FIN370 Chapter 3

Your Name Please

Generally, there are _ ways you can deposit your money into a bank.

Mathematical Equivalence

ON

(a)   is the most basic type of account you can

• Joint accounts
• Saving Accounts
• Current Accounts
• Trust Accounts

A ​​ (a)   is a written instruction given by a customer to his banker, instructing the latter that a named third party is duly authorized to do certain acts on behalf of the customer while a ​ (b)   is a document usually under seal which authorizes one person to act on behalf of another person.

• mandate
• power of attorney

There is not many cases where a dishonest person has succeeded in opening an account in an assume name for the purpose of obtaining money to which he was not entitled. (a)  

• True
• False

Current accounts are actually very similar to savings accounts, with the exception of allowing you to (a)  

• write cheques
• deposit your
• withdraw funds
• open an account with the bank

The minimum transaction amount for third party payments in RENTAS (payments that originate from a non-RENTAS member or beneficiary) is set at (a)  

• RM50,000
• RM15,000
• RM8,000
• RM 10,000

eSPICK is a national electronic cheque information clearing system. It enables customers receive funds (a)   .

• immediately
• within 2 business days
• on the next business day
• on the day itself

Can siblings (adik beradik) open a joint account? (a)  

• Yes
• No

Which statement is TRUE on partnership accounts?

• Owned by 2-30 owners

• All registrations are done through the Companies Commission of

  Malaysia.

• A person with foreign nationality would not be able to register for a partnership account.

• The business’s name can be the same name as an owner’s name on their identity card.