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Banking

JC Business

TermDefinition
Commercial Bank Provides financial services to members of the public and businesses
Deposit Interest The reward received for saving
Standing Order An instruction given by the account holder to the bank to transfer a Fixed amount of money on a Fixed date (at regular intervals) to another account
Credit Transfer Once off transfer of money from one account to another
Current account Use this for everyday banking transactions
Direct debit Permission to a creditor from the account holder to take a varying amount of money from the account on a date that varies
DIRT Tax on interest earned from investments and savings. Paid to the government
Pay Path Payment of wages directly into one's bank account by an employer
Bank Overdraft A person withdraws more money than is held in the account
Deposit Account An account used for saving that yields a higher rate of interest
Drawer Person who writes the cheque
Drawee Bank where the drawer holds the account
Payee Person whom the cheque is made payable to
Crossing a Cheque ensures that the cheque can be paid only into the account of the payee
Endorsing a Cheque Payee signs the back of the cheque so that it can be passed on to a third party. A crossed cheque cannot be endorsed
Stale Cheque A cheque that has been drawn over six months ago
Post Dated Cheque A cheque written with a date in future. Cannot be cashed until that date has passed
Blank Cheque No amount has been filled in on the cheque
Dishonoured Cheque Cheques which the banks refuse to pay . Will be returned to drawer marked “R/D”
Stopped Cheque A cheque where the drawer informs his/her bank not to cash the cheque
C.A.R Compound Annual Rate
Night Safe Allows money to be lodged in the bank after the bank has closed
Strongroom Facility For storage of valuables
ECB the European Central Bank is the governing body of all European Union central banks and is responsible for making financial decisions for the European Union
Money anything of value that is widely accepted as payment for goods and services
Bartering means swapping goods or services that one person has for goods or services another person has
Antedated Cheque A cheque that contains a date that is sometime in the past.
EFTPOS The use of laser cards and smart cards to pay for goods and services.
Investing Using our money to earn a greater return than is possible from an ordinary savings account
Savings The part of our income that we dont spend
Postal money order An order from one post office to another to pay a certain amount of money to the person named on the order
Building society A financial institution that provides a wide range of banking services to their customers
Credit union A co-operative organisation where people save regularly and lend to each other at low rates of interest
Compound interest Where the interest is calculated as a percentage of the total amount in the account at the end of each year
Created by: dkellybusiness