Why a businessman would choose to operate a current account
- Excellent means of settlement of accounts speedily and economically avoiding the use of the legal tender
- Can be used for direct receipt of, regular, sums direct credit instead of legal tender
- Withdrawals can be effected on demand without notice
- It is a basis for obtaining loan funds or of overdraft facilities
- Provide means to effect regular payment at stated intervals of time standing order eg rent.
- Safety, reliability and ready availability of funds kept in this way.
- Provides periodic bank statements issued which schedule all bank transactions completed for the period.
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