By: Pharhon Mckenzie Grade:8A1 Banking in the Bahamas By: Pharhon Mckenzie Grade:8A1

Definition of Terms Fix Deposits Loans Checks

LOANS A loan is a sum of money lent at interest.

FIXED DEPOSITS A fixed deposit is a charged for a loan, usually a percentage of the amount.

CHECKS A check is a written order directing a bank to pay money.

Banking The history of Banking. What is Banking?

The History of Banking The name of the first Bahamian banker was Mr………………. The first Bahamian owned bank was the “People Penny Savings Bank”. The first bank built in the Bahamas was “The Royal Bank of Canada. Banking is the second largest industry in the Bahamas.

Banking is the business of providing service to its customers. What is Banking Banking is the business of providing service to its customers.

There are two types of banks, both offer different services. Types of Banking There are two types of banks, both offer different services. Commercial: ~ pays no taxes ~ gives interest ~ a national bank Offshore: ~pay taxes ~ doesn’t give interest ~ an international bank

CONCLUSION I have learned about the different types of banking, their transactions and their history. Banking is key in every country, these services provide legal and regulatory control for monetary and foreign exchange.