Agency services provided by banks refer to a range of services that banks offer on behalf of their clients, acting as their agents. These services can include:
Collection of cheques, bills, and other financial instruments: Banks act as agents for their clients by collecting cheques, bills of exchange, and other financial instruments on their behalf, and depositing the funds into their accounts.
Payment of bills and other obligations: Banks act as agents for their clients by making payments on their behalf, such as paying bills, taxes, and other obligations.
Investment services: Banks act as agents for their clients by providing investment services, such as buying and selling stocks, bonds, and other securities on their behalf.
Safekeeping of assets: Banks act as agents for their clients by providing safekeeping services for their assets, such as holding their securities, documents, and other valuables in a safe deposit box.
Trust and estate services: Banks act as agents for their clients by providing trust and estate services, such as managing trusts, administering estates, and acting as executors or trustees.
Foreign exchange services: Banks act as agents for their clients by providing foreign exchange services, such as buying and selling foreign currencies on their behalf.
Insurance services: Banks act as agents for their clients by providing insurance services, such as selling insurance policies, collecting premiums, and processing claims.
Overall, agency services provided by banks can help clients to manage their financial affairs more efficiently and effectively, by delegating certain tasks and responsibilities to their banks.