Money and Banking

Qualities of Money

Scarce in supply, non-perishable/durable, portable, and divisible.

Scarce in supply

Be in short supply.

Non-perishable/durable

Lasts a long time.

Portable

Easy to carry.

Divisible

Can be broken into small parts.

Plastic Money

Refers to credit and debit cards.

Credit Cards

Cards that allow you to buy now and pay later, with monthly payments and interest charged on balance.

ATM (Automated Teller Machine)

Allows customers to withdraw money, pay bills, change pin, and receive statements, available 24 hours.

Debit Card

Used by current account holders to pay for goods, funds are withdrawn from the account immediately.

Current Account

An account from which withdrawals can be made at any time.

Credit Union

Financial cooperative owned and run by members, offering dividends.

Cheque

A written permission to a bank to pay someone a certain amount of money.

Cheque Guarantee Card

Guarantees payment of cheque up to €130 for creditworthy customers.

Standing Order (SO)

Permission given by current account customers to withdraw a fixed sum on a fixed date.

An Post

Postal service in Ireland with branches acting as post offices.

Banks

Financial institutions like AIB, Bank of Ireland, and Permanent TSB.

Building Societies

Organizations that provide financial services and may offer savings and mortgage options.

Irish Financial Agencies

Institutions such as banks, building societies, and credit unions operating in Ireland.

Store Cards

Credit cards specific to retailers, such as Esso and Statoil.