1
Q
What is faster payment
A
Electronic payment which arrives in the destination bank account in 2 hours. Free to use most banks max 10000 but some permit 100000 thousand
2
Q
What is chaps
A
Clearing house automated payment system : costs 25£ used for large payments for example a house
3
Q
What is bacs
A
Bankers automated clearing system : takes up to 3 business days
4
Q
What is a bankers draft
A
Look similar to cheques but they are signed by the provider rather than the individual this means the payment is guaranteed mainly used to pay large sums of money
Libf
flashcards
Decks in class (14)
# Cards
