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. It is an electronic banking outlet that allows customers to complete basic transactions without the need for a branch representative.
Step 2
CT
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Answer
CT signifies Credit Transfer. This is a type of electronic payment where funds are transferred from one bank account to another.
Step 3
DD
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Answer
DD refers to Direct Debit. This is a financial transaction in which one person or company withdraws funds from another person's bank account with prior authorization.
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