Different Ways to Pay
The way we pay for things might be the difference between incurring costs or saving money. It is important to consider your payment options to reduce your fees and charges as these fees can add up over time and make a dent in your savings.
Customers should be aware that apart from the framework contract which governs the relationship between banker and customer in relation to their payment account (such as savings or current accounts), other terms and conditions apply in respect of “payment instruments”.
The term “payment instrument” is applied to a diverse range of forms of payment (cheques, payment cards, payment orders, etc.). In the widest sense payment instruments are all means that allow you (the user or payer) to make a cashless transfer of funds or a cash withdrawal. There are paper or documentary payment instruments, and electronic instruments, which have been created on the basis of technological developments and advanced communications. The former include cheques, or money orders, while the electronic instruments include payment cards, electronic payment orders (such as direct debits or credit transfers) and electronic money.