Banking Terms


A loan from a bank is when you borrow money from the bank and use it for things like shopping, mortgages etc. You have to pay the same amount back after about 30 days or you go into debt and lose more money. I think loans are a bad idea because alot of people pay there loan off but the loan company keeps on taking money from their bank.
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Chip and Pin

a chip and pin device (card machine) is used to scan debit or credit card to quickly get money from the bank instead of getting money from the bank
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Direct Debit

Direct debit is another way to pay bills from your bank account. To set it up you must sign a direct mandate form by calling or contacting your bank

Bank Statements

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A bank statement is when a bank sends you an email about how much money is in your bank, how much is taken out and how much is put in
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A overdraft is a agreed amount of money for a person to borrow if thy have no money.
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A ATM is a cash machine which is a place where you put your card into the machine and get the amount of cash you ask for then itgive you your card back along with the cash