Unit 2 - Personal Finance : Banking and Budgeting

Question 1

BACS

Answer 1

Bankers’ Automated Clearing Services
An electronic system to make payments directly from one account to another (can take up to 3 working days to clear)

Question 2

CHQ

Answer 2

Cheque payment
When the account holder has issued a cheque payment

Question 3

POS

Answer 3

Point of Sale/ Debit Card Transaction
A purchase made with your debit card (e.g. at a retailer)

Question 4

CHG

Answer 4

Charge
Charge regarding a transaction

Question 5

D/D

Answer 5

Direct Debit
A regular payment of a fixed or variable amount to a third party or some savings accounts

Question 6

ATM

Answer 6

Automated Teller Machine
Withdrawals from cash machines (also called C/L (cashline) on some statements)

Question 7

S/O

Answer 7

Standing Order
A regular payment of a fixed amount from your account to another account of a third party

Question 8

DPC

Answer 8

Direct Banking by PC
Payments made by account holder using online banking