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Money & Banking 2

Money & Banking 2. Cheques. Current account holders can use it to make payments. Written permission to a bank to pay someone a certain amount of money. Safe Record (Stubb). Cheque Guarantee Card. Given to creditworthy customers. Guarantees payment of cheque up to €130 Identity card.

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Money & Banking 2

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  1. Money & Banking 2

  2. Cheques • Current account holders can use it to make payments. • Written permission to a bank to pay someone a certain amount of money. • Safe • Record (Stubb)

  3. Cheque Guarantee Card • Given to creditworthy customers. • Guarantees payment of cheque up to €130 • Identity card.

  4. Bank Draft • If you don’t have a cheque book • You can buy a cheque from the bank • Safe • Record

  5. Standing Order (SO) • Current account customers • Give permission to a company • To withdraw a fixed sum • On a fixed date • Eg. Insurance premium

  6. Direct Debit (DD) • Current account holder • Instructs the bank • To pay a variableamount to a company. • Time may vary also • Eg. ESB bill

  7. Bank GiroCredit Transfer (CT) • Don’t need a current account • Can transfer money to another persons account • Fill out form and pay a fee

  8. Paypath • Paying wages directly into an employees bank account • Safer • Quicker • Reduces impulse buying

  9. Plastic Cards • Make payment without using cash or cheques • Visa, Access, Master Card, ATM, Smart Card

  10. Postal/Money Order • A written statement from one post office to another asking it to pay a certain sum to a named person • Pay a small fee • Safe

  11. Registered Letter • Pay post office a small fee • Letter will only be given to person to whom it is addressed • That person must sign for letter • Very safe

  12. How might you pay the following? • Telephone bill • Birthday present to USA • Cash payment by post • Life assurance premium • College fees • Weekly shopping • Petrol

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