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General words relating to banking
a/c
abbreviation
account
APR
noun
annual percentage rate: the percentage that a bank makes you pay in interest when you borrow money from it, calculated over a period of one year
balance
noun
the amount of money you have in your bank account
bank
noun
belonging to or connected with a bank
bank balance
noun
the amount of money that you have in your bank account
bank draft
noun
an order to pay someone that is sent from one bank to another bank, usually in a different country
banker’s draft
noun
a bank draft
banker’s order
noun
a standing order 1
banking
noun
the work done by banks and other financial institutions
banking
noun
the activity of paying money into or taking money out of a bank account
bank rate
noun
the rate of interest that banks use to calculate how much interest to charge on money they lend to each other rather than to their customers
bank statement
noun
a document that shows all the money that went into or out of your bank account during a particular period of time
base rate
noun
the rate of interest that banks use to calculate how much interest to charge on money they lend to their customers
BIPS
noun
bank Internet payment system: an electronic system for making payments by moving money directly into a bank account over the Internet
borrower
noun
someone who borrows money from a bank
cardholder
noun
someone who owns a credit card or debit card for buying things with
cashback
noun
money from your bank account that you can get from a shop when you pay for goods with a debit card
CHIPS
noun
clearing house interbank payment system: an electronic system for making international payments in dollars and for changing money from one currency to another
collateral
noun
property that you agree to give to a bank if you fail to pay back money that you have borrowed
commission
noun
an extra amount of money that you have to pay to a bank or other organization when they provide a service for you
credit
noun
an arrangement to receive goods from a shop or money from a bank and pay for it later
credit
noun
an amount of money that you add to an account. An amount of money that you take out of an account is a debit
credit limit
noun
the maximum amount of money that a customer can borrow using a particular credit card account
credit rating
noun
financial information about someone that a bank or shop uses for deciding whether to lend them money or to give them credit
credit transfer
noun
a payment made directly from one bank account to another
debit
noun
an amount of money taken from a bank account
deposit
noun
an amount of money that you pay into a bank account
depositor
noun
someone who pays money into a bank
direct debit
noun
an order to a bank to regularly pay money from your account to a person or organization
direct deposit
noun
an arrangement in which your salary is always put directly into your bank account
discount rate
noun
the rate of interest that a central bank charges another bank that borrows from it
draft
noun
a bank draft
EFTPOS
noun
electronic funds transfer at point of sale: a system of paying for goods by moving money by computer from the customer’s bank account to the account of the company or person they have bought from
interest
noun
money that a person or institution such as a bank charges you for lending you money
interest
noun
money that you receive from an institution such as a bank when you keep money in an account there
interest rate
noun
the percentage that an institution such as a bank charges or pays you in interest when you borrow money from it or keep money in an account
Internet banking
noun
a system that allows you to use the Internet to communicate with your bank, check your account, pay bills etc
lending rate
noun
a percentage that a bank charges a customer who borrows money
Libor
noun
London Interbank Offered Rate: a measurement of the average rate that a group of important London banks charge to lend money to each other for short periods of time
money market
noun
business activities in which banks and other financial institutions make money by lending money to other organizations
mortgage
noun
a legal agreement in which you borrow money from a bank in order to buy a house. You pay back your mortgage by making monthly payments
night safe
noun
a metal container in the wall of a bank that you can put money into when the bank is closed
online banking
noun
a system that allows you to communicate with your bank on the Internet
overdraft
noun
an agreement with your bank that allows you to spend money when you have no money left in your account
overdraft
noun
the amount of money that someone owes their bank because they have used this agreement
overdrawn
adjective
if you are overdrawn, or if your bank account is overdrawn, you owe your bank money that you have spent when there was no money in your account
passbook
noun
a small book showing the amounts of money that you put into and take out of your account in a building society
paying-in slip
noun
a piece of paper on which you write information when you put money into a bank account
real-time authorization
noun
a system that can check whether a customer’s credit card is acceptable in a few seconds, so that an Internet shop can process an order immediately
safe-deposit box
noun
a safety deposit box
safety deposit box
noun
a small box that is usually kept in a bank, used for storing valuable possessions
saver
noun
someone who regularly puts money in a bank or building society so that they can use it later
savings
noun
money that you have saved in a bank or invested so that you can use it later
savings ratio
noun
a measurement of how much money people in a country are saving, which compares the amount of money they have available to spend with the amount of money they do spend
sort code
noun
a number that is used, for example on cheques, for recognizing the particular office of a bank where someone keeps their account
standing order
noun
an instruction that you give a bank to take a particular amount of money out of your account on a particular day, usually each month, to pay a person or organization for you. A direct debit is a similar arrangement, except that the amount can change and is decided by the person who you are paying.
statement
noun
an official document that lists the amounts of money that have been put in or taken out of a bank account
strongroom
noun
a room, often in a bank, for protecting money and other valuable things from being stolen or burned in a fire
sub-prime
adjective
used to describe lending at a higher than usual rate of interest because it involves borrowers who are less likely to be able to pay back their loan
telebanking
noun
a way of doing business with a bank by using your telephone or computer
telephone banking
noun
banking services provided to customers by telephone
unsecured
adjective
an unsecured loan is money that a bank lends someone without making them promise to give property to the bank if they cannot pay the money back
vault
noun
a strongly protected room in a bank where money, gold etc is kept
withdrawal
noun
the process of taking an amount of money out of your bank account, or the amount of money that you take out
merchant banking
noun
a run on something
a time when a lot of people take their money out of a bank at the same time
in credit
to have more money in an account than the amount that you have taken out
in the black
with money in your bank account, or with more money than you owe