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Business - Ch 6

Financial Service Providers

TermDefinition
Financial Service Provider An organisation that offers money-related services.
Commercial Bank A financial institution that serves individuals and businesses.
Current Account A non-interest account that allows the account holder to withdraw money at any time.
Debit Card Allows an account holder to withdraw cash from an ATM or to transfer money electronically from their account.
Cheque A written instruction to the bank to pay an amount of money to the person named on the cheque.
Standing Order An instruction to the bank to pay a fixed amount from an account at regular intervals.
Direct Debit An agreement between the bank and account holder that allows a variable amount to be taken from an account to pay a bill.
Bank Draft A payment on behalf of the account holder that is guaranteed by the bank.
Overdraft Permission to withdraw more money from a current account than is in the account up to an agreed limit.
Credit Card Gives the holder the option to borrow funds to pay for goods and services up to an agreed limit.
Exchange Rate The quantity of a foreign currency given in exchange for one euro.
Commission A fee charged for changing currencies.
Online Banking The management of finances using the internet.
Credit Union A not-for-profit financial service provider that is owned by its members.
Share A unit of ownership of a company; has monetary value.
Created by: leahddoherty
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