Jargon Buster

ATM (Automated Teller Machine)

ATM means an automated teller or cash machine.

ATM card

This is a plastic card that allows you to take out money from your account when you insert it into an ATM and key in your PIN.

Bank statement/Account statement

We will make available to you detailed information about all your transactions in the form of a regular account statement. You can see the amount of money that has been paid in or taken out, transfers between accounts, interest paid or received and any bank charges. Most of this information can also be viewed on 365 online by looking up the transaction history.

Bank Identifier Code (BIC)

This is a unique number that identifies your bank. It is the code necessary (together with your IBAN) to send and receive automated international payments. The BIC for Bank of Ireland is BOFIIE2D.

Cashback

With the cashback facility you can pay for your purchases and take up to €100 in cash out from your current account at the same time – giving you two transactions for the price of one.

Please Note: Some retailers do not offer cashback. There are no additional transaction fees for availing of the cashback option.

Cheque and chequebook

A cheque is a written order which instructs the Bank to pay a specific amount of money from your current account to another person or organisation. Cheques are valid for 6 months from the date written on the cheque.

Contactless

Contactless means a payment method which allows you to make purchases up to the maximum value of €30 using your debit card. The card is held close to the reader rather than inserted into a point-of-sale (POS) terminal.

Credit balance

This refers to the funds in your current account i.e. money the Bank owes you.

Credit card

A Credit card allows you to buy goods immediately and pay for them later. You will have an agreed limit on the amount you can borrow on your credit card account, and the time within which the money should be repaid (the due date). If you don’t pay the total amount in full by the due date you will be charged interest on the outstanding balance.

Current Account

A bank account used to hold money you need on a day-to-day basis. Your current account is typically where your salary is lodged, where you withdraw cash from an ATM, pay for things using a debit card or by writing cheques, make payments by standing order or direct debit, and transfer money to other accounts.

Debit balance

This refers to the overdrawn funds in your current account i.e. money you owe the Bank.

Direct debit

An instruction from you to Bank of Ireland allowing a company/organisation to collect a payment from your bank account. The amount of money collected can vary, but you must be told the amounts and dates beforehand by the direct debit originator. Direct debits allow you to pay bills automatically from your account on a regular basis.

Direct Debit Scheme Rules

Direct Debit payments are covered by scheme rules relevant to them. The Irish Direct Debit Scheme Rules apply to direct debits where both the Originator and the Payer are located in the Republic of Ireland. The SEPA Direct Debit Rules apply where both the Originator and the Payer are located within SEPA, and can include payments within the Republic of Ireland. The SEPA Direct Debit Scheme Rules will apply to all direct debits when the Irish Direct Debit Scheme closes on 1 February 2014.

eStatement

An eStatement is an electronic version of your account statement in pdf format, which you can view, print and download at your convenience. If you are a 365 online customer, you can switch from paper to eStatements on your eligible accounts. You can make the switch in 365 online and our Tablet Banking app.

Fee for maintaining the account

A fee for maintaining the account of €5 is debited from your account each quarter along with any transaction fees which may apply.

Fee quarter

Means a three month period we use to calculate account transaction fees. Account transactions are calculated quarterly with each fee quarter, typically ending on the weekend closest to 21st February, 21st May, 21st August, and 21st November respectively (These dates are subject to change). Fees are then debited from your current account approximately one month later (posting dates for 2015 are 27th March, 26th June, 25th September and 31st December).

Fraudulent transaction

A fraudulent transaction is a transaction on an account that you have not authorised. This can happen as a result of your card details either being compromised or having been lost or stolen.

Government Duty

There are certain Government Duties, or taxes, that Bank of Ireland is required to collect from customers for the use of certain services – specifically cheques, ATM/Debit/Credit Cards and Bank Drafts.

Please refer to our Schedule of Fees and Charges for Personal Customers brochure for details of all Government Duties applicable, also available from your branch.

IBAN (International Bank Account Number)

This is a unique number for your account which along with your Bank Identifier Code (BIC) is required for international transactions.

Incoming Electronic Credit to your current account

All incoming electronic credits (salary/wages/payments to your account), may be credited to your account at different times throughout the working day. This means you may receive these payments / incoming credits at different times each time they are credited to your account.

Interest Quarter

Means a three month period we use to calculate interest we charge.

Interest rate

The percentage rate used to calculate interest on all money saved or borrowed.

Internet/Online banking (365 Online)

Customers registered to use our 365 Online service can access their bank account through their own computer at any time. Customers can check their balance and carry out many everyday transactions.

Joint account

These are accounts you open in the names of more than one person.

Mobile Banking

Customers can use a range of their favourite 365 online services through our Mobile Banking App on their Smartphone.

Overdraft

An overdraft facility provides extra flexibility when you need it most. It's an ideal way to handle those short term changes in your cash flow and avoid unnecessary charges for being over your limit. To apply for an overdraft facility, please contact your branch. Applicants must be over 18, lending criteria, terms and conditions apply. An overdraft facility fee (currently €30) applies on negotiation, re-negotiation and annual renewal of a personal overdraft facility.

Payee

The person or organisation due to receive the money on a cheque.

PIN

PIN stands for Personal Identification Number. For instance this is the four-digit number that you enter into an ATM when you want to take out cash or that you use when you pay with your Debit card.

POS (Point of Sale)

This refers to the location where a debit or credit card transaction occurs e.g. at a checkout in a supermarket or online.

Referral item

Any payment or withdrawal which causes the account to exceed the agreed overdraft limit and has an unauthorised overdraft where no overdraft limit has been agreed. This also includes a payment or withdrawal made while the unauthorised balance remains on the account. Referral item charges are applied based on the order items are processed by the Bank. This may not match the sequence in which you undertook the transaction or the sequence displayed on your regular, online or branch printed statements.

Service charges

Service charges cover specific extra services which current account holders may require occasionally e.g. bank drafts, duplicate statements. Any service charges that apply will normally be debited to accounts as they arise and will be detailed on your account statement. Details of our service charges can be found in the Schedule of Fees and Charges for Personal Customers and in the Schedule of International Transaction Charges Brochure.

SEPA (Single Euro Payment Area)

SEPA (Single Euro Payment Area) allows payments to be made between banks with the EU in the same manner as payments between banks within Ireland. The use of BIC (Bank Identifier Code) and IBAN (International Bank Account Number) is required.

SEPA Direct Debit

SEPA Direct Debit means a direct debit instruction governed by the rules of the SEPA Direct Debit Scheme which provides for direct debits to be sent in Euro throughout the SEPA zone.

Skimming

Skimming is a type of fraud. Your card is taken out of your sight to a card terminal elsewhere (for example, in a restaurant) and someone copies your personal details.

Sort code

A six-digit number that identifies the branch of a bank in Ireland. Every branch has its own sort code.

Standing order

A Standing order moves money from your own bank account to another account. This might be to an organisation or an individual, or perhaps from your current account to your savings account. Standing orders are useful for making regular fixed payments.

Telephone banking (365 Phone)

Customers registered for 365 Phone banking can access their bank account through the phone, can check their balance and carry out many everyday transactions.

Transaction

Transactions refer to routine events on your Bank account such as branch withdrawals/lodgements and payments into and out of the bank account.

Transaction fees (day-to-day banking transactions)

Transaction fees relate to quarterly fees that apply for routine transactions through the current account such as:

  • Branch withdrawals and lodgements
  • Payments made by Standing order or Direct debit
  • Cash withdrawals from ATMs
  • Cheques
  • Debits/credits on your account using 365 Phone/Online and/or Mobile Banking
  • Debit card payments

Please Note: Certain ATM / Debit card transactions abroad or transfers via 365 online to accounts abroad are not viewed as day to day banking.

Transaction and additional charges may apply.

Unauthorised Overdraft

Where your account is overdrawn in excess of an agreed overdraft or (where there is no agreed overdraft) any overdraft on your account.

Unpaid item

This occurs when a bank does not pay a cheque, Direct debit or Standing order presented on the current account. It may be because there are insufficient funds in an account to cover the amount of an item when it is presented for payment. Other reasons include the fact that the cheque may be out of date or the Bank has received an instruction to stop the cheque.

Verified by Visa

Verified by Visa means an additional authentication step for Visa Debit card transactions carried out on the internet for online purchases.

Visa Debit card

Your Visa Debit card is linked to your current account. You can use a debit card to make purchases in shops, on the internet or withdraw cash from ATMs and the transaction is generally debited from your account immediately.

Visa Debit card transaction

This is an electronic payment using a card for the payment of goods or services which can include cashback, by you, to a retailer displaying the Visa logo and/or is in the Visa scheme. This is a point of sale transaction (see POS).

Full details of the fees and charges that may apply to each of our personal current account products are in our Schedule of Fees and Charges for Personal Customers, it is also available from your branch.

Terms and conditions apply.

Last updated: December 31, 2018

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