money & banking 2. cheques current account holders can use it to make payments. written...
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![Page 1: 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](https://reader030.vdocuments.us/reader030/viewer/2022032313/56649e725503460f94b70b15/html5/thumbnails/1.jpg)
Money & Banking 2Money & Banking 2
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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)
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Cheque Guarantee Card
• Given to creditworthy customers.• Guarantees payment of cheque up
to €130• Identity card.
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Bank Draft• If you don’t have a cheque book• You can buy a cheque from the
bank• Safe• Record
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Standing Order (SO)• Current account customers• Give permission to a
company• To withdraw a fixed sum• On a fixed date• Eg. Insurance premium
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Direct Debit (DD)• Current account holder• Instructs the bank• To pay a variable amount to a company.• Time may vary also• Eg. ESB bill
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Bank GiroCredit Transfer (CT)
• Don’t need a current account• Can transfer money to another
persons account• Fill out form and pay a fee
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Paypath• Paying wages directly into an employees bank account• Safer• Quicker• Reduces impulse buying
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Plastic Cards• Make payment without using cash
or cheques• Visa, Access, Master Card, ATM, Smart Card
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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
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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
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How might you pay the following?
• Telephone bill• Birthday present to USA• Cash payment by post• Life assurance premium• College fees• Weekly shopping• Petrol