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Bank services
Branch services & Cash machines
| Question | Answer |
|---|---|
| Loan | A sum of money given from one party to another for use over a period of time. The money is paid back according to terms agreed upon by both parties, including the specified interest rates and the timeframe over which the loan will be repaid. |
| 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. |
| Standing Order | A standing order moves money from your own bank account to another account. This might be to an organisation or an individual, or perhaps from your current account to your savings account. |
| 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. |
| Investments | Product that generally involves some risk of losing your original money but give you the opportunity of better returns than you would get from savings only. |
| Mortgages | A loan to help you buy property on condition that the company giving you the loan has certain rights, including the right to sell the property if you don’t pay back the loan. Credit facilities are only available to persons over 18 years of age. |
| Insurance | This is a way to protect something that has worth to you which is at risk of damage and loss in value. The insured person pays an amount each month or year (called a premium) to the insurance provider. |
| Cheque | A cheque is a written order which instructs your bank to pay a specific amount of money from your account to another person or organisation |
| Balance | In banking, this means the amount of money in your bank account |
| Currency exchange | Changing money from one currency to another |
| PIN | PIN stands for Personal Identification Number. This is the four-digit number that you enter into an ATM when you want to take out cash, and that you use when you pay with your chip and PIN card. Never give this number to anyone, or write it down |
| Paying in slip | Each slip includes details to identify your bank account. You might need to complete a paying-in slip each time you go to the bank to pay cash or cheques into your account. |
| Deposit | Money put into an account, using cash, cheque or an electronic transaction |
| Cash withdrawal machine | Cash withdrawal machines dispense 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 |
| Fraud | A crime in which people obtain money through deliberate deception of organisations or individuals |
Created by:
moneysense
Popular Finance sets