The savings bank is one of the functions that is offered by the banking companies, they have the task of depositing the money in a special account called "savings account", this stored money can be directly in cash or through checks originals issued by other banks, even though they are stored in the savings bank, the money will remain the owner and will maintain availability or access by the owner.
These transactions or deposits can be executed in a quantified number of occasions that generally are five times a month, the banks when serving as money stores charge a monthly interest of a very small sum for having offered their service to the customer who owns the account to their Name; It should be noted that the interest received by the bank is so minimal that it does not cover the cost that these institutions have for maintaining active accounts.
Within that savings account, apart from depositing money directly in the bank, payments can be received online (transfers), salary deposits and the migration of money from one account to another, this in order to preserve security at the time of making any monetary movement, as well as this account can be used for the payment of taxes or household services; All transactions or movements that have been made will be recorded, these receipts are printed in the book received by the client when the account is opened
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Savings banking can work with the use of national or international currenciesThis will be influenced by the economic measure that each nation has; generally when the creation of accounts with foreign currencies is allowed it is for the storage of US dollars. There are few requirements for opening an account in a savings bank, these will be imposed according to the criteria of each banking company but generally the requested collections are: customer identification certificate, some document that supports the address of the same (letter of residence, bill of any public service) and letters issued by known people (letter of recommendation).
