An account for day-to-day banking An account into which a person puts money so that payments can be made by ◦ Cheque ◦ ATM ◦ Laser card ◦ Standing order ◦ Direct debit. Overdraft – withdraw more money than what is in the account Fees may apply to transactions.
A savings account An account into which a person deposits any money they want to save, any money left over at the end of the month Account holders receive interest on savings But must pay tax on this interest (DIRT)
Automated Teller Machine (ATM) allows money to be withdrawn from your account How to use an ATM
On-Line/24 Hour Banking Banking over the telephone or on the internet, 24 hours per day, 365 days per year. 8
On-Line/24 Hour Banking (continued) Facilities include: checking your account balance transfer money between your accounts transfer money to other accounts, i.e. pay bills apply for a bank loan, a bank overdraft or a credit card 8
On-Line/24 Hour Banking Access to on-line banking is through a customer identification number and a password. 8
A deposit slot on the outside of a bank allowing money to be deposited into the banks safe outside of bank opening hours e.g. at night