Financial Institutions
What is a commercial bank?
A commercial bank is a bank that offers financial services to the general public and to businesses.
A standing order is...
A standing order is an instruction to the bank to pay a fixed amount from an account at regular intervals.
A bank draft is...
A bank draft is a payment on behalf of the account holder that is guaranteed by the bank.
Foreign currency exchange is a financial service that allows customers to change their money into another currency.
Foreign currency exchange is a financial service that allows customers to change their money into another currency.
What is an example of a commercial bank?
Credit Union
Post Office
Bank
Building Society
A direct debit is....
an agreement between the bank and account holder that allows a variable amount to be taken from an account to pay a bill.
An overdraft is ....
An overdraft is permission to withdraw more money from a current account than is in the account. A person can overdraw their current account up to an agreed limit (e.g. €500).
How do we calculate changing euro into a foreign currency?
To change euro into a foreign currency, multiply the euro amount by the ‘we sell’ rate.
WHAT IS A FINANCIAL INSTITUTION?
•A financial institution provides financial services to its customers. For example, a commercial bank offers its customers the opportunity to open accounts and take out loans.
A bank draft is...
•A bank draft is a payment on behalf of the account holder that is guaranteed by the bank.
•A loan is..
•A loan is a sum of money borrowed from a financial institution and paid back with interest over a period of time.
How do we calculate changing foreign currency into euro?
To change a foreign currency into euro, divide the foreign currency by the ‘we buy’ rate.
•The main financial institutions operating in Ireland are:
•A credit card....
A credit card gives the holder the option to borrow funds to pay for goods and services up to a limit set by the bank.
•A mortgage is...
A mortgage is a loan that is secured against property, such as a house or apartment.