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Bus: Banking
chapter 8 in the business book.
| Question | Answer |
|---|---|
| Commercial Bank | financial institution that accepts demand deposits and makes loans and provides other financial services for the public e.g permanent tsb or AIB. |
| Deposit A/C | account which you can keep liquid assets get interest but can not be used directly as money (for example, by writing a cheque). Although not as convenient as current a/c, these a/c's let customers keep liquid assets while still earning a monetary return. |
| Current A/C | account, securely and quickly providing frequent access to funds on demand, through a variety of different channels (e.g. laser, chequebook, credit card) |
| Cheque | a written order directing a bank to pay money to the persons name on the cheque; money comes out of your account. |
| Drawer of a cheque | the person who owns the bank account. |
| Drawee of a cheque | the bank e.g AIB. |
| Payee of a cheque | the person who is getting paid by the cheque |
| Crossing a Cheque | drawing two parallel lines on cheque means it can only be put into a bank account & Co.; Branch payee account only |
| Endorsing a Cheque | payee writes name on back of cheque so they can pay someone else with it.< |
| Post Dated cheque | cheque with future date. can't be cashed until then. |
| Stale Cheque | cheque over six months old can't be cashed |
| Blank Cheque | cheque with important detail missing. e.g amount, date, payee, signature, |
| Bounced Cheque | cheque that can not be cashed not enough money in account. |
| Overdraft | bank lets you spend a little more money than you have in your bank account. |
| Direct Debit | current a/c financial service, transfer VARIABLE moneys e.g ESB bill. |
| Standing Order | current a/c financial service, transfer FIXED moneys e.g €10 per month to charity |
| Paypath | electronic funds transfer scheme, wages get paid straight from employer a/c to employee account. |
| Credit Cards | card entitling its holder to buy goods/services based on holder's promise to pay for these. The issuer of the card grants a line of credit to the user from which the user can borrow money for payment to merchant or as cash advance to the user. |
| Laser Card | electronic POS debit card can use by telephone and internet. no maximum limit on a Chip and Pin transaction, and a EUR 1,500 maximum limit on all other transactions. cashback option available |
| Bank Draft | is like a cheque you give the bank an amount of money and they give you a cheque of the same amount.written order a check guaranteed by a bank. a check guaranteed by a bank. usually treated as cash since most banks clear them instantly directing a bank |
Created by:
murphyspooks
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