Banking safety and terminology

Understanding banking terminology and how to keep your bank account details secure.

How to keep your bank account details safe and secure

  • never share your password or login details with anyone — including someone claiming to be your bank
  • always log out properly after using online banking, especially on shared or public devices
  • when entering bank details online, check the website starts with https:// and shows a secure padlock icon
  • be cautious of phishing emails or messages asking for your banking details or passwords
  • use official banking apps where possible and enable fingerprint or biometric security
  • be careful of unexpected requests to transfer money or share bank details on someone else’s behalf
  • only enter your banking information on websites and with companies you trust

Recognising scams (Advice Place)

If you think your account details have been compromised in any way, contact your bank immediately.

If you are concerned about the safety of your bank account details or have any questions about money laundering, contact the Advice Place. 

Contact the Advice Place

Banking terminology

Terminology Meaning
ATM (Automated Teller Machine) ATMs are machines that allow you to withdraw cash.
Contactless payment Some cards allow you to pay by touching your card on the card machine.
Current account The most common type of bank account is a ‘current account’ which allows immediate access to your account. When dealing with student banking, 'current accounts' are often referred to as 'student account'.
Direct Debit You set up a Direct Debit so bills and charges, such as your phone bill or internet, are taken automatically from your account. The date and amount can vary.
Overdraft An overdraft allows you to spend more money on your account than you have. It can be authorised (agreed to in advance) or unauthorised. Sometimes there is a charge for an overdraft.
PIN (Personal Identification Number) Your PIN is the four-digit number which is used when paying by card or taking money from a cash machine (ATM).
Payee A person who receives payment.
Payer A person who makes a payment.
Standing Order A regular payment made out of a current account. It is a specific amount and is set up by the account holder. Standing Orders are often used to pay your rent.
Identity theft Criminals sometimes steal personal details to open or use an account and spend that person's money. It is very important to protect your personal information.

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