unit 3 topic 2 Flashcards
debt card
issued by banks for goods and services being deducted from a direct current account
cash
notes and coins in a wide range of denomination
credit card
issued by financial institutions allowing customers to delay payments for goods and services
cheque
written order to a bank - make specific payment for specific amount
electronic transfer
payment transferred drifty from one bank to another
pre-paid card
money is uploaded onto a card with transactions then being withdrawn to reduce the balance
standing order
agreement with bank to transfer fixed sum of money to a third party account - set date - regular basis
direct debit
agreement with bank - allow third party to withdraw money from account on set day
charge card
issued by financial institutions - allows customers to delay payments of goods and services for short time then paying in full at each statement date
store card
issued by retail outlet - allow customers to delay payment for goods and services - store specific
mobile banking
carry out financial transactions via phone
BACs
bankers automated clearing service - allows payment from one bank account to another in 3 working days
CHAPs
clearing house automated payment system - allows payment from one bank account to another
current account
account for frequent use
standard current account
full day to day banking facilities
packaged premium current account
annual fee pr additional charge in return for offering extra incentives
basic current account
limited features - typically held by people with no credit history or poor credit rating
student current account
designed to assist young people and students to become more prudent with their personal finances
