1.5 Mutual Banks
As with banks, mutual banks accept deposits from the general public, provide payment services such as cheques and electronic transfers, and make available credit such as overdrafts, home, term or asset-backed loans. Mutual banks differ from banks on the following important points. Ownership: A mutual bank is not required to be a public company as […]
1.4 Cooperative Financial Institutions
According to the International Cooperative Alliance, a cooperative is an autonomous association of persons who unite voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise. The International Cooperative Alliance’s Statement on the Cooperative Identity sets out the values upon which cooperatives are based and […]
1.3 Co-Operative Banks
A cooperative bank is a cooperative that provides its members with a range of banking and financial services. The members are both the owners and the clients of the bank. The members of cooperative banks must comply with one of the following: Are employed by a common employer. Are employed within the same business district. […]
1.2 Banks
Banks accept deposits from the general public, provide payment services such as cheques and electronic transfers, and make available credit such as overdrafts, home, term or asset-backed loans. Banks offer additional services to their clients such as trust and custody services Banks make a critical contribution to economic performance in the following manner: Taking deposits […]
1.1 Introduction
A deposit is an amount of money paid by one person to another, subject to an agreement that an equal amount, with or without interest, will subsequently be repaid to the person making the payment on demand or at a specified or unspecified date. In South Africa there is several deposit taking institutions and several […]