Current Account Flashcards
What is a Current Account?
A current account is a bank account designed to manage your income and day-to-day spending.
What does ATM stand for?
Automated Teller Machine
What is Direct Credit?
An electronic payment into an Account
What is Direct Debit?
An electronic payment out of an Account
What does HMRC stand for?
Her Majesty’s Revenue and Customs
What is an Overdraft?
A current account is a bank account designed to manage your income and day-to-day spending.
What is a Packaged Account?
A current account is a bank account designed to manage your income and day-to-day spending.
What is a Premier Account?
A current account is a bank account designed to manage your income and day-to-day spending.
What is a Student Account?
A current account designed for students in higher education that charges low or no interest on overdrafts and offers other benefits such as low cost contents or travel insurance.
What is a Transaction?
Buying or Selling something
What is a youth account?
A Current Account designed for people under the age of 18.
What is a Budget Surplus?
A sum of money available once all essential expenditure in a given period eg. a month, has been made.
What is a Cash Card?
A card used to withdraw cash from ATMs or branch counters.
What does AER stand for?
Annual Equivalent Rate
What is interest?
Money either paid to an account holder by the provider or charged to the account holder by the provider.
What is the office of fair Trading?
The government department that monitored how business compete with each other.
What is Money Laundering?
The Process of making dirty money (gained from criminal activities).
What is a Cheque?
A written instruction to the provider to pay a specified amount to a specified person or organisation.
what is a Basic Bank Account?
A current account that allows people to store money as an electronic balance and make payments by direct debit, standing order, prepaid cash card or by withdrawing cash.
What is a Standing order?
An electronic payment out of an account. Standing orders are used
to make regular payments of the same amount.
What are Prepaid cards?
A card that has to have money credited to it before the card holder
can use it to pay for goods.
what is an Statement?
A record of the transactions on an account, issued at regular
intervals such as monthly or quarterly. The statement indicates
whether a debit or credit to the account was made by cheque,
withdrawal from an ATM, direct debit.
