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Money and Banking JC
Keywords and concepts for money and banking
Term | Definition |
---|---|
Money | Anything of value which is widely accepted as payment for goods and services |
Bartering | The swapping of goods and services for other goods and services |
Commercial bank | A business that provides financial services to personal and business customers |
Bank overdraft | Permission from your bank to spend more money than you have in your current account |
Lodgement | Placing of money into a savings or current account |
Withdrawal | Taking of money from a savings or current account |
Cheque | Written instruction to your bank to pay a sum of money to another person from your current account |
Direct debit | Allowing a person or business to request different amounts of money to be paid out of your bank account to their account on a regular basis |
Standing order | Allowing the bank to pay a fixed amount of money from your bank account to another bank account on a regular basis |
Credit transfer | Way of paying bills by moving money from your bank account directly into another bank account |