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Bank Payments

TermDefinition
Laser Card The money comes out of your current account immediately. It can also be used to get "cash back".
Credit Card You get a bill at the end of the month and will not be charged interest if you pay it on time. If payed late the interest charged is VERY high.
Credit Transfer Used to send money from your account to someone else's account.
Standing Order Giving the bank permission to pay a fixed sum of money at a fixed time to pay a regular bill.
Direct Debit Authorising the bank to pay a variable amount at a variable time to cover a bill.
Paypath The employer pays the employee's wages directly into his/her bank account.
Bank Draft One of the bank's own cheques that can be useful for people who don't have a bank account.
Stale Cheque A cheque that is over six months old and is of no use to the payee as it is now out of date.
Dishonoured Cheque A cheque that the bank refuses to pay out on. This could be because the drawer does not have enough money in the account.
Crossed Cheque Contains two parallel lines with an instruction from the drawer. Can only be lodged into the account of the payee. It is the way to make a cheque safe.
Endorsing a Cheque The payee signs the back of the cheque so that s/he can pass it on to someone else.
Post-dated Cheque The drawer puts a future date on a cheque so that it can't be used until that date.
ATM Automated Teller Machine. Used to withdraw money, check your balance, order a statement etc.
Created by: iceman10 on 2013-11-16



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