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Financial Services for Individuals & Households (ch8) (Withdrawing…
Financial Services for Individuals & Households (ch8)
What is a financial institution?
A
financial institution
provides financial services for its customers, including storing their money, managing payments and providing loans.
Types of financial institution
Building societies
Credit unions
Commercial banks
The post office
A
commercial bank
is a bank that offers financial services to the general public and to businesses
Financial institutions offer the following services:
Foreign exchange services
Loans
Credit cards
Internet and telephone banking
Bill payment and money transmission services
Deposit accounts
Current accounts
Types of bank accounts
Current accounts
are offered by the commercial banks and building societies. They are used for day-to-day banking needs.
What is a current account?
Used for day-to-day banking needs. A convenient way for you to:
Store money safely
Pay for goods and services
Receive your income
Pay bills and transfer money to other people
Opening a current account
The following are required to open a current account:
Proof of address
A PPSN
Photographic proof of identity
Deposit/savings accounts
are offered by the commercial banks, building societies, An Post and the credit unions. They are used to save money.
Lodging money into an account
Money is
lodged
to an account in various ways, i.e:
Paypath
Pensions or benefits paid directly into a current account
The counter or using a self- service machine
By a third party transferring money electronically
Withdrawing money from an account
SO
DD
Credit transfer
Withdrawing cash at a bank using a withdrawal slip
Cheque
Paying for items using a debit card
Fees and charges
Using an ATM
Credit Cards
Buying on credit means "buy now, pay later" and credit cards are designed to be used in this way, e.g. Visa and Mastercard