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These
definitions explain the meaning of words and terms used in the Code.
They are not precise legal or technical definitions.
ATM
An
automated teller machine [ATM] or freestanding machine, which a
customer can use their card in to get cash, information and other
services.
Card
A
general term for any plastic card which a customer may use to pay
for goods and services or to withdraw cash. In this Code, it
includes debit, credit, or ATM cards.
Customer
A person who has an account [including a joint account with
another person or an account held as an executor or trustee, but not
including the accounts of sole traders, partnerships, companies,
clubs and societies] or who receives other services from a financial
institution
Originator
A company [either a retail or service organization] which
collects payments from a customer’s account in line with the
customer’s instructions
Other security information
A selection of personal facts and information [in an order
which only the customer knows], which is used for identification
when using accounts.
Out-of-date [stale] cheque A cheque, which has not
been paid because the date written on the cheque is too old
[normally older than six months].
Password
A word or an access Code which the customer has chosen, to
allow them to use a phone or internet banking service. It is also
used for identification.
PIN [personal identification number]
A confidential number, which allows customers to buy things,
withdraw cash and use other electronic services offered by the bank.
Security
A word used to describe valuable items such as title deeds to
houses, share certificates, life policies and so on, which represent
assets used as support for a loan or other liability.
Unpaid Cheque
This is a cheque which, after being paid into the account of
the person it is written out to, is returned ‘unpaid’ [bounced] by
the financial institution whose customer issued the cheque.
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