Financial Institutions Flashcards
1
Q
Name 4 financial institutions
A
- Commercial bank
- Credit Union
- Post office
- Building society
2
Q
What are the 3 services offered by a commercial bank
A
- Deposit account
- Online banking
- Foreign currency exchange
3
Q
What is a standing order
A
A standing order is an instruction to the bank to pay a fixed amount from an account at regular intervals. E.g rent being payed at €950 on the 1sr of every month.
4
Q
What is a direct debit
A
A direct debit is an agreement between the bank and account holder that allows a variable amount to be taken from an account to pay a bill.
5
Q
What does online banking allow consumer to do ?
A
-check balances and view transactions from their account history.
-apply for loans and overdrafts.
