Banking Accounts and Documents (Grade 10 NSC Matric Mathematical Literacy): Flashcards
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Savings account key features
Savings account key features
Pays interest, no overdraft, for short-term savings
Cheque/current account unique feature
Cheque/current account unique feature
Offers overdraft facilities (spend more than balance)
Fixed deposit account characteristics
Fixed deposit account characteristics
Money locked for set period, higher interest rates
Credit account main feature
Credit account main feature
Buy now, pay later - can lead to debt if mismanaged
Debit account benefit
Debit account benefit
Deducts directly from account, helps avoid overspending
FICA documents required to open account
FICA documents required to open account
ID, proof of residence, proof of income
Bank statement definition
Bank statement definition
Monthly doc showing all account transactions & balances
Debit transaction meaning
Debit transaction meaning
Money leaving your account (payments, withdrawals, fees)
Credit transaction meaning
Credit transaction meaning
Money entering your account (deposits, salary, transfers)
Transaction fees
Transaction fees
Charges by banks for services like withdrawals & transfers