Comercial Banks Flashcards
What is a current account.
An account for costumes who want to pay bills and other expenses on a regular basis.
Name the 5 commercial banks in Ireland.
Pernament TSB, Ulster bank, AIB, Bank Of Ireland, National Irish Bank.
What does DIRT stand for.
Deposit Interest Retention Tax
What is DIRT
It is the tax paid on interest and the money earned on savings
What is ATM stand for
Automated Teller Machine
What is a lodgement
It is putting your money into your savings or current account.
What is a deposit account
A deposit account is for costumes who want to save money, interest is paid on there savings each year.
What does PIN stand for
Personal identification number
Wha is a night safe
If is a metal drawer located in the wall of a bank, people put there money in it at night e.g a guy that owns a pub
What does IBAN stand for
International bank account number.
What is IBAN
It is an internationally agreed means of identifying bank accounts internationally.
Wha are the advantages of a deposit account
Convenient way of saving money
Receive interest on savings each year
Can withdraw money easily using ATMs
Savings are safe
What are the advantages of a current account
Customers can use a cheque or laser card to pay for goods and services which is a more convenient way then having to pay cash
Customers can apply for a bank overdraft
Name some differences between a current account and a deposit account
No interest earned on a current account.Interest earned on a deposit account.
Use cheque, laser card facilities with a current account. No cheques, laser card facilities with a deposit account.
What are the requirements when opening a bank account
Fill in a form
Proof of signature
Proof of address
Proof of identity( licence)
