Current Accounts Jargon Buster
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 G terms:
- 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 .
- Paid Transaction Fee
A guaranteed transaction is one that we cannot refuse, for example a payment made by card when we are unable to check your balance before the payment is made. You will pay a Paid Transaction Fee for each such transaction we have to pay.