Balance
Your balance is the amount of money you have left in your bank account after all deposits, withdrawals, interest and bank charges have been taken into account.
Cheque
A written order to transfer money from a bank account as a form of payment that can be used in place of cash.
Debit Card
A card that allows you to pay for purchases with funds that are immediately deducted from your current account.
Deposit
The money you put into a bank account.
Electronic Banking
Most banks and building societies now allow their customers to access their bank account details electronically, using a computer, or interactive television, or even their mobile telephone. Electronic banking services now also encompass almost the full range of services available from a bank, including setting up payments, applying for loans and mortgages.
Financial Statement
A Financial Statement is a written record provided by the bank which records your financial circumstances. The financial statement generally includes a record of all the money you have had come into you account, and all the money you have paid out.
Online Banking
Most banks and building societies now allow their customers to access their bank account details electronically, using a computer, or interactive television, or even their mobile telephone. Electronic banking services now also encompass almost the full range of services available from a bank, including setting up payments, applying for loans and mortgages.
Overdrawn
You are overdrawn on your account if you withdraw more money from the account than it currently holds. If you are overdrawn then you will most likely incur some charge relating to the amount you are overdrawn, unless you are overdrawn by prior arrangement.
Overdraft
An overdraft is an agreed amount by which your bank account can be overdrawn. Generally you will be charged a set fee for the provision of an overdraft facility. This fee is often calculated as a fairly high percentage of the total value of the overdraft.
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