Financial Institutions, 2026 – Lecture Notes and Study Material

Financial Institutions, 2026 – Lecture Notes and Study Material

Financial Service Provider - ANS✔✔ An organization that offers money related services



commercial bank - ANS✔✔ A financial institution that serves individuals and businesses with a
wide variety of accounts, loans, and other financial services



current account - ANS✔✔ Is a non interest account that allows the account holder to withdraw
money at any time



debit card - ANS✔✔ Used to make purchases with funds directly from a current account.



ATM - ANS✔✔ Automated Teller Machine



standing order - ANS✔✔ Instruction to a bank to pay FIXED amounts at regular intervals



direct debit - ANS✔✔ Instruction to a bank to pay bills with VARIABLE amounts. EX heating bill



overdraft - ANS✔✔ Occurs when money is withdrawn from a bank account and the available
balance goes below zero



credit card - ANS✔✔ A plastic card used to make purchases now and pay for them later.



exchange rate - ANS✔✔ The measure of how much one currency is worth in relation to another.



online banking - ANS✔✔ The management of finances using the internet