Personal Banking Flashcards
Reasons for bank charges
- cheque
- ATM
- over draft interest
Pay path (definition)
Electronic payment of wages
Advantages of paypath
- safe
- more convenient
ATM (stand for)
Automated Teller Machine
SO (stand for and def)
Standing Order
- S for Same
- figure stays the same
- the bank gives the company permission to withdraw money from the bank a/c
DD (stand for and def)
Direct Debit
- D for Different
- figure is differenþ every month
- the bank account holder gives the company permission to take the money from the bank account
Endorsing a cheque
-the person whose name is on the cheque signs the back of the cheque and gives it to someone else, who can know lodge it or whatever they want
Drawer
The person who writes the cheque
Payee
The person who is receiving the money on the cheque
Drawee
The bank
Special crossing
- Two lines with AC PAYEE ONLY in it
- has to be lodged into the A/C as the name of the person on the cheque
General Crossing
- Two lines
- most be lodged into A bank a/c
Stale cheque
Cheque hasn’t been used in 6 months and therefore cannot be lodged
Dishonoured cheque
A cheque that cannot be lodged because it has been filled out incorrectly
What does ‘INET- AIB Visa’ mean?
Internet banking used Internet banking to pay their AIB credit card bill
What does DR on the side of the balance figures
It means the person has overspent and has over/drawn
Laser card is now called a
Debit card
Debit card
It is an electronic payment where the cash immediately leaves your account when you make a payment
You can swipe to pay up to €30 (called ‘contactless payment’)
Visa card
-money is not immediately taken out when you swipe and put in your pin, it comes as a bill at the end of the month
Contactless Payment
- debit card
- all you have to do is swipe and up to €30 can be withdrawn
ATM services
- withdraw cash
- pay bills
- check account balance
- order a statement
- order a cheque book
- transfer money to different accounts
- top up mobile phones
- top up smart cards
C/T
Credit transfer
-money in
Commercial banks
- banks whose customers are both individuals and businesses
- eg. Ulster bank, AIB and BOI
Current Accounts
- Accounts into which people lodge money and can acces easily on a day-to-day basis
- don’t normally earn interest
- charged for fee
Post-Dated cheque
-this is when a future date is written on the cheque so that the payee cannot lodge the cheque until then
Internet banking services
- accessing statements
- ordering printed statements
- pay bills
- transfer funds to other accounts
- order cheque books
- search for transactions on the account
- request investigation for unusual transactions
A restrictive crossing
This is an instruction to pay the money to a named bank account in a named bank
Bank Statement
- Dr and CR are from the bank’s P.O.V.
- shows account holder every time money has left/entered their account and a brief description of each time
When opening a bank account, you need…
- proof of ID
- proof of address
- PPSN (public personal service number)
Applying for a loan, you need
- proof of income
- collateral/security
- age 18+
- proof od address
- proof ID
