Money and BankingMoney and Banking
Barter
• Exchange of goods and services for other goods and services.
Eg. Bread for a haircut
What is Money?• Anything which is accepted in
exchange for goods & services.
Qualities of MoneyQualities of Money
1. Scarce in supply – be in short supply
2. Non-perishable/durable – last a long time
3. Portable – easy to carry4. Divisible – can be broken into
small parts
Forms of MoneyCurrency/Legal Tender:• Notes and coinsBank current accounts:• Put money into bank account and
make payments by cheque, laser, CT.Plastic money:• Credit cards, charge cards, store
cards, laser and ATM cards.
Plastic Money/Cards• Credit cards: Access, Visa,
MasterCard• Charge Cards: American Express• Store Cards: Esso, Statoil• ATM• Debit (Lazer) Card• Smart Card
Credit CardBuy now pay later.Receives a monthly statement.Pay in part or full.Interest charged on balance.
Charge Card
Amount due must be paid as soon as statement is received.
Annual membership fee.
American Express.
Store Cards
Given by department stores and oil companies.
Customers are given a credit limit.Esso/Shell, Brown Thomas.
ATM (Automated Teller Machine)
Allows customers withdraw money, pay bills, order cheque books, change pin, receive statements, mobile top up
Access 24 hoursCheaper than paper transactions
why??
Debit/Lazer Card
Used by current account holders to pay for goods and services
Laser card is swiped through terminal at cash desk.
Money is withdrawn from a/c immediately.
Smart Card
Combines ATM Laser Cheque
guarantee Cirrus/Link (use
ATM’s abroad)
Irish Financial Irish Financial AgenciesAgencies
1. Banks 2. Building Societies3. An Post 4. Credit Unions
Irish Financial AgenciesIrish Financial Agencies
1. Banks
• Allied Irish Bank (AIB)• Bank of Ireland (BOI)• Ulster Bank• Permanent TSB • National Irish Bank (NIB)
2. Building Societies
• Some of the building societies which operate in Ireland are:
• Educational Building Society (EBS)
• Irish Nationwide Building Society
3. An Post
• They have branches all over Ireland in the form of post offices
4. Credit Unions
• Owned and run by their members• Over 500 individual credit unions
in Ireland