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Topic 1
Money Management
Term | Definition |
---|---|
Direct Debit | A direct debit is an instruction to the bank to let a company, such as an electricity company or a phone company, take money out of your account to pay your bills. |
Standing Orders | A standing order is an instruction that you give to your bank or building society to make payments, usually on a regular basis, to a UK bank or building society account. |
CHAPS | We can use CHAPS to send payments that have to arrive on time and within a single day. Individuals can use CHAPS for important large payments |
BACS | Bacs handles all of the automated payments made by banks and large organisations. It uses computers to take payments from one account and to pay them to another account. |