Download - Money & Banking 2
Money & Banking 2Money & 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.
Bank Draft• If you don’t have a cheque book• You can buy a cheque from the
bank• Safe• Record
Standing Order (SO)• Current account customers• Give permission to a
company• To withdraw a fixed sum• On a fixed date• Eg. Insurance premium
Direct Debit (DD)• Current account holder• Instructs the bank• To pay a variable amount to a company.• Time may vary also• Eg. ESB bill
Bank GiroCredit Transfer (CT)
• Don’t need a current account• Can transfer money to another
persons account• Fill out form and pay a fee
Paypath• Paying wages directly into an employees bank account• Safer• Quicker• Reduces impulse buying
Plastic Cards• Make payment without using cash
or cheques• Visa, Access, Master Card, ATM, Smart Card
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
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
How might you pay the following?
• Telephone bill• Birthday present to USA• Cash payment by post• Life assurance premium• College fees• Weekly shopping• Petrol