Everyday banking terms: accounts, statements, guarantees and transfers.
6 terms in this topic
An authorised deposit-taking institution (ADI) is a bank, credit union or building society that APRA has licensed under the Banking Act to take deposits from the public.
Read definitionA bank guarantee is a written promise from a bank to pay a set amount to a third party if its customer does not meet an obligation.
Read definitionA bank statement is a record from your bank listing every deposit, withdrawal and fee on an account, with the running balance for the period.
Read definitionA creditor is a person, business or lender that is owed money by someone else, usually under a loan, an invoice or a supply agreement.
Read definitionA debtor is a person or business that owes money to someone else, whether under a loan, a credit account or an unpaid invoice.
Read definitionEFTPOS means electronic funds transfer at point of sale: paying by card at a terminal so the money moves straight from the customer's bank account to the business.
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