A PIN is a Personal Identification Number known only to the card holder. It is used to prevent a stolen card being used by another person.
Standing orders are planned automatic electronic payment of a regular fixed amount of money out of a current account to someone else’s account.
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Debit cards allow money to be transferred electronically from a customer’s current account into a retailer’s bank account. q q q
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Direct debits are planned automatic electronic payments of a variable amount of money at regular times to someone else’s account.
Credit transfers are a way of making once-off electronic money transfers from your bank account into another bank account.
Bank drafts are cheques written by the bank and payment is guaranteed.
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Overdrafts are short-term loans that allow a current account holder to spend more money than they have in their account up to a pre-set limit.
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Bank statements are issued by the bank to allow you to monitor the money flowing into and out of your current account. q q q
IBAN is the International Bank Account Number that is attached to all bank accounts in the EU. The IBAN identifies the country, the bank and the account number.
SEPA stands for Single European Payments Area. It is an EU- wide banking service that allows customers to transfer money electronically to other bank accounts.
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Debit card ‘cash back’ is a service where an amount is added to the total purchase price of a transaction paid by debit card. The customer receives that amount in cash from the retailer along with the purchase.
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Online banking allows people to access their current accounts over the Internet at any time using a computer or smartphone. q q q
The exchange rate is the rate at which the money of one country can be changed for the money of another country. q q q
