Different ways to pay & functions of money

A paper transaction giving a bank permission to transfer payment from your account to another account is a definition of a......?

• Cheque

• Standing Order

• Direct debit

• Electronic Transfer

Permission given to the bank (without a mandate) to make regular payments to a third party upon request is a definition of?

• Standing Order

• Direct debit

• Mobile banking

• Electronic Transfer

A cash balance is held on a card which then reduces each time a transaction takes place e.g. school lunch card

• Credit Card

• Store Card

• Pre paid card

• Charge Card

A Direct Debit and a Standing Order both involve permission being given to make regular payments to a third party. But, what is the difference between the two?

• A Standing order involves a set amount but a Direct Debit does not

• A Direct Debit involves a set amount but a Standing Order does not

Can only be set up by the organisation to which you're making the payment. This is a feature of a.........?

• Standing Order

• Direct debit

Signing a mandate that gives a company permission to take funds from your account in an agreed way – like a monthly gym membership or your mobile phone bill is a feature of........?

• Direct Debit

• Standing Order

It is basically a credit card you can only use with one high street chain or group.

• Store Card

• Charge Card

• Pre Paid Card

Direct transfer of money from one bank account to another, may take a few days

• Faster Payments Services (FPS)

• Clearing House Automated Payment Systems (CHAPS)

• Banker’s Automated Clearing Services (BACS)

Direct transfer of money from one bank account to another, guaranteed within 2 hours but may be quicker

• Faster Payments Services (FPS)

• Clearing House Automated Payment Systems (CHAPS)

• Banker’s Automated Clearing Services (BACS)

isn't linked to your current account and is a credit facility that enables you to buy things immediately, up to a pre-arranged limit, and pay for them at a later date.

• Credit Card

• Store Card

• Debit Card

• Charge card