CSEC POA Bank Reconciliation: Banking Terms

Charges made by the bank to customers using its services

• Interest

• Standing Order

• Bank GIRO

• Bank Charges

Charges applied for making funds available to a business when it is overdrawn.

• Interest

• Standing Order

• Bank GIRO

• Bank Charges

A reward for saving with a bank

• Interest

• Standing Order

• Bank GIRO

• Bank Charges

A method used by businesses to pay accounts payable (creditors), wages and salaries.

• Interest

• Standing Order

• Bank GIRO

• Bank Charges

Money deposited by a business into their account at the bank

• Direct Debits

• Dishonoured Cheques

• Standing Order

• Bank Lodgement

Computerized payment transfer system which is, a very popular way of paying accounts payable (creditors), wages and salaries.

• Direct Debits

• Dishonoured Cheques

• Standing Order

• BACs

BACS is an abbreviation for:

• Bankers' All Cleared Service

• Bankers’ automated clearing service

• Bitcoin and Cleaning SErvices

• I don't know

Where the business gives permission for an organization to collect amounts owing direct from their bank account. This method is often used to pay mortgages, insurance premiums, etc.

• Direct Debits

• Dishonoured Cheques

• Standing Order

• Unpresented Cheques

Instructions given by a business to a bank to pay specified amounts at given dates.

• Direct Debits

• Dishonoured Cheques

• Standing Order

• Unpresented Cheques

A cheque which cannot be covered because of insufficient funds or mismatched signature, etc

• Direct Debits

• Dishonoured Cheques

• Standing Order

• Unpresented Cheques