Transfer of money Flashcards
State 3 methods of transferring money from one account to another.
1) Banks automated clearing service - Takes a few days.
2) Faster payment services - Guaranteed within 2 hours but may be quicker.
3) Clearing house automated payment systems - same day transfer of funds.
What is a cheque?
Paper transaction giving a bank permission to transfer payment from your account to another.
What is a electronic transfer?
Online transfer of money from one bank to another.
What is a direct debit?
Permission given to the bank to make regular payments to a 3rd party upon request.
What is a standing order?
Permission given to the bank to make regular payments, OF A SET AMOUNT, to a 3rd party upon request. The set amount is chosen by the person themselves.
What is a pre-paid card?
A cash balance is held on a card which then reduces each time a transaction takes place.
What is a charge card?
A card which allows for purchases to be paid on a credit card but the total amount is automatically paid direct from a bank account upon receipt of a statement each month.
What is a store card?
Allows a customer to buy on credit in a particular store or group of sores, requires a minimum payment each month upon receipt of a statement.
What is mobile banking?
Transactions made from a mobile phone or other portable device such as a tablet which is dependant on a internet connection.
