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Bank charges

Keywords/concepts for bank charges

QuestionAnswer
Interest An amount paid by a bank to the customer on savings placed with and the amount paid to a bank from a customer on money borrowed from it.
Charges You will usually pay a fee if you become overdrawn without agreement of the bank (i.e. a direct debit, cheque or debit card purchase is paid when you don’t have enough money in your account).
Overdraft An agreement with your bank to spend more money than you actually have in your account. As you are borrowing money from the bank, there can be a charge for this service. You must be 18 years or over to have one.
Statement Is usually sent to you by post or is available online. You can see the amount of money that has been paid in or taken out of you’re a/c and transfers between accounts, interest paid or received and any bank charges.
Cheque Is a document that orders a payment of money from a bank account. The person writing it is called the drawer and usually has a current account.
Cash Withdrawal Machines Dispense (gives out) money from your account, as well as providing information about your bank balance and some other services. Cash withdrawal machines are also known as ATMs (Automatic Teller Machines).
Financial institutions An institution that provides financial services for its clients or members eg. Bank, building society, credit union
Balance In banking, this means the amount of money in your bank account.
Internet banking Where eligible customers can access their bank account through their computer at any time. Customers can check their balance and carry out many everyday transactions.
Direct debits An instruction from you to your bank or building society allowing someone to take money from your account. The amount of money taken can vary, but you must be told the amounts and dates beforehand. Eg.phone bills, ESB.
Standing orders Moves money from your own bank account to another account. It is a fixed sum and you tell your bank when to start and stop paying it. They are useful for making regular payments. Eg. Insurance.
Created by: moneysense