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NEW JC Personal Bank
Personal Banking and Current Accounts
Term | Definition |
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Personal banking | refers to the services provided by banks to help people manage their personal finances. |
Current accounts | allow people to easily lodge and withdraw money to pay for their day-to-day bills and other expenses. |
ATMs | give money from a person's current account if the correct card and PIN are entered. |
A PIN | is a Personal Identification Number known only to the card holder. It is used to prevent a stolen card being used byanother person. |
Debit cards | allow money to be transferred electronically from a customer's current account into a retailer's bank account. |
Standing orders | are planned automatic electronic payment of a regular fixed amount of money out of a current account to someone else's account. |
Direct debits | are planned automatic electronic payments of a variable amount of money at regular times to someone else's account. |
Credit transfers | are a way of making once-off electronic money transfers from your bank account into another bank account. |
Bank drafts | are cheques written by the bank and payment is guaranteed. |
Overdrafts | are short-term loans that allow a current account holder to spend more money than they have in their account up to a pre-set limit. |
Bank statements | are issued by the bank to allow you to monitor the money flowing into and out of your current account. |
IBAN | is the International Bank Account Number that is attached to all bank accounts in the ELI. It identifies the country, the bank and the account number. |
SEPA | stands for Single European Payments Area. It is an EU- wide banking service that allows customers to transfer money electronically to other bank accounts. |
Debit card 'cash back' | is a service where an amount is added to the total purchase price of a transaction paid by debit card. The customer receives that amount in cash from the retailer along with the purchase. |
Online banking | allows people to access their current accounts over the Internet at any time using a computer or smartphone. |
The exchange rate | is the rate at which the money of one country can be changed for the money of another country. |