Computerised Account Saving System
Computerised Account Saving System
Computerised Account Saving System
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The use of computer in almost all aspect of human service is assuming greater
dimension every day since computerized banking information system is to
provide correct and up to dates information about the customer and
establishment for manpower planning purpose and recognition.
Means while, there is need to ensure that the paper information are in good
order before computerization begins. The computerized system is dependent
upon the reliability of the paper information that should be kept for further
reference.
In ancient times, people adopt so many ways of savings money ranging from
hiding money far away from our homes maybe in the bush; use of small
calabash or box with a small opening at the top and so no. This practice has
been on for years and even now in some parts of the world. Late in October
1994, Chase unveiled a personal computer-based home-banking service, to
Central New York consumers. Through computerized banking, Chase
customers can have on-line access to checking, savings, and credit lines; pay
bills electronically, balance check books, transfer funds between accounts,
instantly update the value of their investment portfolios, and send E-mail
messages to the bank--all from home, using a personal computer.
Savings account includes a deposit or an account that meets some
requirements and from which, under the terms of the deposit contract or by
practice of the depository institution, the depositor is permitted or authorized
to make up to six transfers or withdrawals per month or statement cycle of at
least four weeks. The depository institution may authorize up to three of these
six transfers to be made by check, draft, debit card, or similar order drawn by
the depositor and payable to third parties. There is no regulation limiting
number of deposits, but some banks choose themselves to limit deposits.
Within most European countries, interest paid on deposit accounts is taxed at
source. The high rate of some countries has led to the development of a
significant offshore savings industry. The financial centres for either
information on interest earned to be shared with EU tax authorities or for
withholding tax to be deducted on interest paid on offshore accounts, because
of concerns relating to potential tax evasion. Account holders must either pay
the withholding tax or disclose account holder information to relevant tax
authorities
Withdrawals from a savings account are occasionally costly and are sometimes
much higher and more time-consuming than the same financial transaction is
being performed on a demand (current) account. However, most savings
accounts do not limit withdrawals, unlike certificates of deposit. In the United
States, violations of Regulation D often involve a service charge, or even a
downgrade of the account to a checking account. With online accounts, the
main penalty is the time required for the Automated Clearing House to transfer
funds from the online account to a "brick and mortar" bank where it can be
easily accessed. During the period between when funds are withdrawn from the
online bank and transferred to the local bank, no interest is earned.
1.2 STATEMENT OF PROBLEM
Banking industry has encountered tremendous problems in their mode of
operation in recent times, most of the problems which led to the development
of this computerized saving account system include:
SAVINGS ACCOUNTS
Savings accounts are accounts maintained by retail financial institutions that
pay interest but cannot be used directly as money (for example, by writing a
check)
BANK SAVINGS ACCOUNT
A bank savings account is a type of account designed to simply hold money
that you do not need immediate access to.
TRANSACTION PROCESSING
Transaction processing is information processing that is divided into
individual, indivisible operations, called transactions.
CHAPTER TWO
2.0 LITERATURE REVIEW
2.1 BRIEF HISTORY OF FIRST BANK
First Bank traces its ancestry back to the first major financial institution
founded in Nigeria; hence the name. The current chairman is Dr. Ayoola Oba
Otudeko, OFR. The bank is the largest retail lender in the nation, while most
banks gather funds from consumers and loan it out to large corporations and
multinationals, First Bank has created a small market for some of its retail
clients.
At the end of August 2006, the bank had assets totalling 650 billion Naira or
$5 billion dollars. The bank was also the most highly capitalized stock on the
Nigerian Stock Exchange, and had about 10 billion outstanding shares. It has
a subsidiary in the United Kingdom, FBN Bank (UK), which has a branch in
Paris. The bank also has representative offices in South Africa and China.
The company was named the best bank in Nigeria by Global Finance magazine
in September 2006. The firm's auditors are PricewaterhouseCoopers (Chartered
Accountants). The firm has solid short and long term ratings from Fitch and
the Global Credit Rating Company partly due to its low exposure to non-
performing loans. The firm's compliance with financial laws has also
strengthened with the Economic Financial Crimes Commission giving it a
strong rating.
Easy access
Easy-access accounts, also known as instant access, allow you to deposit and
withdraw money whenever it is convenient without facing a penalty. Most can
be opened with an initial deposit of just 1. Easy-access accounts from high
street banks allow you to manage your account in person in branch; while
internet-only providers let you open an account straightaway and transfer
money quickly and easily online.
The interest rates on these accounts are lower than other types of savings
accounts because you are able to withdraw money at any time and many
advertised interest rates include short-term bonuses.
Notice accounts
If you are willing to give your savings provider some warning before you make a
withdrawal, interest rates on notice accounts are usually higher than easy-
access accounts. However, as with easy-access accounts, the rates can be
changed by providers at short notice. The periods on notice accounts vary from
a week to 120 days, or more. Some notice accounts are postal, which require a
form to be filled in and sent to a savings provider.
Fixed-term savings accounts
The interest rates promised to savers who lock their cash away for a fixed
period of time are often the best on the market. The benefit of fixed-term, fixed-
rate savings accounts is that you can be assured that the interest rate on your
cash will not fall when your back is turned.
The downside is that you will not have access to your money for the term of the
account. Savings bonds, the most common fixed-rate product, are available for
as little as three months, or as long as five years, or more. Just make sure you
don't deposit cash you might need in an emergency. You might receive a high
interest rate on a fixed-rate bond, but if you need to withdraw your cash after a
couple of months you will lose most of the interest gained.
Regular savings
If you can afford to squirrel away some cash into a savings account every
month you could sign up to a regular savings account. As long as you can
guarantee to deposit a certain amount monthly, you will be rewarded with
higher rates of interest. Savings providers usually set limits on the minimum
and maximum amount you can deposit - typically a minimum of 20 and a
maximum of 250.
2.4 MAKING YOUR SAVINGS WORK
Take an interest
Even when you have decided on the account you want to go for, there are no
guarantees that your rate is going to stay at a lucrative level. Many of the
bonus rates you see on best buy tables will only apply during the introductory
term, so prepare yourself for a drop typically after six to twelve months. Even
after offer periods, banks and building societies have a tendency to carry on
reducing your rate so keep on the ball, take an interest in your account and
make sure your rate is not dwindling. If you open an account which has an
introductory bonus, consider moving your money elsewhere when the bonus
period ends
CHAPTER THREE
3.1 INTRODUCTION
The primary source of data is the study from which information is collected on
first-hand basis through interviews, observations or questionnaires. All these
tools were used in this research work, much of the information to be presented
and the analysis in the chapter were first-hand information.
This is the method in the researcher meets face-to-face with the respondent. It
is a method through a researcher gets in contact with the respondent from
whom the information is obtained and recorded as first-hand information.
Some of the staff could not give the opportunity of monitoring the they work as
they see it as a distraction, so they decided to grant me an interview and for
any discussion with them. I was led into understanding more about savings
account system in the bank.
This is a method whereby the researcher is present at the point of the incident
and records the actual at that point in time. This makes the researcher
observes and watch critically as the operations goes on and record what
actually happened. The researcher watch keenly how different operations were
carried out, the researcher observed how update is being carried out and also
the contemplation of the proposal of the new system.
3.2.4 Questionnaire
This refers to the investigation of the new system with the objectives of
understanding how and the ways the system operates and also to find out
areas, procedures/sub-system that needs to be improved in the old system and
possible procedures for such improvements. This deals with the ordering of the
breaking down of data collection into construction parts. It consists of
statistical calculation performed with raw data to provide answers to the
question initiating the research. Facts were gathered in respect to the new
system.
This is the process of collecting, gathering and analysing facts about the
existing system. In order to obtain an appreciation of their nature, their
characteristics and problems, two things must be considered which are:
The study of the old system revealed that the system was not meeting the
users requirement as well as the system requirements. The staff could not be
held responsible for any delay in operation as they are human beings and not
machines. There was no reliable information from the savings account unit and
operations were not efficient as more time and material were being wasted.
Since the savings account unit of First Bank PLC is being operated manually
(i.e. by issuance of tally or teller number), there are some inherent problems
like:
4.1 INTRODUCTION
This chapter deals with the analysis of the data collected with the aid of the
questionnaire, system design and implementation. A total number of 20
questionnaires were administered at the institution and 15 returned theirs why
5 did not returned their own. All computations were based on tables, figures
and percentages.
Research question
Table
Good 2 13.33%
Bad - -
Total 15 100
The table above shows that 86.33% representing 13 staff strongly considered
the adoption of computerized bank savings account system very good, 13.33%
representing 2 staff considered it good while none of the staff considered it bad.
Below is bar-chart for the distribution.
The type of programming language adopted is visual basis dot net (vb.net) 2008
edition.
This is the planning and supervising of the effects on ongoing operations of the
instruction and conversion of information systems or computer systems. Here
in the implementation level, the administration should create an office block for
computer installation and also employment of qualified staff such as system
programmers, system analyst and other computer operators. Implementation
involves the following:
Staff training
4.5 TESTING
In this research, the researcher re-examined the logic of the design tool to
correct any flow. Careful steps were taken to ensure that the logic of the data
corresponds with the logic of the design tools; this was done by using both the
valid and invalid data to check the correctness of the data.
When it is ensured that the system is running error free, the user are called
with their own actual data so that the system could be shown running as per
their requirements.
4.6 MAINTENANCE
System maintenance is the process of supporting the system after it has been
proposed. The maintenance stage of the newly implemented system will include
the effort taken to ensure that the system continuously meet the need of the
institution.
CHAPTER FIVE
5.1 SUMMARY
Like earlier said, the use of computer in almost all aspect of human service is
assuming greater dimension every day since computerized banking information
system is to provide correct and up to dates information about the customer
and establishment for manpower planning purpose and recognition.
5.2 CONCLUSION
Computerized bank saving accounting system is a beneficial use of current
technological advances. Not only has it revolutionized the traditional paper
methods of accounting, but it has also created new types of accounting
applications for banks. Banks now create entire accounting information
systems that integrate all transactions being carried out in the bank.
Bank savings accounts offer a safe place to keep your money. Suppose that you
have $1,000 and you're not going to use the money for another 3 months. You
could do several things with the money. You could carry it around with you,
you could put it under your mattress, or you could put it into a bank savings
account. The safest thing to do with your money is to put it into a savings
account.
5.3 RECOMMENDATION
Finally, I recommend that banks and other financial institution should look
into an effective performance of this system through:
Training of their staff to fit into the newly implemented system.
Setting up system and materials in a well conducive environment
for effective functioning of the system.
Employing engineers, system analyst and other related computer
professional for effective system management.
REFERENCES
Hoggson, N. F. (2007)
Banking Through the Ages, New York, Dodd, Mead & Company.