Money and Banking

Barter
Exchange of goods and services for other goods and services.

Eg. Bread for a haircut

What is Money?
Anything which is accepted in exchange for goods & services.

Qualities of Money
1. Scarce in supply be in short supply 2. Non-perishable/durable last a long time 3. Portable easy to carry 4. Divisible can be broken into small parts

Forms of Money
Currency/Legal Tender: Notes and coins Bank current accounts: Put money into bank account and make payments by cheque, laser, CT. Plastic money: Credit cards, charge cards, store cards, laser and ATM cards.

Plastic Money/Cards
Credit cards: Access, Visa, MasterCard Charge Cards: American Express Store Cards: Esso, Statoil ATM Debit (Lazer) Card Smart Card

Credit Card
Buy now pay later. Receives a monthly statement. Pay in part or full. Interest charged on balance.

Charge Card
Amount due must be paid as soon as statement is received. Annual membership fee. American Express.

Store Cards
Given by department stores and oil companies. Customers are given a credit limit. Esso/Shell, Brown Thomas.

ATM (Automated Teller Machine) Allows customers withdraw money, pay bills, order cheque books, change pin, receive statements, mobile top up Access 24 hours Cheaper than paper transactions why??

Debit/Lazer Card
Used by current account holders to pay for goods and services Laser card is swiped through terminal at cash desk. Money is withdrawn from a/c immediately.

Smart Card
Combines ATM Laser Cheque guarantee Cirrus/Link (use ATMs abroad)

Irish Financial Agencies

1. 2. 3. 4. Banks Building Societies An Post Credit Unions

Irish Financial Agencies

1. Banks Allied Irish Bank (AIB) Bank of Ireland (BOI) Ulster Bank Permanent TSB National Irish Bank (NIB)

2. Building Societies

Some of the building societies which operate in Ireland are: Educational Building Society (EBS) Irish Nationwide Building Society

3. An Post

They have branches all over Ireland in the form of post offices

4. Credit Unions
Owned and run by their members Over 500 individual credit unions in Ireland