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Banking

Ch 1. 8

TermDefinition
A Commercial (Associated) Bank is an institution providing a range of financial services to personal and business customers.
Deposit Account is a savings account where you can save your money.Interest is paid and DIRT is charged.
Current Account is an everyday account is used to keep money which will be transferred regularly to other people.
Cheque is a written instruction from an account holder to their bank,to pay a sum of money to the person named on the cheque.
3 Parties to a cheque: Drawer: person who writes the cheque. Drawee: the bank. Payee: person who receives the cheque.
A Dishonored cheque is a cheque that the bank refuses to cash and it would be send back to the person who lodged it and marked RD(refer to drawer.
Endorsing a cheque is when the person named on the cheque signs their name on the back of it.This cheque then can be passed on to another person in payment of a debt.
Postdated cheque is a cheque that has a date on it which is some time in the future.It cannot be cashed until that date is reached.
Antedated cheque is a cheque that contains a date which is some time in the past.A cheque must be cashed within 6months of the date on cheque.After 6months it becomes a stale cheque.
Blank cheque is a signed cheque which has some relevant piece of information missing.e.g. date,amount of money,etc.
Crossing a cheque involves drawing 2 parallel lines across the front of the cheque.It prevents other people from receiving the cash.
ATM Automated Teller Machine
PIN Personal Identification Number
Credit Card is used to pay for goods and services.Each credit card holder has a personal card limit. e.g.Visa and MasterCard.
Laser Card is an electronic payment card that allows a current account holder to pay for goods without having to use cheques or cash.
Smart Card similar to laser card except that the magnetic strip contains a microchip and memory.
Direct Debit (DD) current account holder instructs the bank to pay a variable amount to a company e.g. ESB,telephone,etc.Time may vary also.
Standing Order (SO) current account customers give permission to a company to withdraw a fixed sum on a fixed date.e.g.mortgage,insurance premium,etc.
Bank Draft the draft is safe because the bank has already received the money.
Credit Transfer don't need a current acc,can transfer money to another persons account. Fill out a form and pay a fee.
Paypath paying wages directly into an employees bank account. Safer & quicker.
Bank overdraft permission from your bank to overdraw from your current account up to a certain agreed limit.
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