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Money and Banking III

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by

Miss Cummins

on 19 October 2015

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Transcript of Money and Banking III

Opening and Operating an Account
Withdrawing money
Withdrawing money by Cheque
Written instruction by current account holder
Amount stated on cheque
For a certain name person or order
Layout of cheques may vary
Money and Banking III
People open accounts .......
In banks, building societies, credit unions and An Post
By completing application forms.
Opening a Deposit Account
Opening a Current Account
Many people put savings in here
Application form
must be completed

Form = name, age , address, occupation etc.
First time =
proof of name and address

Why do you think this proof is needed?
To make sure the money lodged was not obtained illegally
Accounts operate when money is either withdrawn or lodged in these accounts
Complete application form
Depositor given deposit book
All lodgements and withdrawals are entered
Cheque book account
Person puts money into it so payments can be made
Complete a form - more detailed than deposit account form
This is to make sure that it is safe to give them a cheque book and allow the account to be over drawn
Overdrawing
Overdrawing an account means writing cheques for
amounts over
and above what is in the account

Large business' may do this if the bank is sure they will pay back the money
Bank may ask for the following information:
1
.
Name
,
address
,
age
(proof required)
2
.
Occupation
and name/address of employer
3
. Length of
time
in employment
4
.
Gross pay
5
. Details of any
other bank accounts
6
. Details of any
property
owned
7
.
Reference
(someone known to the bank)
8
. Specimen of
signature
If the bank is satisfied with the application the applicant is given an account number

When money is put into the a/c the applicant will recieve a cheque book and an ATM card with a PIN
We will now examine how a person opens and operates current account by completing an example !
1. Cheque
2. ATM card
3. Standing order
4. Direct debit
Most are done using ATM cards
Full transcript