1. What is personal banking? . . . . . . . . . 30 2. What are current accounts? . . . . . . . . . 30 3. How is a current account opened? . . . . . 34 4. How is money lodged to a current . . . . . account? . . . . . . . . . . . . . . . . . . . 35
5. How can money be withdrawn from a current account? . . . . . . . . . . . . . . 35
6. What is online and mobile banking? . . . . 37 7. What is foreign exchange? . . . . . . . . . . 38 Chapter Review . . . . . . . . . . . . . . . . 39
Case Study Paying Bills
Fiona Foley is sitting at the kitchen table surrounded by documents and her iPad. Every month she prepares the family’s accounts. This means recording all the family income and expenditure and making sure that all the household bills are paid. Her husband Frank looks after the accounts of his business.
Fiona has gathered together all the bills that need to be paid, including electricity, house insurance and telephone. She has checked the amount of money in her current account to make sure that she has enough money to pay all these bills. She uses a debit card for most of her larger shopping and cash for smaller grocery shopping. She also makes a note in her diary to take some cash out of her current account using the local bank ATM machine.
I have to make sure that all the monthly bills are paid and that we still have money left over for savings.
I need to make a
credit transfer to pay a credit card bill and
remember to withdraw €100 in cash from an ATM machine.
