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Understanding Payment Methods: Cheques, Standing Orders, and More

Explore various payment methods such as cheques, standing orders, direct debits, and bank transfers. Current account holders can utilize cheques with written bank permission to pay specific amounts. Cheque guarantee cards enhance safety for up to €130 in payments. Bank drafts provide a secure option when cheque books are unavailable. Standing orders allow regular withdrawals, while direct debits accommodate variable payments. Learn about the efficiency and safety of alternatives like plastic cards and postal orders for managing everyday transactions.

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Understanding Payment Methods: Cheques, Standing Orders, and More

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  1. Money & Banking 2

  2. Cheques • Current account holders can use it to make payments. • Written permission to a bank to pay someone a certain amount of money. • Safe • Record (Stubb)

  3. Cheque Guarantee Card • Given to creditworthy customers. • Guarantees payment of cheque up to €130 • Identity card.

  4. Bank Draft • If you don’t have a cheque book • You can buy a cheque from the bank • Safe • Record

  5. Standing Order (SO) • Current account customers • Give permission to a company • To withdraw a fixed sum • On a fixed date • Eg. Insurance premium

  6. Direct Debit (DD) • Current account holder • Instructs the bank • To pay a variableamount to a company. • Time may vary also • Eg. ESB bill

  7. Bank GiroCredit Transfer (CT) • Don’t need a current account • Can transfer money to another persons account • Fill out form and pay a fee

  8. Paypath • Paying wages directly into an employees bank account • Safer • Quicker • Reduces impulse buying

  9. Plastic Cards • Make payment without using cash or cheques • Visa, Access, Master Card, ATM, Smart Card

  10. Postal/Money Order • A written statement from one post office to another asking it to pay a certain sum to a named person • Pay a small fee • Safe

  11. Registered Letter • Pay post office a small fee • Letter will only be given to person to whom it is addressed • That person must sign for letter • Very safe

  12. How might you pay the following? • Telephone bill • Birthday present to USA • Cash payment by post • Life assurance premium • College fees • Weekly shopping • Petrol

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