What features accompany cash management services for individuals? What is this? What advantages do we get? What should I pay attention to during registration? These and many other questions will be answered in the article.
general information
Settlement and cash services for individuals is the name of the operation of opening and subsequent management of bank accounts that belong to specific people. For financial institutions this is a very profitable and important activity. First of all, at least in the fact that in such cases, people and companies transfer significant amounts of money to banks. And this is an important aspect, according to which the latter differ from other financial institutions. In addition, the involvement of individuals allows you to establish business relationships with them, which in the future develop into other, closer forms of cooperation. These include: provision of bank guarantees, factoring, leasing, lending, trust and similar operations. Relationships due to this are strong, because when a financial institution and a client trust each other, they become mutually beneficial and mutually interested partners.
What are the advantages of individuals?
We can:
- Carry out any payments that have nothing to do with the performance of business.
- To credit funds received in the name of the owner.
- Conduct conversion operations.
- Carry out regular fixed payments (but only if there is a special order of the client for this).
Although, of course, there are certain specific features. So, if the court decides that for a certain reason it is necessary to write off a specific amount, this will be done without problems. In this case, you just have to obey, which is what the bank is doing. Settlement and cash services for individuals, however, despite this specificity, is a useful tool that is necessary and widely used.
Different Features
It is necessary to talk about such things as tariffs. Settlement and cash services for individuals, as previously mentioned, are very beneficial to the bank. But not only because it provides capital through which you do not need to pay interest, but also by lifting commissions. For the sake of fairness, it should be noted that it is considered a rule of good opinion not to withdraw any additional payments if they are carried out within the framework of one financial institution. But if transactions are performed between different banks, you have to pay a commission. Its size is relatively small, but it is still a few percent. In addition, in such cases, there is a certain specificity in the work plan. Do not forget that the usual period of bank payment is three days. Yes, now they pass almost instantly, but if the order for payment or settlement is transferred after a working day, there may be a delay until the next morning. Therefore, when choosing who will serve the ongoing transactions, you should ask in detail about what and how organized.