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Topic 1

Money Management

TermDefinition
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.
Created by: DanielJ