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money & banking
| Term | Definition |
|---|---|
| money | is anything of value that is widely accepted as payment for goods and services |
| barter | refers to a system of exchanging a good or servi9ces for other goods and services |
| EMU | Economic and monetary union |
| commercial banks | provide a wide range of service to their customers |
| comercial | is an institutation providing a range of finances service to a personal and business customer e.g AIB |
| dirt | deposit intrest retention tax |
| cheque | is a written instruction from an account holder to their bank to pay a sum of money to a person named on the cheque |
| drawer | person who writes cheques |
| drawee | this is the bank were the account is held |
| payee | this is the person to whom the cheque is made payable |
| endorsing a cheque | a cheque is endorsed when the person named on the cheque signs his name on the back of it. this cheque can now be passed on to another person in payment or debt |
| clearing a cheque | is the banks process of making sure that there is no reason why the cheque shouldn't been cashed |
| post dated | this is a cheque that has a date on it which is some time in the post. a cheque must be cashed within six months of the date |
| direct debit | a direct debit is an instruction to your bank to allow a fixed or variable amount of money to be transferred from your account to another account on a agreed date |
| standing order | is a instruction to your bank to make a regular payment or a fixed amount to another account |
| pay path | employers can transfer the employees wages directly into their bank account each week or month |
| bank draft | the customer purchases the bank draft at any bank and hands over the correct amount of money draft is similar to a cheque |
| bank giro | is a way of transferring money from your bank account to another account |
| travellers cheque | these are cheques which come printed in various quantities of a foreign currency. they are paid for at the bank when purchased |
| euro cheques | these contain cheques that can be written in the local currency of the country the account holder is visiting a guarantee card issued issued with the euro cheque book |
Created by:
adamob56
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