Chapter 3: Money and Banking Flashcards Preview

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Flashcards in Chapter 3: Money and Banking Deck (23)
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1
Q

Personal Banking

A

Refers to the services provided by banks to help manage the person’s personal finances.

2
Q

Current Account

A

Allows you to lodge and withdraw money at any time. This account is used for day-to-day transactions.

3
Q

Current Account Services:

A

ATM, Pay Path, Bank Draft, Cheque, Debit Card, Credit Transfer, Overdraft, Bank Statement.

4
Q

Automated Teller Machine/ ATM:

A

Machine used for withdrawing money from current account. Correct card and PIN must be entered.

5
Q

ATM Services:

A

Withdraw money (€600), In bank can lodge cheque and money, pay bills, check balance, order bank statement, phone credit.

6
Q

Debit Card:

A

When correct PIN entered, allows money to be transferred electronically from the customer’s bank account.

7
Q

Credit Card:

A

Like debit card except you pay LATER!

8
Q

Cheque

A

Written instruction to a bank to pay a stated sum of money from your bank account to a named account.

9
Q

Bank Draft

A

Written document that tells the bank to pay a stated sum of money to a named person. Written by the bank and guaranteed not to bounce as you pay the money in advance.

10
Q

Credit Transfer (CT)

A

Allows you to transfer money from your bank account to another person’s bank account.
Complete giro or do it online.

11
Q

Paypath

A

Electronic way of transferring an employee’s wages from employer’s account to employee’s account.
Advantages!

12
Q

Overdraft

A

Permission to withdraw for more than balance in current account up to a certain limit.
Advantages, disadvantages!

13
Q

Pay Pal

A

Safe way to pay for goods online without disclosing credit card or bank details. Money from your account to seller’s account but no exposure of details.

14
Q

SO

A

Planned automatic payment to pay a regular fixed amount of money from your bank account to a stated person’s bank account on specific dates/ fixed time.

15
Q

DD

A

Planned automatic payment to pay a variable amount of money from your bank account to a stated person’s bank account at any time.

16
Q

Bank Statement

A

Document issued by bank showing you money flowing in/ out of current account. Paper or electronic.

17
Q

What will I be asked for when opening a current account?

A

Proof of identity.
Proof of address.
Employment status.
Sample signature.

18
Q

How could I lodge money?

A

Electronic lodgement.

Lodgement slip in bank to give to cashier.

19
Q

How could I withdraw money?

A
ATM. 
Debit Card for purchases.
Cash Back. 
Credit Transfer to pay to other account. 
DD&SO.
20
Q

Online and mobile banking

A

Allows people to access their current account at any time using a computer or mobile device with Internet access.
You can do….. with it!

21
Q

Foreign Exchange

A

Banks converting euro currency to other currencies like sterling, dollar and yen.

22
Q

Exchange Rate

A

Rate at which money of one country can be changed for the money of another country.

23
Q

Euro 2 Foreign Currency:

Foreign Currency 2 Euro:

A

x by sell rate.

divide by buy rate.