Banking Terminology

A useful glossary of banking terms used in Malta...

• AER – Annual Earnings Rates

• APR – Annual Percentage Rate

• ATM – Automated Teller Machine

• Balance – The amount of money in an account

• Bounced cheque – Cheque that does not have sufficient funds in the account to honour

• Central Clearing Time – Time taken for funds from a cheque to appear in a beneficiary's account

• Cheque – Written order instructing a bank to pay a beneficiary

• Debit – A payment taken from an account

• Direct Debit – Instruction to a bank allowing money to be taken from your account

• EMV – The global standard for all plastic chip and PIN cards. Initials taken from Europay, Mastercard and Visa.

• Gross – The amount before the deduction of tax

• Interest – An amount paid on savings or money borrowed

• Mini statement – Short summary of the latest transactions

• Net – Amount after the deduction of tax

• Overdraft – A lending facility that allows for customers to spend more than they have in the account

• PIN – Four-digit Personal Identification Number

• Point of Sale – Location of transaction

• SEPA – Single Euro Payments Area. Form of bank transfer system for Euro currency

• Standing Order – Regular fixed-sum payment

• Opening an Account
• Banking Terminology