GLASSORY


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=GLOSSARY OF TRANSACTION TERMS=

ATM stands for Automated Teller Machine. ATMs are often called cash machines. They are found at banks, post offices, shops, railway stations, airports and in other public places. As well as dispensing money from your account they provide information about your bank balance and some other services.
 * ATM**

In banking, this means the amount of money in your bank account.
 * Balance**

Banks may charge the customer for providing some of their services. You will usually pay bank charges if you become overdrawn without agreement of the bank (i.e. a direct debit, cheque or debit card purchase is paid when you don’t have enough money in your account).
 * Bank charges**

Your bank will send you detailed information about all your transactions in the form of a bank statement (for a branch based account – internet based account statements may only be available online). You can see the amount of money that has been paid in or taken out, transfers between accounts, interest paid or received and any bank charges. Mini statements showing the balance and most recent transactions are available from ATMs.
 * Bank statement**

A plastic card that allows you to take out money from your account when you insert it into an ATM (cash machine) and key in your PIN. This card will only allow you to withdraw money up to the balance of your account or the withdrawal limit. This is the amount of cash that you can take out each day with your card depending on which account you have. Cash withdrawal cards are also called debit cards.
 * Cash withdrawal card**

A cheque is a written order which instructs your bank to pay a specific amount of money from your account to another person or organisation.
 * Cheque**

A cheque book contains a number of blank cheques printed with your name and account details.
 * Cheque book**

A plastic card which allows you to buy goods immediately and pay for them later. You will have an agreed limit on the amount you can borrow, and the time within which the money should be repaid (the due date). If you don't pay the total amount in full by the due date you will be charged interest on the outstanding balance. If you only make the minimum payment it could cost you more and take you longer to pay off than using alternatives e.g. loans, overdrafts.
 * Credit card**

A chequing account is an account with a bank or building society from which you can withdraw money without giving notice. You can sometimes earn interest on your money, but generally this would not be as much as you would earn with a savings account. A chequing account is often the best account to have if you will be paying in and withdrawing money regularly or want to set up Standing Orders or Direct Debits.
 * Chequing account**

A payment taken from your account.
 * Debit**

A plastic card which allows you to pay for goods or services. If you are in a shop the cashier will insert your card into a machine and you will usually have to type in your PIN. The money is taken almost immediately from your account. You can also use your debit card as a cash withdrawal card, to withdraw money from an ATM.
 * Debit card**

An amount of money that you owe to a person or company.
 * Debt**

Money put into an account, by means of cash, cheque or an electronic transaction.
 * Deposit**

This means that the bank will not charge the customer to run their bank accounts (i.e. customers are not charged for services including ATM withdrawals, standing orders or direct debits).
 * Free banking**

Also known as online banking. Customers with an Internet Banking account can access their bank account through their own computer at any time. Customers can check their balance and carry out many everyday transactions.
 * Internet banking**

The amount that a credit card company says you must pay back each month. If you make only the minimum payment each month, it will take you longer and cost you more to clear your debt, as interest just keeps accumulating.
 * Minimum payment**

This gives you details about your most recent transactions. You can get a mini statement from an ATM (cash machine).
 * Mini statement**

A loan to help you buy property on condition that the company giving you the loan has certain rights, including the right to sell the property if you don’t pay back the loan.
 * Mortgage**

An agreement with your bank to spend more money than you actually have in your account. As you are borrowing money from the bank, there can be a charge for this service. You must be 18 years or over to have an overdraft. An agreed overdraft is the limit up to which the account holder may borrow from the bank, when there are no funds in his or her current account. To minimise excess bank charges it is important that you do not exceed the limit that has been agreed with the bank.
 * Overdraft**

PIN stands for Personal Identification Number. This is the four-digit number that you enter into an ATM when you want to take out cash, and that you use when you pay with your chip and PIN card. Never give this number to anyone, or write it down.
 * PIN**

The location at which a transaction takes place.
 * Point of sale**

A savings account is an account with a bank or building society in which you save money. Your money will often earn more interest in a savings account than a chequing account, but you may have to give notice before withdrawing money.
 * Savings account**

Customers whose accounts offer telephone banking can often have round-the-clock access to their bank account by telephone. Most everyday transactions can be carried out by telephone banking, for example, paying bills, asking for a balance, transferring. money between accounts.
 * Telephone banking**

//† This glossary is collected from various web sources that deal with financial matters. The terms and definitions given here are considered to be partially complete.//

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