Topic 3 Flashcards
1
Q
What is faster payment
A
Electronic payment which arrives in the destination bank account in 2 hours. Free to use most banks max 10000 but some permit 100000 thousand
2
Q
What is chaps
A
Clearing house automated payment system : costs 25£ used for large payments for example a house
3
Q
What is bacs
A
Bankers automated clearing system : takes up to 3 business days
4
Q
What is a bankers draft
A
Look similar to cheques but they are signed by the provider rather than the individual this means the payment is guaranteed mainly used to pay large sums of money
