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Banking & Money
including investment
| Term | Definition |
|---|---|
| Barter | system of exchange of one product for another |
| Money | anything that is accepted for payment of goods and services |
| Characteristics of money | portable, scarce, recognisable, divisible and durable |
| saving | not spending money |
| Investing | making your savings earn interest |
| Eurozone | Countries that have the Euro as their currency |
| Commercial Bank | a business that provides financial services to personal and business customers |
| Interest | reward for saving |
| DIRT | Deposit Interest Retention Tax |
| Deposit Interest Retention Tax | tax on interest earned by deposit accounts |
| Current Account | this is not for saving but for paying bills, having cheque book and overdraft facilities |
| ATM Card | Automated Teller Machine Card which gives customers 24 hour access to their accounts |
| Night Safe | metal drawer in the wall of the bank used by customers to lodge large sums of money when the bank is closed |
| Bank Overdraft | permission form your bank to spend more money than you have in your current account |
| Cheque | written instruction to your bank to pay a sum of money to a person |
| Drawer | The person who writes the cheque - the account holder. |
| Payee | The person we want to pay the money to. |
| Drawee | The bank where we have our account. |
| Postdated cheque | A cheque that has a date on it that is sometime in the future. It cannot be cashed until this date has been reached. |
| Antedated cheque | A cheque that contains a date that is sometime in the past |
| Blank cheque | A signed cheque that is missing a relevant piece of information, e.g. the date, amount of money. |
| Stale cheque | A cheque must be cashed within six months of the date on the cheque before it becomes a stale cheque |
| Endorsing | payee signs the back of the cheque if they want to give it to someone else |
| Debit Card | electronic payment card that allows the account owner to pay for goods without having to use cash and can also withdraw money at any time |
| Cheque Guarantee Card | current account holder shows this card when using cheques, bank will cover cheques up to €130. |
| Credit Card | a card used to pay for goods and services instead of cash, each card has a limit |
| Direct Debit | This is when you allow a person or business to request different amounts of money to be paid out of your bank account to their bank account on a regular business. |
| Standing Order | Instruction to your bank to pay a fixed amount of money from your bank account to another bank account on a regular basis. |
| Credit transfer | is a way if paying bills by transferring money from your bank account directly into another bank account |
| Bank Draft | cheque written by bank official using the bank's own cheque. |
| Foreign exchange | banks buy and sell foreign currency |
| Paypath | employers electronically transfer their employees' wages from the business account into the employees' accounts |
| EFTPOS | Electronic Funds Transfer at the Point Of Sale, using laser and smart cards to pay for goods and services |
| Simple interest | The interest is calculated as a percentage of the total amount in the account at the end of each year. |
| Compound interest | The interest is calculated as a percentage of the total mount in the account at the end of each year |
| Compound annual rate(CAR) | The actual rate of interest you are receiving on your saving or investment from a financial institution. |
| Credit union | A co-operative organisation where people save regulary and lend to each other at low rate of interest. |
| Postal money order | An order from post office to another to pay a certain mount to a named person |
| Building society | Financial institution that provides a wide range of banking services to their customers. |
| NTMA | National Treasury Management Agency |
| Savings Bonds | purchased from An Post in fixed amounts of between €100 and €120,000 for 3 years and will receive interest of 10% |
| Saving Certificates | savers buy certificates for between €50 and €120,000 for 66 months and earn interest of 21% |
| National Instalment Savings | savers agree to lodge between €25 and €1,000 monthly for 12 months and leave savings in for 5 years to earn 20% interest. |
| DIRT Free Investments | Saving Certificates, savings bonds, National Instalment Savings |
| Term Loan | a loan for fixed period of time |
| Long term Loan | a loan for usually over 5 years e.g. mortgage |
| Security | anything of value given by the borrower in case they re unable to make their repayments |
| Guarantor | person who agrees to repay a loan for another person if they are unable to pay back the loan for any reason |
| Collateral | same as security |
| Renting | consumer pays for use of a good but never owns the good |
| Hire purchase | buyer pays deposit and number of instalments and eventually owns the good on the paying of the final instalments |
Created by:
MsBradyJCBSTU
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