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Services Offered
In general, business accounts have a relatively high capital turnover and higher deposit levels compared to individual accounts. This is because the business banking sector is a very competitive market, as banks need a high amount of liquid capital available from their clients’ deposits to fund the various investment services they provide. Because of this, should a client feel unsatisfied with the level of service from their business account, they can move their business to another bank at any time. Individual accounts generally do not offer the same ease and mobility. The following are business services provided by banks:
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Different banks may offer different services or variations on the same type of services. A new company in need of opening its own account needs to take this into consideration when comparing various banks. Besides the selection of services being offered, the charges and fees themselves can also vary significantly between banks. The type of services should balance well with the associated costs and should be suitable for the kind of business opening the account.