The headquarters of the Canada Post Corporation is in Ottawa, Canada. This postal service was started in the year 1867. The corporation acts as a delivery partner for many firms, companies, and government agencies or firms. The firm also works as a courier express service and serves in Canada, America, Europe, the United States, and Australia. It is one of the fastest and cheapest courier services. The Canada Post Corporation delivers mails, parcels, couriers, and online purchase orders.
Difference Between Private And Commercial Accounts
• The private accounts can be accessed by only one or two people. All the functions and activities in a commercial account can be performed by the people associated with a company. The CEO, managers, accountants, bank holders, and many employees can withdraw, deposit, or save cash and money.
• The private accounts are handled by a single person, but the commercial accounts are accessed by the company.
• The commercial accounts are made to make the business money transactions to other people of other companies. Whereas private accounts are meant for person-to-person money transactions, deposits, savings, and other services provided by the banks.
Difference Between Business And Commercial Account
The business accounts deal with small or medium-sized businesses, companies, or firms. The commercial account deals with large sized or large scale firms. Most large-scale and multinational corporations tend to have a commercial bank account instead of a business bank account.
• The start-ups of recently set businesses are more likely to have a business bank account as it is more favorable in the initial stages of starting or owning a business or company. Whereas settled business firms and corporations prefer to have a commercial account to facilitate the transaction, withdrawals, deposits, and other banking functions.
• The access to the business account is generally with the owner of the firm or accountants. It does not involve other employees. Commercial accounts can be accessed by the business shareholders, bank account holders, managers, accountants, and other employees or officials.
Features Of Commercial Account And Banking
Overdraft Facility
The overdraft facility acts as a credit agreement between the bank and the bank holders. It gives the right to the bank holder to deposit, withdraw, save, or use the money in the account whenever and however he wants to use it.
Deposits And Withdrawals
Money transactions and deposits are the two most common and frequently used banking facilities. The commercial account holders make any money transactions and deposits in a single day. Every employee is considered the commercial. The Bank holder of the Canada Post Corporation is liable to make deposits and withdrawals.
Bank Transfers
It includes the money transactions and cash deposits or withdrawals, or the use of a check is done by the commercial bank holders in their day-to-day lives.
Access To Debit And Credit Cards
Commercial bank holders are also liable to get the benefits of debit and credit cards.
Telephone Banking
The working of telephone banking is similar to online banking. Similar to the working banking process through the internet, telephone banking is operated with the help of phones and messages.
Online Banking
Online banking is one of the most common and frequently used forms of banking. The online portal of the commercial account of Canada Post Corporation can be accessed by the corporate officials and the federal government of Canada.
Can The Federal Government Access The Canada Post Commercial Account?
The Canada Post Corporation is not a privately held firm. It comes under the institution that works for the federal government. Therefore the federal government of Canada can keep track of the transactions made by the corporation. Commercial accountants are also required to share the weekly or monthly records of deposits, and withdrawals with the federal government.
Conclusion
Canada Post Corporation is a postal service and delivery institution held by the federal government of Canada. The corporation acts as a delivery services provider in Canada and many parts of the world. Moreover, the postal services of Canada Post Corporation are one of the cheapest and fastest postal services in the world. The corporation also handled a commercial account to facilitate the transaction and monetary communication between two or more companies. In simple terms, a commercial account refers to any company or corporation’s bank account. The people working in the corporation are liable to perform all the functions and take advantage of the services provided by the banks to the bank holder. The functions and features of the private and commercial accounts are similar.
