Personal Banking

Question 1

Reasons for bank charges

Answer 1

• cheque
• ATM
• over draft interest

Question 2

Pay path (definition)

Answer 2

Electronic payment of wages

Question 3

Advantages of paypath

Answer 3

• safe

- more convenient

Question 4

ATM (stand for)

Answer 4

Automated Teller Machine

Question 5

SO (stand for and def)

Answer 5

Standing Order

• S for Same
• figure stays the same
• the bank gives the company permission to withdraw money from the bank a/c

Question 6

DD (stand for and def)

Answer 6

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

Question 7

Endorsing a cheque

Answer 7

-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

Question 8

Drawer

Answer 8

The person who writes the cheque

Question 9

Payee

Answer 9

The person who is receiving the money on the cheque

Question 10

Drawee

Answer 10

The bank

Question 11

Special crossing

Answer 11

• 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

Question 12

General Crossing

Answer 12

• Two lines

- most be lodged into A bank a/c

Question 13

Stale cheque

Answer 13

Cheque hasn’t been used in 6 months and therefore cannot be lodged

Question 14

Dishonoured cheque

Answer 14

A cheque that cannot be lodged because it has been filled out incorrectly

Question 15

What does ‘INET- AIB Visa’ mean?

Answer 15

Internet banking used Internet banking to pay their AIB credit card bill

Question 16

What does DR on the side of the balance figures

Answer 16

It means the person has overspent and has over/drawn

Question 17

Laser card is now called a

Answer 17

Debit card

Question 18

Debit card

Answer 18

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’)

Question 19

Visa card

Answer 19

-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

Question 20

Contactless Payment

Answer 20

• debit card

- all you have to do is swipe and up to €30 can be withdrawn

Question 21

ATM services

Answer 21

• 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

Question 22

C/T

Answer 22

Credit transfer

-money in

Question 23

Commercial banks

Answer 23

• banks whose customers are both individuals and businesses

- eg. Ulster bank, AIB and BOI

Question 24

Current Accounts

Answer 24

• Accounts into which people lodge money and can acces easily on a day-to-day basis
• don’t normally earn interest
• charged for fee

Question 25

Post-Dated cheque

Answer 25

-this is when a future date is written on the cheque so that the payee cannot lodge the cheque until then

Question 26

Internet banking services

Answer 26

• 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

Question 27

A restrictive crossing

Answer 27

This is an instruction to pay the money to a named bank account in a named bank

Question 28

Bank Statement

Answer 28

• 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

Question 29

When opening a bank account, you need…

Answer 29

• proof of ID
• proof of address
• PPSN (public personal service number)

Question 30

Applying for a loan, you need

Answer 30

• proof of income
• collateral/security
• age 18+
• proof od address
• proof ID