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We've provided simple definitions for industry jargon. If you can't find the term you need in our Top 20 list, click on the first letter of the word or phrase from the alphabet below.

Other accounts terms – top 20

ATM

Stands for Automated Teller Machine, otherwise known as a cash machine or a cash dispenser. You can use them to withdraw cash and check your daily balance. Some have the option to print a mini statement and change your PIN.

Account number

The unique number given to your current account. You'll find it on your bank statements and printed as the last group of computer-type figures at the bottom of your cheques.

Arranged limit

Relates to your overdraft and is the total amount you are allowed to borrow on your account. The limit is agreed between you and your bank.

Balance

The amount of money in your current account. It makes for happy reading when it's a positive figure.

Banker's draft

A banker's cheque made out to somebody else on your behalf. Because it's drawn on the bank itself, it comes in handy if that somebody finds a personal cheque unacceptable as banker's drafts don't bounce.

Cash machine

The same as a cash dispenser or ATM. You can use them to withdraw cash and check your daily balance. Some allow you to print a mini statement and change your PIN.

Cashback

A service offered by most supermarkets and some pubs. It allows you to withdraw cash from your current account when you shop using your debit card. The total amount - the cost of your shopping or drinks plus the cash - is deducted from your current account.

Chip and PIN

A new way of paying with credit, debit and charge cards in the UK that's designed to cut the cost of card fraud. When you use your card to pay for goods at shops, restaurants, petrol stations etc, you'll enter a four-digit personal identification number (PIN) into keypads at the checkout instead of signing to authorise the transaction.

Clearing

The process of presenting cheques to the drawer's bank for payment. For example, if a friend writes you a cheque, you pay it into your account. Your bank then sends it to your friend's bank, which decides if it will honour it. It should do if your friend has enough money in the account. If the cheque is returned unpaid, you will be advised by post. The process takes several days, which is why payments into your account may take a while to show up on statements.

Connect card

The name of your Barclays Bank debit card. You can use it to withdraw money from cash machines and pay for things in shops and other outlets.

Continuous authority

A method of payment in which you agree to have certain amounts debited from your credit/charge/debit cards on an ongoing basis to pay for goods and services.

Direct Debit

A godsend for the more forgetful among us. Direct debit is a good way of paying regular bills and subscriptions that might otherwise slip your mind. You authorise the payees to take funds from your bank account - and they can adjust what they take as long as they give you notice. They give you a guarantee to protect you if any errors are made.

Gross rate per annum

The amount of interest paid on an account before the deduction of any income tax.

Guaranteed cheque

A cheque guaranteed up to the value permitted by the account holder's debit or credit card, provided that the retailer complies with the terms of the scheme, checks that the card is valid and writes the number of the card on the back of the cheque.

Please note: UK Payment Council, which administers the system of guaranteeing cheques, will be closing the scheme on 30 June 2011. After this date UK banks, including Barclays, will no longer be able to use the scheme to provide a guarantee that cheques will be paid. You can get more information about the Cheque Guarantee Scheme in Barclays here .

LINK

A national network of cash machines run by a group of building societies, banks and supermarkets. It accepts a variety of debit cards, including Barclays Connect and VISA Electron.

Overdraft Limit

An overdraft is a pre-arranged facility that allows you to withdraw money from your account, in excess of your credit balance.

PLUS

A cash machine network controlled by the VISA organisation. There are more than 700,000 PLUS machines worldwide where you can use your VISA or VISA Electron card.

Paid transactions

A guaranteed transaction is one that we can't refuse, for example, a payment made by card when we're unable to check your balance before the payment is made.

Personal bankers

The banking specialists in each Barclays branch who can help you with questions you may have about our products and services.

Unpaid Transaction Fee

An Unpaid Transaction Fee of £8 per day is incurred when an item is returned unpaid because there are insufficient funds in your account. This includes any arranged overdraft or Emergency Borrowing limit.

Barclays Bank PLC. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 122702). Barclays Bank PLC subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. Further details can be found at www.lendingstandardsboard.org.uk. Barclays Insurance Services Company Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Register number: 312078).

Barclays Bank PLC. Registered in England. Registered no. 1026167. Barclays Insurance Services Company Limited. Registered in England. Registered no. 973765. Registered office for both: 1 Churchill Place, London E14 5HP. ‘The Woolwich’ and ‘Woolwich’ are trademarks and trading names of Barclays Bank PLC. Barclays Business is a trading name of Barclays Bank PLC.


 

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