactions, which are then automatically reflected on your bill, and is added to your outstanding balance.
With most Credit Cards, a customer has to pay before a specified number of days before interest is charged on the outstanding balance, however Customers can avoid paying interest if you do not carry your balance over from month to month.
Debit Cards & Credit Cards Difference Overview:
The key difference between the two cards is where the money is drawn from when a purchase is performed, as when customers use a Debit Card, the money comes directly from their own accounts. While if usage were through a Credit Card, the purchase is charged to a line of credit for which they are billed at a later date.
The bank will never call you to request or inquire any of your confidential banking details, for example (PIN, CVV2 or online banking details), so please don’t state such confidential information to anyone including bank staff.
Ensure activating the transactions SMS notification service and update the relative contact number to monitor your card transactions
In case of any unrecognized transaction, lost and stolen card status, please contact the bank immediately to report and block your card.
Avoid providing your card data to any of untrusted websites, Unauthenticated E-mail sender, unrecognized links and attachments through E-mails or social media.
Importance of Properly Reviewing Contracts and Terms & Conditions
The Terms and Conditions act as a legally binding contract between the bank and its customers, it provides the foundation for any contractual arrangement. Besides it sets the rules and guidelines that the customers shall follow in order to access your account(s). It is worthy to mention that any failure to do so may result in future complaints and legal consequences.