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Money and Banking (I)

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by

Miss Cummins

on 23 September 2015

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Transcript of Money and Banking (I)

What is money ?
Money
is anything which is acceptable by people in exchange for goods and services.
People used to pay for things with other things - an
exchange
Forms of money ?
Money comes in three forms :
Credit Cards
Issed by banks/building socities
Mastercard
Visa Card
Widely accepted across the world
Seven weeks'
interest
free credit if payment is made on time
Government tax these cards

Charge cards
Similar to credit cards
Amount due must be paid as soon as the statement is recieved
Annual membership fee
Some offer 80 days' free insurance on goods

Money and Banking (I)
But did we always have the money we have today ...?
Before we had money we had BARTER
Can you think of an example of barter today ???
Barter system proved difficult

Involved a lot of traveling

People did not always trade items of equal value
Money
Replaced barter
A token used in exchange for good
Non-perisable, scare and easy to carry
Many things were tried and ____ and ______ were chosen

Gold and silver were made into
coins
Rulers
printed
their names on them

*
Modern coins are not made of gold and silver

Paper money developed after
goldsmiths
(who mad coins) issued receipts - these were used to buy goods and services
Sometimes
handed back
for gold coins
The Euro
2002
- replaced the pound
£0.787564 = €1
16
other countries switched at the same time
Now 19
Chip and Pin
Card reading machines
Pin pad and a screen
Input card and PIN
(Personal identify number)
Transaction is verified - reciept is given
This replaced what ?

Signatures
Credit card
Card- reading machine
Store cards
Big shops
Only purchase in that store
Payment made on time - no interest charged
ATM Cards
A
utomated
T
eller
M
achine Cards
Bank/building society customers
Lodge/withdraw money
Pay bills
Order cheque books/ statements
Big advantage ???
Open 24 hours
24 hour banking
Hole in the wall banking
Each customer has an ATM card
And a PIN
Use inside and outside the banks/building societies
ATM cheaper for banks as computers do all the work
Debit cards
Laser cards
Account holders can make a payments in shops/restaurants without cash/cheque
Card is inserted into the machine - amount inserted - PIN put in
Money is taken from account and put in shops account

You can also get 'cash back'
Also get money from the ATM
How it works
*(take down)
Smart Cards
Issued by banks
Combine the ATM, laser, cheque guaratee and Cirrus/Link (ATM abroad)
Combine many functions

Irish Financial Agencies
Banks
Building societies
An Post
Credit Unions
Irish Civil Service Building Society
3 mins to fill in sheet
First on your own
Then with person beside you
An post have branches throughout Ireland known as Post Offices.
Co-operative - owned and run by members
Over 500 in Ireland
Members have similar bonds - all live in a similar areas or do similar work
Lots of voluntary work - expenses are low so interest rates are low
Full transcript