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In today’s Social Studies class, We will be looking at Keeping Money in the Bank. We hope you enjoy the class!
Keeping Money in the Bank.
Banks are the institutions established for safekeeping of our money and other valuable materials. People also take loans from the banks to do certain things such as building houses or to embark on commercial projects.
Types of Banks
- Central Bank: The central bank is owned by the federal government. The central bank of Nigeria performs several functions such as printing of currency and granting of loans to commercial banks. There is only one central bank of Nigeria with branches in all the states capitals.
- Commercial Banks: Commercial banks include all specialized banks and microfinance banks which serve the general public in various ways such as safekeeping of money, giving loans to customers etc. Examples of commercial banks in Nigeria are Zenith Bank, Union Bank, Wema Bank, Access bank, First bank etc. These commercial banks are not owned by the government, they are owned by individuals.
- Mortgage Banks
- Merchant Banks
Advantages of Keeping Money in the Bank
- It helps to control reckless spending.
- Money kept in the bank can be withdrawn when needed.
- Money kept in the bank yields interest.
- It enhances privacy.
- It prevents risks of theft or loss.
- Define bank.
- Explain the two types of bank.
- What are the advantages of keeping money in the bank?
Problems Associated With Keeping Money in Banks
- To open an account in the bank is oftentimes difficult. It requires filling forms, taking passport photographs and presenting identity cards, international passport or driving license.
- Not all the customers to the banks are literates. The population of Nigerian who are illiterates is very high. A large number of illiterate people feel frustrated with all the process of transaction in the banks.
- Some bank customers find it difficult o withdraw money with their automated teller machines (ATM) cards. Most automated teller machines are old, outdated and do not dispense money as at and when needed.
- Most people do not keep their money in the banks because of the fear of armed robbers. This is an unfortunate situation which at times discourage saving money in banks.
Solutions to The Problems Of Keeping Money In The Banks
- People need to be educated on the benefits of saving money in banks.
- The illiterates people among us should be encouraged and assured of the safety of their money kept in the banks.
- Banks should make sure that services are delivered quickly and faster with the use of computer systems and modern automated teller machines to reduce long queues in our banks.
- Bankers should show understanding with their customers and not be aggressive.
- What are the problems associated with keeping money in banks?
- Suggest solutions to the problems of keeping money in the banks.
GENERAL EVALUATION QUESTIONS / REVISION QUESTIONS
- Mention five negative effects of gender stereotypes.
- What is the importance of gender equality?
- Define an accident.
- Suggest five ways of preventing accidents in the school.
- Identify three steps to take when accidents occur in the school.
Macmillan Social Studies Book 2 by M.A. Orebanjo, I.O Osokoya, R.Acholoun et al Pages 92 – 94.
- A bank is a place we _____ A. buy food B. eat Food C. keep our money and other valuable materials D. acquire education.
- Which of the following banks is responsible for printing currency in Nigeria A. Central bank B. Commercial banks C. Micro Finance banks D. First bank
- All the following banks are commercial banks except A. First bank B. Central bank C. Union bank D. Wema bank.
- One of the following is not an advantage of keeping money in the bank A. It helps to control reckless spending B. Money kept in the bank yields interest C. money kept in the bank can be withdrawn at any time D. Money kept in the bank cannot be withdrawn.
- The full meaning of ATM is A. Automated Teller Machine B. Advanced Teller Machine C. Automated Teller Module D. Automated Telephone Machine.
- Mention five advantages of keeping money in the bank.
- Identify three problems associated with keeping money in the banks.
We have come to the end of this class. We do hope you enjoyed the class?
Should you have any further question, feel free to ask in the comment section below and trust us to respond as soon as possible.
In our next class, we will be talking about National Economy: Communication. We are very much eager to meet you there.
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