Paypath:safe and convenient way of paying employees-goes straight to their bank a/c's-they can then withdraw money
Standing Order(SO):agreement between bank and customer to pay specific amount of money on a specific date to a 3rd party(eg.loans,rent)
Direct Debit(DD):the bank automatically pay whatever the amount is(amount varies each period)(eg.electricity bills)
Bank draft:cheque written by bank official using one of the banks cheque-small fee for customer-customers use this if they dont have a current a/c or a customer of a firm insists on a bank draft as they are not known to bank,money must be sent through post or a guarenteed payment is required

	Created by nkeely14 over 10 years ago

business Note on Commercial Banks, created by nkeely14 on 30/10/2013.