Bank Payments Word Scramble
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Term | Definition |
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Stale Cheque | A cheque that is over six months old and is of no use to the payee as it is now out of date.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
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