Glossary of Banking Terms - ASB

http://www.asbbank.co.nz/section655.asp
Glossary of Banking Terms
Account Balance
The amount of money you have in your bank account.
ATM
Automatic Teller Machine. Often called a money machine.  ASB has a nationwide network of over 300 ATMs for your convenience. To the closest branch or ATM to youclick here.
Automatic Payment
A fixed amount of money paid regularly (e.g. fortnightly or monthly) to an individual or company from your account with your consent, e.g. paying your fortnightly rent or repayments on your car.
Bank Cheque
A cheque which is issued by a bank and not a customer. A bank cheque is often used to purchase large items such as a car.
Bearer
The person who presents a cheque for payment.
Bill Payment
A payment to an individual or company paid (more than once) at different times and for varying amounts, e.g. paying your Telecom bill.
Cheque
A written order to a bank, by you, to pay a specific amount to another party from your account.
Cleared Funds
A cheque that has been paid into your account needs to be ‘Cleared Funds‘ before you can draw against the funds. Cleared Funds means that the money in your account is available to withdraw.
Credit
A ‘credit‘ is a sum of money that is paid into your account increasing your account balance. ‘Credit‘ or ‘Cr‘ is also used to describe when your account has money in it. (Note: This is different to purchasing ‘on credit‘.)
Credit Card
A card that allows you to buy goods, services and obtain cash advances on credit. You can pay your monthly bill in full or in instalments. ASB has a range of credit cards to suit your needs including a Credit Card for Tertiary students with no annual fee for the first 12 months. Conditions apply.
Debit
When your account is debited, money has been taken out for something you‘ve bought or to repay money you owe. ‘Debit‘ or ‘Dr‘ is also used to describe when your account balance is overdrawn (when your balance is negative).
Deposit
To put money into your account.
Direct Debit
an amount of money paid regularly (but of differing amounts) to an individual or company from your account with your consent, e.g. your electricity or phone bill, which can vary month by month.
EFTPOS (Electronic Funds Transfer at Point of Sale)
Is a way of buying goods and services from retailers using your ASB FastCash Card or ASB Credit Card. The cost of your purchase is immediately drawn from your bank account.
Electronic Transactions
Include touchtone phone banking transactions, EFTPOS, ATMs, Automatic Payments, Direct Credits, Direct Debits, FastNet Classic or FastPhone transfers & ASB FastDeposit Boxes. Automatic transactions are usually cheaper than manual transactions.
Internet Banking
ASB offers customers ‘FastNet Internet Banking‘, which allows you to complete banking transactions from the convenience of your PC or laptop. All you need is access to the Internet and a compatible computer.
Interest
The amount of earned on funds in your account. Also the amount you have to pay for borrowing money.
Manual Transactions
Includes cheques and transactions handled by ASB staff at a branch or by phone.
Overdraft Facility Fee
The cost per month to you for the use of an overdraft facility.
Overdraft limit
An agreed amount that you‘re allowed to draw on when your account balance goes below zero. Overdrafts are usually subject to interest costs and a monthly Overdraft Facility Fee.
Payee
The person to whom a cheque is payable.
PIN
A ‘Personal Identification Number‘ that provides access to your account using you ASB FastCash Card. This number is confidential and should not be written down or told to anyone else including staff of ASB.
Statement
A list detailing your banking transactions over a given period usually sent to you monthly or quarterly. With ASB you can choose to suppress your statements and view them online.Click here for more information.