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