3.1 Functions of MCB
Basically there are two basic categories of functions of MCB Bank, which are as follows:
1. Principal Function
2. Auxiliary
3.1.1 Principal Function:
The principal functions are basically the core functions of the bank that is the lifeblood of bank, which are:
1. Acceptance of Deposits
2. Financing
3.1.2 Deposits:
There are basically two types of deposits and their nature varies due to time factor, which are:
1. Demand Deposits
2. Time Deposits
3.1.3 Demand Deposits:
The demand deposits have no legal restriction on drawing of the deposited amount and the cash is readily available on demand without any conditions.
Demand deposits are further classified into categories:
1. Current Deposits
2. Saving Deposits
3.1.4 Current Deposits:
The current
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3.2.3 Collection of Dividends:
The bank provides a very useful service in the collection of dividends or interest earned on stocks and shares held by his customers. The customer is simply to inform the issuer of the securities that the interest on the securities is to be credited to his account in the bank.
3.2.4 Purchase and Sale of Securities:
MCB is authorized by the customer, purchase or sale securities on his behalf and thus adds other benefits to his portfolio.
3.2.5 Transfer of Funds:
MCB also transfer funds of the customers from one bank to another bank. If the transfer is at one station, they don’t charge any commission and even if they charge, they charge on reduce rates.
3.3 Principles of Performance
3.3.1 Customer Focus
Over the years MCB has developed strong relationships with its customers by understanding their needs and treating them with respect, dignity and importance. The driving force behind its commitment and services is its focus on customers, ensuring that it not only meets, but exceeds their
Shall be able to accept payment from all reputed bank transfer facilities for customer flexibility.
A profit is vital to a bank’s
As an MSB service provider, the company is registered with FinCEN and the State of Louisiana as a check casher.
McDonald’s emphasizes cleanliness and food safety, in addition to quality and value service (QSC&V), through which it has succeeded in obtaining customer trust. The company also stresses ethical practices, dependability, and truthfulness in dealing with customers (McDonald’s, 2012, p. 1). Moreover, McDonald’s employs a coordinated marketing strategy that involves analyzing customer wants, creating products to satisfy his or her needs, setting the right prices and enhancing awareness of
Customer service plays a vital role in the running of this organisation. As they have many competitors they try extremely hard to stand out above the rest with their customer service approach. They use the slogan ‘Every little helps’ to
CIBC’s Wealth Management sector provides clients who have money to invest with investment and advisory solutions from a team of almost 1500 employee’s throughout Canada. There Strategic Priorities include attracting new clients and deepening relationships with existing clients, seek new clients to source investments, and chase new investments and acquisitions (CIBC).
Through sustaining the customer relationships, leaders of the company have realized that “becoming nearer to the consumer” is vital for the progression.
In your own words, please describe the function of the division you have selected and why have you applied to Bank of America Merrill Lynch? (200 word limit). *
Over the years MCB has developed strong relationships with its customers by understanding their needs and treating them with respect, dignity and importance. The driving force behind its commitment and services is its focus on customers, ensuring that it not only meets, but exceeds their expectations.
Support: Since the bank is having many branches across the world, these branches need some some systems to operate. So, improving these local systems is done in each branch by the local authority itself.
We take our commitment to the customer very seriously because we know our continued success depends on their constant satisfaction.
Refer to those kind of deposits that can be easily withdrawn by individuals without any prior notice to the bank. In other words, the owners of these deposits are allowed to withdraw money anytime by simply writing a cheque. These deposits are the part
Biggest number of employees in banking sector and it spends a considerable amount of income in employee’s salary compensation
All this remark less performance of MCB has earned it many awards like “The Best Bank of Pakistan” award consecutively for two years; 2008 and 2009. The award was given by “Euro Money” a leading international publication.
Can hold deposits of upto Rs. 1 lakh and have to pay interest on it (like savings account)