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Out-of-date [stale] cheque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.
