OPEN - ESDS

BANK DIRECT DEBIT -
BANKERS CARD -
BANK IA3AN -
BANK SAVINGS ACCOUNT -
BANK STANDING ORDER -
BLIND
BOARD
See direct debit.
See cheque guarantee card.
A personal loan arranged directly through a bank. It IMy
covar a number of articles or ser vices or onlv Dart of an
article or service, depending on the - ‘borrower,s
circumstances and government credit restrictions.
This is similar to a bank deposit account but there is
often a requirement for a tinimum investment and there are
restrictions on when the money can be &awn out .
Consequently, the interest rate is higher than for deposit
accounts. Some types of bank satings account are known as
Capital Investment AcCOuntS.
See standing order.
PERSONS ALLOWANCE- This is an additional benefit paid with supplementary
benefit to registered blind people. It is recei=d in
addition to other concessions.
BUDGETING SCHEME - This tvue .- of scheme is ouerated by the Gas and Electricity
Boards and by the Post Office. It works in much the same
way as a bank budget account, by spreading the cost of the
bills over the year with regular monthly payments. There
is no interest or service charge payable with this
scheme.
BUDGET/OPTION ACCOUNT -
AT A SHOP OR STORE
(SEE ALSO
CHARGECARII)
BUILDING SOCIETY -
CASH DISPENSER CARD -
CHARGECARD -
(SEE ALSO BUOGET
AND OPTION ACCOUNT )
A budget or option account is usually with a department or
chain store. With a budget account the customer
undertakes to make certain payments into an account,
usually at a regular rate and time interval. In return,
they are able to purchase goods on credit up to a certain
figure specified in the original agreement. With an
option account, goods are also bought on credit, but the
monthly statement received from the store can be paid in
full or by agreed Installments. If paid in full, no
interest will be charged. (See also chargecard) .
Building Societies are organisations into which money can
be invested, through opening various types of accounts
with ..arying rates of interest. The individual normally
receives a pass book in which deposits and withdrawals are
recorded. Interest on the account is normally paid every
six months. Building Societies are the prime source of
leans for the purchase of domestic property.
A card issued by banks which operate cash dispensing
machines at convenient locations which can be used both
inside and outside normal banking hours. The card
operates the machine.
A card issued by a store for use in the store, examples
are Marks and Spencer and Debenhams. The card holder has
a Pre-arranged credit limit and can obtain goods incl~ding
food up to that limit. Each month the card-holder 1S sent
an account statement showing goods purchased. The
card-holder must pay off some of the credit later each
month with a minimum of S5.O0 or 5% of amount owing. The
whole amount can be paid off is wanted: The charge cards
are gradually replacing budget and option accounts.
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