Chp. 7 money and borrowing

ATMand PIN
1. ATM
  1. Aotomated Teller Machine
2. PIN
  1. Personal Identification Number
Forms Of Money
1. barter
  1. swapping
2. cash
  1. notes/coins
    1. legal tender(must be taken to pay
3. cheques
  1. person with current a/c can write cheques
4. Laser card(debit card)
  1. used to pay for shopping,can also get cash at checkout with it
  2. cheaper than cheque
5. credit card(mastercard,visa)
  1. buy goods/services now and pay later
  2. must pay all or installment each month
  3. high interest on balance
6. charge card
  1. like credit card but you must pay all balance at statement each month
good places to save your money
1. post office
  1. money safe
  2. always one near
  3. no DIRT tax
  4. saving certificates
  5. saving bonds
  6. instalment savings
2. building society
  1. to get a mortgage loan to buy house
  2. begin by opening savings a/c
    1. save money by buying shares in the society
3. credit union
  1. almost always one nearby
  2. entitled to get loan at low interset rate
  3. offer 2 main a/c
    1. savings a/c
      1. get dividend(interest) each year
        dividend paid relates to amount of cash in credit union and a/c
    2. deposit a/c
      1. higher interest then the bank
4. commercial bank
  1. AIB,bank of ireland,ulster bank
  2. deposit a/c
    1. save money,earn interest
  3. current a/c
    1. get a cheque book
    2. no interest,not good for saving

Resource summary

	Created by nkeely14 almost 11 years ago