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Bank accounts terms
LC Unit 4: Finance, JC: Banking
| Term | Definition |
|---|---|
| Income | The amount of money you earn. This can be through a job or through investments or other means. |
| Current Account | An account with a bank or building society from which you can withdraw money without giving notice. It can be used to set up standing orders or direct debits or use a cheque book. |
| Direct Debit | 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. phonebill, ESB. |
| Standing Order | Moves money from your own bank account to another account. It's a fixed sum and you tell your bank when to start and stop paying it. They are useful for making regular payments. Eg. Insurance. |
| Debit Card | A plastic card which allows you to pay for goods or services. If you are in a shop, the cashier will insert your card into a machine and you will usually have to type in your PIN. The money is usually taken almost immediately from your account. |
| Cash Withdrawal Machine | 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). |
| Chip and Pin | A system to reduce card fraud. It has a 'smart' chip that holds your four-digit Personal Identification Number (PIN). When you pay in a shop with a chip and PIN card, you'll be asked to enter your PIN using a keypad. |
| PIN | Personal Identification Number |
| 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. |
| 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. |
| Basic Account | Allows you to receive money, and access it using a cash card. You can pay bills by direct debit. You generally can't take out more money than you have in your account you do not get a cheque book with this type of account. |
| Savings Account | An account with a bank or building society in which you save money. Your money will often earn more interest in this type of account than a current account. |
| 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. |
| Deposit Account | A type of bank account that allows money to be deposited (put in)and withdrawn by the account holder. Some financial providers charge a fee for this service, while others may pay the customer interest on the funds deposited. |
| Passbook | A book held by someone with a bank account in which his or her deposits (money in) and withdrawals (money out) are recorded by the bank. |
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