Financial Institutions - Saving&Borrowing

A financial institution is an organisation that offers money related services to customers.

• TRUE

• FALSE

Which of the following are commercial banks

• BANK OF IRELAND

• Allied IRISH BANK (AIB)

• POST OFFICE

• ULSTER BANK

A ____________ ____________ is used for day-to-day transactions with no interest earned on money.

• Deposit account

• Current account

Which of the following are NOT required when opening a current account?

• Proof of address

• Mobile number

• Proof of identity

• Proof of online shopping purchases

The letters 'ATM' stand for

• Automatic task machine

• Automated teller mobile

• Automated teller machine

• Automatic task mobile

An overdraft allows an account holder to withdraw more money from a deposit account than what is in the account

• True

• False

An overdraft facility is a form of borrowing

• True

• False

The letters PIN stand for

• Personal Identification Number

• Personal dentity Number

• Personal Identification Notice

Bank Statements can be used as proof of income and expenditure when applying for a loan

• True

• False

Which of the following are features of online banking

• Check balances/View transaction history

• Transfer funds to someone else's account

• Apply for loans/overdrafts

• Writing a cheque