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Money and Banking JC

Keywords and concepts for money and banking

TermDefinition
Money Anything of value which is widely accepted as payment for goods and services
Bartering The swapping of goods and services for other goods and services
Commercial bank A business that provides financial services to personal and business customers
Bank overdraft Permission from your bank to spend more money than you have in your current account
Lodgement Placing of money into a savings or current account
Withdrawal Taking of money from a savings or current account
Cheque Written instruction to your bank to pay a sum of money to another person from your current account
Direct debit Allowing a person or business to request different amounts of money to be paid out of your bank account to their account on a regular basis
Standing order Allowing the bank to pay a fixed amount of money from your bank account to another bank account on a regular basis
Credit transfer Way of paying bills by moving money from your bank account directly into another bank account
Created by: Ms McEntee
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