Money and Banking

Qualities of Money:

  • 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/Cards:

  • Credit Cards: Visa, Mastercard

  • Store Cards: Esso, Statoil

  • ATM

  • Debit Cards

Credit Cards:

  • Buy now pay later.

  • Receives a monthly payment.

  • Pay in part or full.

  • Interest charged on balance.

ATM: Automated Teller Machine

  • Allows customers to withdraw money, pay bills, order cheque books, change pin, receive statements, mobile top-up.

  • Access 24 hours.

  • Cheaper than paper transactions.

Debit Card:

  • Used by current account holders to pay for goods and services.

  • Card is swiped through terminal at cash desk, or chip and pin and contactless.

  • Money is withdrawn from account immediately.

Irish Financial Agencies:

  • Banks (Commercial Bank)

  • Building Societies

  • An Post

  • Credit Unions (Need to be a member. Members get a dividend each year.)

Banks:

  • Allied Irish Bank (AIB)

  • Bank of Ireland

  • Permanent TSB

Building Societies:

  • Building Societies (EBS)

An Post:

  • An Post

  • They have branches all over Ireland in the form of Post Offices.

Credit Unions:

  • Owned and run by their members.

  • Over 500 individual credit unions in Ireland.

Cheques:

  • Current account holders can use it to make payments.

  • Written permission to a bank to pay someone a certain amount of money.

  • Safe

  • Record (Stubb)

Cheque Guarantee Card:

  • Given to creditworthy customers

  • Guarantees payment of cheque up to €130.

  • Identity Card

Standing Order (SO):

  • Current account customers give permissions to a company to withdraw a fixed sum on a fixed date e.g. Insurance Premium