Business Banking

This is a conversation between customer and bank representative where customer is inquiring about business loan, business account, currency exchange, accepting credit cards online and wire transfers.

Representative: Hello. How may I help you?

Customer: Hello. I need to gather some information about opening a business account and securing a business loan.

Representative: Yes sure, Madam. Do you have a normal account in our bank?

Customer: Yes, I do.

Representative: May I know your name please?

Customer: Yes. Amanda Jenson.

Representative: May I know your account number please Ms Jenson?

Customer: Yes sure. A345.

Representative: Thank you Madam. You have a savings account.

Customer: Yes.

Representative: What information are you exactly looking for, Madam?

Customer: I want to open a business account with your bank. What is the procedure?

Representative: Madam, what kind of business are you involved in?

Customer: It is import and export.

Representative: What services would you like to have in your account, Madam? We have different accounts- normal business banking, power vantage, and smart account.

Customer: Can you please brief me about all these?

Representative: Certainly, Madam. In normal business banking account, you have to maintain a balance of $5000 at all times. You can transfer money to different accounts within country without any extra charges. Your daily transactions are limited to 10 and up to $3000.  Power vantage requires you to maintain balance of $10,000 quarterly. So there is no restriction of having a specific balance all the time. Additionally, you can perform worldwide transfer within our network free of cost. There is no limit on the amount of money transferred daily. Smart account is meant for those who do not have very heavy transaction traffic. This is a zero balance account where your number of transactions per day is limited to just 2. Transactions are allowed within the country absolutely free. We do not charge any operating fee for the ATM cards of this account.

Customer: Ok. In Power vantage, is there any restriction on the number of transfers per day?

Representative: No, Madam. May I know your requirement, please?

Customer: Well, my daily transaction traffic is heavy and I do a lot of international transfers.

Representative: In that case, I would suggest you to go for power vantage business account.

Customer: But the minimum balance is very high.

Representative: I understand your concern, Madam but this balance needs to be maintained only quarterly. So even if you put all the required money in the bank on last day of quarter and withdraw it after two days, we are fine with that. Moreover, it satisfies all of your requirements.

Customer: What are the additional operating charges for this account?

Representative: Madam, it is $50 annually.

Customer: What about ATM card charges?

Representative: It is just the same as other accounts. You must be paying this fee on your savings account.

Customer: Yes I do. Ok. I think I will proceed with opening power vantage business account.

Representative: Sure, Madam. Please fill this form with all details about your business and sign it duly.

Customer: Ok. (After filling the form) Here it is.

Representative: Thank you, Madam. (After having a look at the form) You forgot to mention your social security number. Please write it.

Customer: Oh! Here it is.

Representative: Thank you. May I have your specimen signature here, please?

Customer: Yes sure.

Representative: Thank you. Your account will be opened and you will be dispatched all the details within next 24 hours at your provided address.

Customer: Thank you.

Representative: Is there anything else I can help you with?

Customer: Yes, I want to inquire about the procedure of securing a business loan as well.

Representative: Yes sure, Madam. What is the amount of loan you want to procure?

Customer: It will be around $200,000.

Representative: Madam, may I know your asset’s worth?

Customer: Yes, it is approximately $10, 00,000.

Representative: Please give me a moment, Madam. You are eligible for $300,000 business loan. This is just a rough figure and no guarantee on our part. We will have to review your documents, balance sheets and business plan to finally come up with a decision.

Customer: Yes sure. Please let me know the entire procedure and the documents that I will have to submit.

Representative: Certainly, Madam. You will have to fill out a form stating all your assets, additional sources of income and details of any other loans you have taken. You will have to submit copies of balance sheets, bank account statements and all other investments may it be mutual funds, insurance covers or any other fund you are depositing money in. There should be documents about other aspects of your business like procuring land, machinery and other tangible assets. Most importantly, you will have to submit your business value proposition or business plan explaining your business’s objective and financial progress. This business plan should be supported with facts, figures and proofs.

Customer: Alright. Is there anything else?

Representative: One thing more, Madam. We also offer asset based loans. This loan is secured by company’s account receivables, inventory, equipment and property.

Customer: What is the difference?

Representative: Madam, asset based loans look into the collateral first whereas normal loans look into the cash on hand first and then collaterals. The level of control depends on the value of credit.

Customer: Ok. Can I have the form, please? I will look in to the details.

Representative: Yes sure, Madam. Here is the form.

Customer: Thank you. Does your bank allow applying for credit cards online?

Representative: Yes, Madam. You can visit our site and read the available credit card options under the credit card section.

Customer: How do you collect the documents then?

Representative: Madam, there are two methods: You can either upload the documents after scanning them or a representative of ours can visit you to collect the documents.

Customer: Is there any other formality?

Representative: No, Madam. If your documents are genuine and pass the eligibility criteria, then you will be issued the card within 3-4 working days.

Customer: Ok. Thank you. And I can use the credit card for making payments online without any hassle, right?

Representative: Certainly, Madam.

Customer: Thank you.

Representative: May I help you with anything else?

Customer: Yes, I want to exchange some currency.

Representative: Yes sure, Madam. But for that you will have to go to our foreign exchange desk and the representative there will assist you. The desk is over there at your right.

Customer: Thank you.

Representative: It is my pleasure, Madam.

(Customer goes to foreign exchange desk.)

Customer: I want to exchange some Euros into dollars.

Representative: Yes sure, Madam.

Customer: Would you please let me know the current exchange rate for Euros?

Representative: It is 1.20 US dollars for a Euro, Madam. Would you like to proceed with the conversion?

Customer: Yes, please.

Representative: How many Euros are you planning to exchange, Madam?

Customer: It is 800 Euros.

Representative: May I see your passport, please?

Customer: Yes. Here it is.

Representative: May I have the money, please?

Customer: Yes sure.

Representative: Thank you, Madam. How would you like your bills?

Customer: In hundreds please.

Representative: Very well, Madam. Here is your $960. Please recount the money.

Customer: Thank you. (After recounting) Yes, it is fine.

Representative: Thank you, Madam. May I offer you any other service?

Customer: Yes, I want to know about international money transfers. What all methods are there?

Representative: Yes sure, Madam. You will have to approach our services desk at your extreme left for information.

Customer: Thank you.

(Customer approaches the desk.)

Customer: I want to know about available international money transfer methods.

Representative: Yes sure, Madam. You just opened a power vantage account, right?

Customer: Yes, I did.

Representative: Alright Madam. If it is our own network of banks, then power vantage account allows you to transfer money internationally absolutely free. But if the recipient bank does not fall in our network, then you can use specialized service SWIFT or wire transfer. Apart from that bank cheque or demand draft also work.

Customer: I have heard SWIFT is costly. Is it?

Representative: Yes, Madam it is costly than all the other modes but it is faster as well. The transaction is completely secure and the beneficiary receives the money within 2 days. The cost of transfer is $40.

Customer: What happens in wire transfer?

Representative: The funds are transferred electronically. You need to provide us with BIC code or IBAN code so that we know where to transfer the funds. The transfer is done with settling instructions to make the payment complete. We charge a fee for sending the money and the recipient bank also charges a fee. So the amount reaching the beneficiary will be less than what you have transferred. Where are you planning to transfer the money?

Customer: In Australia. What will be the charges?

Representative: There will be a $30 outgoing charge and $10 receiving charge, Madam.

Customer: Ok. Transfer $3110 through wire transfer.

Representative: Certainly, Madam. How are you planning to pay?

Customer: I will pay through my bank account. Is it possible?

Representative: Yes, sure. Just fill this form. Mention your account number and the amount of money to be transferred.

Customer: Ok. Here it is.

Representative: Thank you, Madam. You account is now deducted with $3140 including $30 processing charge. The beneficiary will receive $3100 in next 3 days. Here is the receipt for the transaction.

Customer: Thank you.

Representative: Thank you, Madam. Is there anything else?

Customer: No, thanks.

Representative: It is a pleasure serving you, Madam. Your account will be activated within 24 hours and you can use it thereafter. Please call or mail our customer service in case you need any assistance or visit your nearest branch.

Customer: Thank you.

Representative: Good day Madam.

Customer: Thank you. Good day.