code of banking practice - Mauritius Bankers Association Limited

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GLOSSARYThese definitions explain the meaning of words and terms used in the Code. They are not precise legal ortechnical definitions.ATM( Automated Teller Machine)A cash machine or freestanding electronic banking device dispensing cash which may also provide otherinformation or services to clients who have a card and a PIN, password or other means of unique identification.Banking and payment systemsThis refers to the underlying clearing, money transmission and computer systems used by banks.CardsA general term for any plastic card used to pay for goods and services and/or to withdraw cash.ChequeA cheque is an unconditional order in writing drawn on a bank to pay, on demand, a sum of money as specified inwords and figures by a drawer with his signature. A cheque is valid for one year as from the date of issue.Direct debitIt is an instruction in writing duly signed by a customer to a bank to pay a sum of money, to be specified by thebeneficiary, as claimed for a particular service provided by the beneficiary to the customer.EquityJustice applied in circumstances covered by law yet influenced by principles of ethics and fairness.Mauritius Credit Information Bureau (MCIB)The MCIB collects, stores and provides credit information to lending institutions about customers’ creditexposures. It is administered by the Bank of Mauritius under strict confidentiality.Out of date chequeA cheque which has not been paid because the date written on the cheque is too old (normally older than 12months for local cheques).PasswordA word or an access code that is either supplied by a bank or chosen by customers to allow them to use phone orinternet banking services.PIN (Personal Identification Number)A confidential number which allows customers to make purchases of goods and services, withdraw cash and useother services at a cash machine. Customers will often have to enter their PIN into a point of sale terminal, insteadof signing a receipt, to authorise a transaction.POS (Point Of Sale)A point of sale (POS) terminal is a computerised replacement for a cash register.Standing orderA Standing order is an instruction in writing duly signed by a customer to a bank to pay a certain sum of moneyon specific date/s to a named party during a specified period.Unpaid chequeThis is a cheque which, after being paid into the account of the person it is written out to, is returned ‘unpaid’(bounced) by the bank whose customer issued the cheque. This leaves the person the cheque was written out towithout the money in his account.16 MBA CODE OF BANKING PRACTICE
3rd Floor, Plantation HouseDuke of Edinburgh StreetPort Louis - MauritiusTel: (230) 210 9677 - 211 2980 - 213 0990Fax: (230) 213 0968Email: ceo.mba@intnet.muWebsite: http://www.mba-limited.intnet.mu
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code of banking practice - Mauritius Bankers Association Limited

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