Pnc Bank

Ch 2 Internet

http:www.pncbank.com

As discussed in the chapter, financial institutions offer many services. With commercial banks offering the widest range of services to various businesses most companies have a business relationship with at least one commercial bank. The internet website, pncbank.com, offers examples of the range of services that commercial banks provide to businesses. Online services such as online banking and bill pay, online payroll, account view for business credit cards, remote check deposit and business software such as Quickbooks or Quicken are able to provide the business with convenient tools to manage their business successfully. The website's online features also offer a unique service called Pinacle Express which is a PNC cash flow option that gives the business "access to your cash position information".

A business checking account is another way commercial banks work with businesses. The website offers a more detailed description of each checking account available which includes, free business checking, business basic checking, business enterprise checking and analysis business checking.

Commercial banks may offer credit and loan arrangements. A line of credit is issued from the commercial bank to the business up to a designated amount of money. Commercial banks may also offer loans to businesses with a fixed rate of interest over the life of the loan. The life of the loan can be anywhere from one to ten years. Commercial banks may also offer equipment lease financing where a business uses an asset that the bank owns while making payments. The website gives detailed information about specific lines of credit stating that they can be unsecured or secured by collateral. Under loan information it says that a loan has a predetermined schedule of repayment as well as a predetermined set interest rate. Often businesses are inclined to take out these types of loans because they are going through an expansion of their business. A loan...