New Students

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 bank details
  • Always ensure that you have properly logged out of your online banking (on a personal, mobile or public device)
  • When entering bank account details online (e.g. while shopping), make sure the start of your webpage URL begins with 'https://' rather than 'http://' to indicate that it is a secure page
  • Some browsers also have a padlock icon beside the URL (Google Chrome) or an icon saying 'Secure' (Internet Explorer)
  • Be aware of how your bank will communicate with you and do not respond to emails (a.k.a. 'phishing' emails) that ask you to enter your account details
  • Be very cautious of emails requesting sums of money to be transferred or asking for your personal bank details to transfer money for somebody else. This is money laundering and it is illegal

Recognising scams

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

ATM (Automated Teller Machine): ATMs are machines that allow you to withdraw cash.

Bank statement: A statement from your bank giving details of the incoming and outgoing transactions of your account, usually over a one month period. Most people will receive these online, but your bank should be able to print a statement for you on request at the branch.

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.