Test 4 Flashcards
What is financial institutions?
It’s a place that provides places who offer financial services for their customers eg providing loans
What is a commercial bank?
It’s a bank that offers a financial services to business
Name 2 commercial banks?
AIB, permanent TSB
What are the 2 types of financial services
Current account,Savings account
What is a current account used for
It is used for day-to-day banking and it’s where you lodge money eg. Your money to pay for the mortgage
What is standing order?
Standing order is where you pay a fixed amount on a fixed day every month/year eg rent
What is direct debit?
It’s when you pay a variable amount eg heating bill
What is a debit card used for?
It is used for two things to withdraw cash and also contactless payment/tap and go
What does ATM stand for?
Automated Teller Machine
What is a cheque?
A cheque is a written instruction from one account holder to there bank
Where are places that offer financial services
Post office and credit union
What is a savings account?
It is store your money and you earn interest on your money
