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Financial Services

Ch 8,9 New JC Curriculum

TermDefinition
Financial Institution Provides financial services or its customers, including storing money, managing payments and providing loans.
Commercial Bank A bank that offers financial services to the general public and to businesses.
Current Accounts Used for day-to-day banking needs. Generally you do not ean interest on these accounts.
Deposit Accounts Accounts used to save money. You earn interest on these accounts.
Automated Teller Machine ATM
Personal Identification Number PIN
Debit Card Provides electronic access to your money in your bank account. When you pay with this the money comes straight out of your bank account.
Contactless payments A way of paying for items less than €30 without having to key in your PIN
Direct Debit A current account holder gives permission to another person or business to request the withdrawal of variable amounts, it is used when payment dates are likely to change.
Standing Order An instruction to a financial institution to pay a fixed amount to a person or organisation on a regular date.
Credit transfer A once off instruction from a current account holder to their bank to transfer an amount of money to another account.
Cheques A written instruction from an account holder to their bank to pay a specific amount of money to a named person.
Bank Statement Shows all transactions with the bank for a period of time
Credit Card Allows you to buy now, pay later. Each card has a spending limit, and interest is charged if the bill is not paid in full by its due date.
Charge Card Allows you to buy now, pay later. The full amount must be paid when the bill arrives.
Exchange Rate The price of one currency in terms of another
Short term loan A loan paid back within 1 year, e.g. bank overdraft
Medium term loan Repayments are made from 1 -5 years, e.g. car loan
Long term loan Repaid for a period longer than 5 years. Typically, these loans are at least 20 years, e.g. mortgage
Saving Not spending some of your income
Investing Spending on capital goods e.g. machinery or spending money to make more money e.g. buying shares
Demand Deposit Account Allows you to withdraw your money when you choose to, you do not have to give notice. This would have a lower rate of interest as a result.
Term Deposit Accounts Requires you to leave your money in the account for a certain length of time. Earns a higher interest rate as a result.
Notice Deposit Account Requires you to give the bank advance notice of your intention to withdraw money, e.g. 10 days.
Dividend A payment made to shareholders based on the profit made. The more shares you own, the more of this payment you receive.
Borrowing Receiving money from a financial institution, you have to repay the money with interest by an agreed time in the future.
Bank overdraft A current account holder is given permission by their bank to spend more than is in their account. A limit is set.
Hire purchase A medium-term source of finance where a deposit and a number of instalments is paid. The item does not belong to you until the last instalment is paid.
Leasing Renting an asset, e.g. a vehicle. You pay for the use of the asset, you never own it
Moneylender An individual or company with a license to lend money.
Credit Worthiness An estimate of the ability of a person to pay off their loan, based on their saving and borrowing history.
Guarantor A person who agrees to repay a loan should you fail to do so
Collateral If you cannot repay the loan, the financial institution can take this asset, it is your security on your loan.
Created by: jennymarshall
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