APR (Annual Percentage rate):

When you take a loan from the bank you have an interest/percentage to pay on a yearly basis. 

ATM ( Automated teller machine):

It is a machine that allows people to perform various financial transactions such as: Cash withdrawal, cash and cheques deposits,and check the amount of money on your bank account.

Available Balance:

The quantity of money that you are allowed to withdraw or spend from your bank account. 

Joint Account:

A joint account can be owned by two or more people, allowing the owners of the account to withdraw, deposit and manage the money.

Bank Statement:

A bank statement is a document that contains the account holder’s financial activities for a period of time.


Some banks have the option of providing e-statements to their customers, it contains the same financial information that you can get on a bank statement but customers can have access to it quickly. 

Online banking:

It is a service provided by certain banks, account holders can perform all their financial transactions such as checking account balances, transferring funds, paying bills, all for this can be done by using their mobile phones or laptops. 

Debit card:

Debit cards can be used for diverse purposes such as buying goods, remove cash from an ATM.

Maturity Date:

Maturity date is the date of  expiration of a financial agreement such as a loan, or insurance, on this date all payment should be done. 


Overdraft happens when you spend more money than you have on your account. Some banks can charge you for overdraft, but protection can be offered to prevent this from happening. 

Interest Rate:

An interest rate is a percentage that you either have to pay on loan or a reward if you have saved your money in a bank account. 

Balance Transfer:

It is the process of moving existing debt from one card to another, it is done to benefit from a low interest rate.

PIN (Personal Identification Number):

It is a unique and personal number that allows card holders to make purchases and withdraw money, and very often they will have to make use of this pin to have access to their account.


A debtor is a person who owes money to another individual, or organization. If you have unpaid debts you are considered as a debtor and you will have to pay this debt.

Standing order:

A standing order is an automated payment that you set up to transfer a specific amount of money to another account on a particular date.

POS (Point of sale terminal):

A point of sale terminal is a sort of digital cash register, it is used to handle customer payments. For e.g. It is used in supermarkets to pay for the goods, the cashier will either enter your card or swipe it to complete payment.

Loan Statement:

It is a document that is provided by any institution that you are taking a loan from. This document will contain information such as: Interest rate, payment due date, loan balance, which helps borrowers keep track of their loan balance and agreement.


A cheque is a written document that you present to the bank to transfer a specific amount of money to an individual account. If you are the receiver the bank will check all the information and then make the transfer on your account. 

Inactive account:

It is an account that has not been used for a huge amount of time to either deposit money or effectuate financial transactions. 

Direct Debit:

Direct debit is an agreement that you have with a business or organization to directly take money from your account to pay bills, or debts.