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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