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It is an open secret that banks are the most important link in the
world of money.. This is because, first of all, banks nowadays perform the
main part of the work of transferring money from a customer to a seller, by
operating the system of payments in the economy. Almost everyone in the
world uses or has used banking services. Families keep their savings there, and banks pay them interest rates on their deposits and give them loans to
buy expensive goods. Companies conduct payments through them. Commercial
organizations, which work at the market and in production, take loans for
their needs and conduct all payments with buyers and sellers through them.
Landowners and owners of real estate take loans from the banks to buy an estate or to make use of it and pay back loaned money.
2. Banking services
I’d like to start by giving you structure of banking system.
The various services provided by banks are summarized bellow.
1) The provision of safe deposit facilities for money and valuables.
2) The lending of money: this is the most profitable activity of the banks and the one which provides most of their income.
3) The issuing of banknotes: in England and Wales this right is restricted to the Bank of England? But some banks in Scotland and
Northern Ireland retain the right to issue their own banknotes.
4) The provision of efficient money transmission services (e.g. cheques, credit cards)
In addition to these basic functions, modern banks provide a wide range of other financial services.
3. Establishing a bank account
One of the first things should do after you arrive the United States is establish a bank account. It is not a good idea to carry large amounts of cash or keep it in your living quarters.
Most banks have main offices in the center of cities and towns, and also have smaller offices, called «branches», in other parts of the city or town, as well as in suburban locations. Banks are generally open Mondays through Fridays, usually from 9:00 a.m. to 12:00 noon.
Remember that banks are private businesses. They are all different and each wants to get your business. You should check with several banks to determine which bank offers the best services for your needs.
You should plan to open both a checking and savings account at the same bank, simply because it will be more convenient for you. For example, if you have a savings account and a checking account in the same bank, you can often telephone and ask to transfer funds from your saving account to your checking account. Interests rates on saving and checking accounts vary from bank of bank. Investigate and compare various banks and their rates of interests on accounts before you decide where to open an account.
4. Cashier’s checks
A cashier’s check is a check written for you by your bank. You give the bank the money (or it is taken from your account) and the clerk writes a cashier’s check, charting a small fee for the service. Usually cashier’s checks are written for large amounts to transfer money from one place to another.
A cashier’s check is easier to cash than a personal check, and it is safer than carrying a large amount of cash. You do not have to cash a cashier’s check at a branch of your bank – it can be cashed at any bank or business.
5. The banks of England
Most countries have a central bank, which is responsible for the
operation of the banking system. The central bank in the UK is the Bank of
England, which was taken into public ownership in 1946. It has many responsibilities, which are summarized below and discussed in more detail later in this charpter.
1) It is the government’s bank. It handles the income and expenditure of
Exchequer and other government departments.
2) The clearing banks maintain accounts at the Bank of England. The final cash settlements within the banking the banking system and between the banking system and the Bank of England take place through these accounts. The Bank is a banker for about 100 overseas central banks and international monetary institutions.
3) It manages the national debt. This is a major responsibility which involves making repayments on government securities when they mature, undertaking new issues of long-term securities, making regular payments on interest to holders of existing government securities, and handling the weekly issues of Treasury bills. The management of the national debt, as we shall see later, has important effects on the supply of money and the rate of interest.
4) It is the lender of last resort. The Bank of England stands ready to come to the assistance of the banking system in times when it is threatened by a shortage of cash.
5) It acts as the government’s agent in the foreign exchange market, in which it can intervene to influence the value of sterling against other currencies.
6) It has the responsibility for carrying out the government’s monetary policy.
7) It has legal powers to supervise the operations of other banks. All banks are expected to supply the Bank of England with information about their business, and they have to respond to directives given to them by the bank.
Although the Governor of the Bank of England has a certain amount of independence and his advice is sought and heeded, the Bank is subordinate to the Treasury which may give introductions to the Governor at any time.
6. The banking system of Russia
The Russian money institute is called a banking system, so it has to conform to the standards and try to approximate the generally accepted level. As we can see from the facts, however, Russia is yet far away from the accepted standards and the real practice of the Russian banking services is different from what it should be according to the Russian law and theory of the banking system. Of course, I do not presume to present a detailed analysis of all the problems involved. But even my personal research can show that the Russian banking system is far from ideal. First of all, all banks are using their superior position in the finance market, and all their activities are boiling down to making bigger profits with the minimum risk. Thus, banks are often breaking the law by not conducting operations in which they could lose their money, or operations with low profitability. The result is that not all operations are fulfilled as they should be, because of the prepossession of the banks to their clients.
But in Russia everything is different: the government issues
impossible laws and banks demand impossible interest rates, delay the money
and break the law. How can it help the Russian economy? In the end, clients
are afraid of using banking services and this apprehension limits cash
flows. This leads to less investment in industry, and undeveloped industry
is the main problem of the government. On the other hand, companies are
receiving fewer loans because of the unwillingness of banks to give any.
This again leads to undeveloped industry. Therefore we may conclude that one reason for the recession in Russia is the deficiency of the banking system that leads to unhealthy money circulation. The government should review its banking laws if it really wants to see a stable economy in
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