The following initials are used in Banking - Junior Cycle Business Studies - Question 1 - 2018
Question 1
The following initials are used in Banking. What do they stand for?
ATM
CT
DD
Worked Solution & Example Answer:The following initials are used in Banking - Junior Cycle Business Studies - Question 1 - 2018
Step 1
ATM
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Answer
ATM stands for Automated Teller Machine. This is a device that allows customers to perform basic banking transactions without the need for a human teller, such as withdrawing cash or checking account balances.
Step 2
CT
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Answer
CT stands for Credit Transfer. This refers to the electronic movement of funds from one bank account to another, often used for paying bills or transferring money between accounts.
Step 3
DD
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Answer
DD stands for Direct Debit. This is a financial transaction in which one person or company withdraws funds from another person's bank account, usually with prior authorization, for regular payments.
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