Money & 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.

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Presentation transcript:

Money & 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 Giro Credit 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