2024 | EMS | Test 2

Early banks were merchants who stored goods and money. They made loans and exchanged money.

Evidence of money lenders dates back to 2000 BCE, often operating from temples.

Modern banking origins lie in the medieval/Renaissance period in Italy.

A famous example of an early Renaissance bank, established by the Medici family.

A key event in the spread of banking across Europe.

Keeping customer money safe was a core duty of banks.

Banks now offer diverse services like insurance, loans, investments and credit cards.

Banks generate income through service fees and investment returns.

Governments regulate banks to protect customer deposits.

Banking operations significantly changed during the 20th century due to technology, leading to larger, more geographically spread banks, and a shift towards internet banking in the 2000s.

Oversees various financial sectors like banks, insurance, pension funds, and financial markets, including regulatory bodies.

Part of the Minister of Finance's department, likely responsible for financial services regulations and policy.

Manages regulations for non-bank financial institutions.

Pension Funds manage savings for retirement.

A broad term for entities involved in financial activities, from Banks to Pension Funds, insurance companies, etc.

Gathering data on the banking choices made by individuals.

A tradable financial instrument representing a deposit, in South Africa.

Landmark events of a particular year. A concept relating to history.

A fee charged by banks if the minimum balance isn't met in a savings account.

A fee charged for withdrawals or transfers in a savings account.

A recurring fee for a savings account.

Money earned on a savings balance from lending by the bank.

Percentage of deposited money earned as interest.

The means to get money from a savings account.

A method to start a savings account remotely.

Setting aside money each month to avoid spending all your income.

Formal banking was established in South Africa in 1793 to support the agricultural community.

South African banking experienced periods of competition, culminating in larger, more established banks acquiring smaller ones.

Saving money is for various reasons including unexpected expenses, retirement, large purchases, or starting a business.

These are unplanned costs that require immediate attention, like medical bills or accidents.

Established in 1949 to manage South African funds previously traded on the London market.

The first NCD in South Africa emerged in 1961.

Setting aside money to have financial security when you stop working.

Saving allows for buying expensive items without taking a loan.

ABSA, Standard Bank, First National Bank, and Nedbank held a majority of banking assets.

The SARB controls the South African banking sector.

Saving money can help when starting a new business without a loan.

South African banking regulations are patterned after British, Canadian, and Australian systems.

The return on money saved.

An account that gives higher interest compared to ordinary saving accounts.

Accounts used for saving money, often with low fees and competitive interest rates.

Accounts for managing daily money flow and expenses.

Allows going over account balance up to a limit with interest.

Cards allowing access to borrowed money with high interest.

Early banks were like merchants, storing goods and money, making loans, and exchanging currencies.

Money lenders existed in temples, performing banking functions in ancient civilizations like Greece and Rome.

A prominent early modern bank established in 1397 in Italy.

Established in 1694, a significant moment in European banking history.

A bank's main responsibility was, initially, keeping money safe for customers.

Banks now offer insurance, loans, investments, and credit cards, beyond just holding money.

Banks earn money through fees and interests on investments.

Governments oversee banks to protect customers' deposits.

A safe and convenient way to save money and earn interest.

Financial Intelligence Centre Act, a South African law to prevent money laundering.

Concealing the illegal source of money.

Requires proof of address and identity, typically age 18+ and South African citizen/permanent resident.

Accessibility, services, customer service, and interest rates are key considerations.

Documents verifying a person's address (e.g., phone bills, electricity bills).

Putting money aside for future use.

Provides financial security and allows investment.

Banks' evolution from early lenders to modern financial institutions.

Functions like account opening, savings, and loans.

A bank account for saving money with interest.

Groups saving together, like stokvels.

Financial institutions helping startup businesses.

Savings and investments increase economic activity.

Using savings to grow wealth over time

Loans used to buy houses or land.

Loans to buy or finance new vehicles.

Accounts for growing your money.

Accounts where you can invest locally or internationally.

Investments with a fixed time period and interest.

Investments that can be cashed in anytime, with interest linked to the exchange rate.

The interest rate the central bank sets.

Choosing the best account for an R8,000 investment.

Other services banks offer, like insurance and planning.