Common Banking Terms UK
A selection of common banking terms used in the UK
- Debit card
A card issued by a bank that you use to withdraw cash or to pay for your shopping. The money is usually taken from your account immediately. - Direct Debit
A way of paying bills from your bank account. You sign a form allowing the company you are paying to take the money directly from your account on specific dates.They then take the money from your account automatically on the agreed dates. They have to notify you in advance before changing the amount or the dates of the payments. - Interest
A charge for borrowing money, or a reward for saving money. It is usually shown as a percentage of the amount borrowed or saved. Money laundering The process criminals go through to disguise and hide the money made from their crimes. - Overdraft
A facility allowing you to spend more money from your account than you have in it. The bank will usually charge you interest if this happens, and sometimes other fees as well. You
don’t get an overdraft with your basic bank account. - Standing order
A way of paying bills from your bank account. You sign a form sent to you by the company you are paying. This sets out the amount to be paid and the payment dates. You then give this to your bank. The bank pays the amounts from your account automatically on the agreed dates to the company you are paying. You must tell your bank if the amount or the dates of payment need to change.Banks that offer standing orders will allow you to set them up to leave your account at different times (varying from annually to daily) – talk to your bank about what options they offer. - Statement
A detailed list of all payments in and out of your account over a period of time, for example, one month. Ask your bank how often it sends statements. - Undischarged bankrupt
A person who cannot pay their debts and is still on the bankruptcy register.
Listed below are some of the frequently asked questions on Banking & Credit
- Banking Information Centre - Introduction
- How Basic Bank Accounts work
- Advice on Basic Bank Accounts
- Basic Bank Account Information
- Keep Track of your Basic Bank Accounts
- Basic Bank Accounts with Direct Debit
- Basic Bank Accounts Help
- What proof is needed to open a Basic Bank Account?
- Basic Bank Accounts for International Students
- Basic Bank Accounts for Migrant Workers
- Basic Bank Accounts for Refugees
- Basic Bank Accounts for Asylum Seekers
- Basic Bank Accounts for Prisoners
- Ex-Offender Basic Bank Account Help
- Common Banking Terms
- Bankruptcy Bank Accounts
- Facilities on Bankruptcy Bank Accounts
- Guaranteed Bank Accounts
- Will your account be frozen upon bankruptcy?
- Bankruptcy Bank Account upgrades
- Basic Bank Accounts when you are bankrupt
- Open a new bank account after bankruptcy
- Bank Accounts Help after bankruptcy
- Pre-Paid debit cards for bankrupts
- Bank Accounts with no credit checks for Bankrupts
- How to get a bankruptcy bank account
- What features does a bankruptcy bank account offer?
- Can I stay with my bank account if I have just been made bankrupt?
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]