Personal banking refers to the services provided by banks to help customers manage

their personal finances e.g. current accounts, debit accounts, loans, credit cards, etc.


 Paypath is the system operated by banks in order to pay wages and salaries directly into a

current account each week 


ATM = Automated Teller Machine: this allows a customer to access their bank account using a debit card and to lodge and withdraw cash, order bank statements and check the account balance


PIN = personal identification number: this is a unique number known only to the account holder which tells the ATM that the person using the number and card is the owner of the account.


Direct debits are planned, automatic, electronic payments of a variable amount of money from one account to another account e.g. paying the electricity bill every month by DD which may be higher in winter and lower in summer.


Standing orders are planned, automatic, electronic payments of a regular fixed amount of money from one account to another e.g. paying a mobile phone bill of E20 each month by SO through my current account to the mobile phone company.


An overdraft is having special permission from a bank to spend money that you do not already have in your account. Overdraft loans are for a short period of time and the bank charges a high rate of interest.


 A bank statement is a document which details all of the transactions( lodgements and withdrawals) from a bank account on a regular basis(monthly or quarterly). They can be paper or electronic/digital.


IBAN = International Bank AccountNumber


BIC = Bank Identifier Code


Mobile banking allows customers to access their bank accounts at any time using a computer, mobile On-line phone or another device which has internet access.


To open a current account one needs to

fill out an application form detailing the

following: Proof of your identity e.g. passport or

driving licence.

● Proof of address e.g. a utility bill

(electricity/gas/phone bill)

● Details of employment e.g payslip

● A specimen of your signature


All of the above are needed to establish your creditworthiness (that you are a person responsible

enough to manage your money and pay your debts on time) and to help prevent tax evasion and crime.