Banking Terminology and Useful Links

A summary of useful banking terms and resources for further information regarding banking in the United Kingdom...

Banking Terminology Guide

AER Annual Earning Rates on an investment
APR Annual Percentage Rate of interest
Bounced cheque Refers to a cheque that has been written without sufficient funds in the account to pay the beneficiary
Central Clearing Time Refers to the time it takes for money from a cheque to be paid into the payer's account (generally three days in England and Wales)
Charges Fees paid to the bank for overdrafts or bounced cheques, for example
Cheque book A booklet of cheques. Each cheque has the account number, sort code and cheque number
Direct Debit An authorised amount of money taken from a bank account to pay regular bills
Interest Amount paid or charge on money over time, expressed as a percentage
Money Transfer Movement of money from one account to another
Overdraft This can be authorised or unauthorised and represents a minus figure on the account
Standing order Regular payment to pay bills, authorised by the account holder

Further Information and Useful Websites