Banking & Money Flashcards
What is a night safe
They are vaults which are outside the bank which allows customers to deposit cash and checks after hours. Customers are provided with a key and the money is then launched into their account the following morning
What is Internet banking
Allows customer to access back in 24hours a day. Check balance. Check bank statement online. Order printed statements. Transfer funds to other accounts.
What is 24 hour banking
Allows customers to access back into resist 24 hours a day
What are the characteristics of 24 hour banking
Check balance – check bank statement online – order printed statements – transfer funds to other accounts – pay bills – order cheque-book
Define credit worthiness
It is the ability to pay back alone
What is money laundering
The practice of hiding the source of money (it is a crime)
What is a current account
It is an account that people get their wages/salary paid into it is used to pay for it a day-to-day basis. The account holder will be given a debit card.
What is money
It is anything that is generally accepted by the majority of people exchange for goods and services
What is barter
It is the exchange (swapping) of one good for another
What is a means of exchange
When we give money in exchange for items we want or need
What is the means of saving
When you produce more goods than you need if you can exchange them for money and save the money
What is a system of credits
(By now, pay later) – you can borrow money from the bank to buy goods and repay the overtime
Where is cash or currency issued
The European Central bank (ECB)
What is a check
It is a written instruction to a bank to pay a sum of money to a named person or business
What is a travellers check
The travellers check can be exchanged for cash in the bank or bureau did change that in foreign country
What is the longer way of saying EFTPOS
Electronic funds transfer at point of sale (also known as plastic money)
Define debit cards (Laser card)
Allows person with bank account to spend money from account with out using cash checks – protected by pin
What is a credit card
The credit card is like another way of borrowing money that is to be paid back. The money does not come out of the person’s bank account
What is a charge card
The amount of wood must be paid back once received their statement
What is the smartcard
The work similarly to a prepaid phone. Smart heard can be used by banking and nonbanking customers
What is Pat path
And employer transfers and employees wages/salary directly from their bank accounts to the employees bank account
What is a standing order (SO)
A bank account holder instruct the bank to pay a fixex amount of money to a particular person/company at the same time every month
What is direct debit (DD)
A bank account holder instruct the bank to allow certain company to take a very amount of money from their bank account on a regular basis. The bank account holder has filled in a form giving the company permission to take the money and the form states how much they can take
What is credit transfer
Transferring money from one bank account to another person’s bank account. It can be done online by Internet banking
