3.15 Automated Tell Machine (ATM)

Automated teller machines are electronic banking outlets that allow people to complete transactions without the help of a bank representative or teller. ATM transactions can be as simple as a deposit or balance inquiry, or more complex like a balance transfer or bill...

3.14 Dormant Accounts

If an account becomes dormant, i.e. it has not been operated on for a specific period of time, e.g. six months, the deposit taking institution has the right to close the account after attempting to notify the client and following the process for dormancy.  If the...

3.13 Period of Notice

Period of notice is the amount of time that must be given by investors to withdraw the invested funds in an account. Some accounts can be withdrawn on demand; others require a notice period for example 30 days’ notice.

3.12 Term to Maturity

Term to maturity indicates the set period for which the cash is to be invested. The longer the term to maturity, the higher the interest rate.

3.11 Foreign Currency Deposit Account

A foreign currency deposit account is a locally held account that can be used to invest funds in a range of foreign currencies. The main currencies are the United States Dollar (USD), the British Pound (GBP) and the Euro (EUR). This type of investment is used by...