4. How is money lodged to a current account? When money is put into a bank account, it is called a lodgement. Money can be lodged electronically by an employer or anyone else who has your account details and wants to make a payment directly into your account. A lodgement can be made to your account by calling into a bank, fi lling in a lodgement slip and handing it over the counter or into a self-service machine. A lodgement slip should show the following: name and address of the account holder account number amount being lodged
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signature of the person lodging the money date of the lodgement
Example: On the 11th November, Fiona Foley lodges e150 to her current account with ABC Bank. Her bank account number is 40405339.
ABC Bank Lodgement / Credit Transfer Branch: Galway IBAN: IE10ABC
Personal Banking & Current Accounts LO 1.2 1.8
e140 00 e 10 00
Total notes e150 00 Total coins
Total cash e150 00 Cheques
5. How can money be withdrawn from a current account?
Money in a current account can be withdrawn, or paid out, at any time. A current account holder can withdraw the money in the account by: Withdrawing cash from an ATM using an ATM card with a valid PIN. Withdrawing cash from a bank branch. Sometimes a customer may want to withdraw a larger sum of cash from their account than is allowed by an ATM card. They can do so by going into their local branch, completing a simple withdrawal slip and getting cash ‘over the counter’.
