1.What is personal banking? Commercial banks, such as Bank of Ireland, AIB and Permanent TSB provide a wide range of financial services to help customers like the Foleys.
Personal banking refers to the services provided by banks to help people manage their personal finances. In this chapter we will look at current accounts, credit cards and foreign exchange services.
Savings accounts, investments and loans are covered in Chapter 7: Super Saving.
Financial Life Cycle Advice
Loans
Personal Banking
Investment Services
Savings Accounts LO 1.2 1.8
2. What are current accounts? The Foleys use a current account to manage their everyday finances. Current accounts allow people to lodge and withdraw money to pay for their day-to-day bills and other expenses.
Main services and benefits provided as part of a current account (a) Wages and salaries can be paid directly into your current account by your employer. Paypath is the system operated by most banks in order to do this. Paypath allows employers to transfer wages and salaries electronically into bank accounts each week or month. This is safer for employers and employees as neither have to handle any cash. It is also convenient and saves employers and employees a lot of time. Fiona Foley’s salary is paid directly into her current account.
(b) Access to Automated Teller Machines which give money from a person’s current account if the correct card and PIN are entered. ATMs are regularly loaded with cash and each is connected to the bank’s central computer over a secure telephone line.
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Current Accounts
Credit Cards
Foreign Exchange
Current accounts offer: ATM cards Debit cards
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Standing Orders Direct Debits Credit Transfers Cheque Books Bank Drafts Overdrafts Regular Bank Statments
