Debit order:This is a service the bank offers that allows you to put in place an automatic monthly payment from your account to cover a long term financial commitment. The instruction comes from the service provider to the bank. So if you sign up with a cell phone company and sign a debit order they will send the instruction to the bank each month. It is a very convenient way to pay bills because you dont have to remember to pay them. However they can be difficult to cancel so make sure when you sign a debit order it is with a reputable company.
Stop Order:You can also put a stop order on a bill that has a fixed amount that must be paid every month. This payment is controlled by you so you can terminate it at any time.
Interest:You can either earn interest or pay it. Interest is the fee charged by the bank to borrow their money and it is the fee you earn when you deposit (lend) your money to the bank.
Interest Rate:The actual percentage interest the bank will pay or charge you.
Bank Statement:Periodically the bank provides a statement of your account. It shows all deposits made, all checks paid, and other debits posted during the period (usually one month), as well as the current balance.
Beneficiary:The person you want to pay via your internet banking is referred to as a beneficiary.
Cheque:A written order instructing a financial institution to pay immediately on demand a specified amount of money from the check writer’s account to the person named on the check or, if a specific person is not named, to whoever bears the check to the institution for payment.
Debit:A debit may be an account entry representing money you owe a lender or money that has been taken from your deposit account.
Electronic Transfers:This is when a person or a company uses the internet to transfer money to your account. Even though the transaction shows immediately on the senders account it may take up to three days to show on the receivers account.
Overdraft:This is an amount of money that the bank allows you to withdraw from your bank account that exceeds the actual cash you have in your account. If you use an overdraft you will pay interest on the balance so it is better to keep it as low as possible.