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Glossary

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

A

AER

AER Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

APR

(Annual Percentage Rate) The standard way of describing the cost of loans, overdrafts and credit cards as required by the Consumer Credit Act 1974. It includes any charges as well as interest.

ATM

Automated Teller Machine which is a cash withdrawal machine.

Account number

This is the 8-figure number that identifies your account.

Activate

All new Co-operative Bank Visa credit and debit cards must be activated before they can be used for the first time.

Amount

A sum of money.

Anti virus software

Software installed on your PC which can detect viruses passed from PC to PC.

Available balance

Current Account - Your available balance includes debit card transactions which have been authorised, but not debited your account. It also includes your overdraft limit (if applicable).

Your account balance may include uncleared deposits (such as cheques) and/or payments that have not yet left your account. You should allow 6 working days following receipt by us to be certain of cheques clearing - see help for more details.

Savings Account - Your available balance includes debit/ATM card transactions which have been authorised, but not debited your account.

ISA - Your account balance may include uncleared deposits (such as cheques). You should allow 6 working days following receipt by us to be certain of cheques clearing - see help for more details.

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B

Balance

The amount of money in your account or the amount you owe.

Balance transfer

Is the transferring of your balance from another of your credit cards to your Co-operative Bank credit card.

Base rate (Bank of England)

The rate at which the Bank of England charge for money loaned to the Money Markets. A decision on this rate is made by a committee generally on the first Thursday of each month. It is from this rate that most banks decide on the rate they will be offering on their accounts.

Beneficiary

The person or company that receives your money.

Bill payment

A service that allows you to make an individual payment at a certain time to a named company with a reference number.

Bitmap

An image format - it's a collection of binary digits that make the graphic image.

Browser

A software program installed on your PC which allows you to view pages on the Internet.

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C

Cache

A store of web page graphics and/or text files created on your computer's hard disk by your browser to speed up downloading from the web.

Cash handling charge

If you ever buy foreign currency or travellers cheques using your debit card, you'll pay a cash handling fee of 2% or £2 (whichever is greater). You may also have to pay this fee for other services.

Card number

The 16-figure number found on the front and in the centre of any bank card.

Cash advance

Money taken from a Visa credit card account as cash.

Cash ISA

An ISA (Individual Savings Account) that allows cash deposits.

Charges

Amounts debited from your account for certain services. To view these charges please refer to your product's terms and conditions.

CHAPS

Clearing House Automated Payment System. This is a money transfer which will reach the beneficary bank the same day if the request is received before 3pm and costs £25.

As an additional security measure you may be contacted on a registered number. Unfortunately if we cannot contact you this may result in your payment not being sent.

Please also note Euro Chaps are usually received within 1-3 working days if they are done before 2.00pm.

Cheque

An instruction to your bank to pay an amount of money to the person or company whose name you've written on the cheque.

Cheque number

Each cheque has a 6-figure cheque number at the bottom of your cheque stub and on the bottom left hand side of the cheque.

Cleared

Cheques and cash paid into your account need to be cleared before their value is added to your cleared balance.

Cash paid in is available by the end of the day if you use a slip at a Co-operative Bank branch, it is available immediately if you use your ATM/Debit/Electron card at a UK Post Office or Co-operative branch and should be available in 4 working days if you use a slip at a UK Post Office.

For cheques, including those paid in at a Co-operative Bank branch you should allow up to 5 working days. If you post us a cheque, you should allow up to 5 working days from the day the cheque is paid into your account. You should allow up to 6 working days if you pay in at a UK Post Office. Add one additional working day to the above timescales for cheques drawn on or paid into a Scottish/Northern Ireland Bank.

The central clearing cycle in England and Wales takes 3 working days. All timescales are subject to the transactions being made within the working day cut off time, which are given in the product User Guides.

Cleared balance

The total amount of money in your account and does not include uncleared cheques.

Clearing

The central clearing cycle in England and Wales takes 3 working days. All timescales are subject to the transactions being made within the working day cut off time, which are given in the product User Guides.

For full details of cheque clearing times, including certainty of fate, please see the cheque clearing cycle.

Compound

When we add interest to your current account monthly, this interest can earn interest for the next month. We compound the interest like this on the current account.

Computer virus

A software program that copies itself across PCs, it can be spread via e-mail.

Confirmation message

This message confirms details of the service you're requesting.

Cookies

Text sent to your browser from a website or server which records your preferences for a website. They are used by many Internet sites and stored either on the browser (they call this a session cookie) or on the hard drive of a PC (these are called persistent cookies). You should choose to accept cookies when using The Co-operative Bank website.

Copy items

If you need, we can give you a copy of a cheque or credit slip that's been presented to your account.

County Court Judgement (CCJ)

A County Court Judgement is an order of the court in civil proceedings in local courts of record with civil jurisdiction.

Credit agreement

If you open a credit card account, or a loan account we'll send you a credit agreement to sign. This is to ensure we comply with the Consumer Credit Act 1974.

Credit card

A credit card allows you to buy goods and services and pay for them later.

Credit limit

The maximum agreed amount of money you can owe us on your credit card account.

Credit reference agencies

Organisations licensed under the Consumer Credit Act 1974 who keep records of your credit history. We refer to them to help us make decisions about lending or opening accounts.

Credit scoring

A way of assessing whether we'll offer you an account or not. You get points for the information in your application (such as how long you've been in your job) and also for the Credit Reference Agency information about you we obtain when we do a credit search.

Credit search

A search of your credit history using a Credit Reference Agency. Every time we make a search its's noted against your record with a credit reference agency. This means that others carrying out a search on you can see that we have asked for information on you.

Customer services help line

You can contact us on 03457 212 212^.

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D

Debit

Any money that leaves your account is a debit. This includes direct debits, standing orders, cash withdrawals, cheques written, money transfers, bill payments and using your debit card.

Direct Debit

An agreement you make with a company allowing them to take money directly from your account.

Display resolution

The amount of information that can be displayed on your monitor at any given time, the higher the resolution the greater the clarity of the screen.

Download

(With reference to downloading browsers / java applets.) The transfer of files over the Internet onto your PC.

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E

EAR

(Equivalent Annual Rate) The equivalent to paying and compounding debit interest over a whole year.

Electron debit card

A cash card you can use to take money from any LINK cash machine up to a maximum of £250 a day, providing you have funds in your account. Some shops and stores accept this card for payment.

Encryption

The scrambling of information into code to send it over the Internet so that no one else can read it.

Error codes

These are specific numbers which relate to specific errors.

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F

Fee free overdraft

As long as you don't go over your agreed overdraft limit, we won't charge you any monthly or daily fees, or service charges. You'll only have to pay debit interest.

Field

These are specific areas of a form designed for users to enter information.

Fidelity Investments

A recognised leader in the field of investment management. Since being founded in Boston, USA in 1946, it has developed into one of the largest and most successful investment management organisations in the world. Its funds supermarket was one of the first to launch in the UK in June 2000 and is the biggest in the USA.

Firewall

Protects your PC by filtering and blocking unsolicited Internet connections and prevents attacks from hackers.

Fixed term contract

A contract of employment with a fixed start and expiry date.

Foreign currency

Money used in any country outside the UK. The currencies you can order from The Co-operative Bank may change from time to time.

Frequency

The length of time between payments made by standing order or direct debit.

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G

Graphics card

A component of the PC which transmits the video information out to the monitor.

Gross interest

The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).

Guaranteed cheques

A cheque can be guaranteed up to £100 with any Co-operative Bank cheque guarantee card.

H

Handling fee

If you take money out of a visa machine which is not part of the LINK network you'll pay a 2% or £2 charge (whichever is more). If you ever use your Visa debit card or Visa credit card abroad you'll pay a 2.75% currency conversion fee which'll be included in the exchange rate on your statement.

Historical statements

Statements that have already been sent to you.

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I

Illustration

A quotation of how much your mortgage will cost at current rates.

ISA

An Individual Savings Account.

ISP

Internet Service Provider who allows you to connect via the telephone line to the Internet.

Interest (credit)

You'll earn interest whenever there's money in your account. We calculate it daily and add it to your account either monthly or yearly depending on the type of account.

Interest (debit)

If you use your overdraft you'll be charged interest. We calculate it daily and take it from your current account once a month.

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J

Java

The software language used to create Co-operative Bank applets (programs).

JAWS

Job Access With Speech is a Windows based software that uses a voice synthesizer and a computer's sound card to read out the content of your computer screen to your speakers, it can also output to refreshable Braille displays.

JPEG

Stands for Joint Photographic Experts' Group and is the standard format for online photos.

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K

There are no entries in the glossary for this letter.

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L

Lending Code

The Bank subscribes to the Lending Code. This is a self-regulatory code which sets standards of good practice when dealing with customers - something we firmly believe in.

LINK network

The LINK network allows different banks and building societies to share a nation-wide network of cash machines.

Your Co-operative Bank card can be used wherever you see the LINK sign on a cash machine.

LTV - Loan to Value

The ratio of mortgage amount to the value of a property. For example, a loan of £100,000 on a property valued at £200,000 is at an LTV of 50%.

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M

Mac

AppleMac™. Hardware alternative to the PC.

Mandate

The form you fill in to either set up a direct debit giving a company authority to take money from your account, or arrange for your employer to pay your salary direct to you Co-operative Bank account.

Maxi ISA

A maxi Individual Savings Account is an ISA that can consist of 2 parts: cash and stocks and shares. Maxi ISAs are no longer available and have been replaced by Stocks and Shares ISAs.

MIG premium

Mortgage Indemnity Guarantee premium - some Banks and Building Societies may take out an insurance policy when they arrange a mortgage to protect themselves against any losses they may incure should they have to repossess the property eg. if they have to sell the house for less than the value of the loan. They pass the cost of the policy onto the borrower with the MIG fee.

Mini ISA

A mini Individual Savings Account is an ISA that allows cash deposits. Mini ISAs are no longer available and have been replaced by Cash ISAs.

Money in

Any money paid into your account.

Money out

Any money taken from your account.

Money transfer

This is a facility for transferring money to another account.

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N

Net

The net rate of interest is the interest payable after any income tax is deducted (if you do pay tax).

Net interest

The rate payable after 20% has been deducted at source for income tax.

Net worth

Your net worth is calculated by taking the money you owe away from the money you have.

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O

OEIC (Open Ended Investment Company)

As with unit trusts investors' money is pooled to buy a range of investments such as equities, bonds and cash, spreading overall exposure to risk. As the name implies, the funds are 'open-ended' - there is no limit to the size of the fund and new money can always be added to it. Unlike unit trusts and investment trusts, which have two prices - a buy and a sell price - OEICs have a single 'mid' price.

Originator name

This is the name of a company claiming money by direct debit from your account.

Originator number

A 6-figure number that identifies a company authorised to operate a direct debit scheme.

Outstanding balance

The total money you owe on on a credit card or loan, subject to any transactions which may not yet appear on your account

Overdraft - authorised

An agreed amount of money that you can owe us on your current or student account.

Overdraft - unauthorised

This is money you owe us without an agreed overdraft, or money you owe us in excess of your agreed overdraft limit.

Overpayment fund

The fund you can build up with any payments over and above your normal payments, which can be used as you wish e.g. have a break from repayments for a while.

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P

Payee

The person you write a cheque to, pay a standing order to, pay with your debit card etc.

PIN (personal identification number)

The 4-figure number used with your Electron debit, Visa debit or Visa credit card to withdraw money from a cash machine. This should not be confused with your security number. We'll send you the PIN for your card seperately in the post a couple of days after your card. Please ensure you keep your PIN confidential.

Production date

The date your statement is produced.

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Q

There are no entries in the glossary for this letter.

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R

Redemption

Paying off your mortgage.

Reference number

This is supplied to you by a company to use when setting up a bill payment or standing order to them.

Refund

Money paid back in to your account following a mistake, overpayment or request.

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S

Section 75 of the Consumer Credit Act 1974

Provides increased protection if you paid for goods or services using your credit card, and the company has not complied with their legal obligations, or has misled you.  It applies when the total price of the goods or services is between £100 and £30,000 and all or part of the purchase price was made using a credit card.  It does not cover debit card purchases.  The credit card issuer and merchant may be equally liable for compensating you.  All claims need to be made in writing and include copies of all documentation relating to the claim, including receipts and where applicable, your contract.

 
Please write to:
Section 75 Department
The Co-operative Bank
Pennylands House
1 Westgate
Skelmersdale
WN8 8LP

Stop a cheque

You can stop a cheque you've issued from being paid providing it hasn't been guaranteed by your Co-operative Bank Visa credit or Visa debit card. To stop a cheque, call us on 03457 212 212^ with the following details:

  • cheque number
  • amount
  • name of the beneficiary
  • date the cheque was issued

A charge is made for this service.

Please note that a cheque cannot be stopped after 3pm on the day that it is shown as debiting the account.

Stocks and shares ISA

An Individual Savings Account that allows deposits in stocks and shares.

SWIFT

Society for Worldwide Interbank Financial Telecommunication money transfer is a type of international wire transfer that is an electronic means of moving money from one country to another.

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T

Tariff

This is where you can see details of the charges for services on your account.

Tax exemption forms R85 & R105

If you aren't a UK taxpayer, you should fill in an R85 form. It means we won't take any tax away from the interest you earn on your account. If you live abroad or off-shore, the form you use is R105, obtainable from HMRC.

Tax free

Tax-free is the contractual rate of interest payable where interest is exempt from income tax.

Tax year

A tax year runs from 6th April to 5th April the following year.

TESSA maturity

A TESSA is a form of tax free investment. TESSA maturities cannot be invested in a Co-operative Bank Cash ISA.

Terms and Conditions

The terms and conditions explain your rights and responsibilities, and ours, when banking with The Co-operative Bank.

Tipanet

This is a way of transferring money to a foreign bank account. It's best when the transfer isn't urgent and is cheaper than SWIFT.

Transaction date

The date a transaction is authorised and interest starts being charged.

Transaction description

A brief description of who you've paid for an item.

Travellers cheques

A safe way of taking money abroad. Travellers Cheques can be exchanged for local currency and they're insured against loss or theft.

Travellers cheques are available in various currencies. The currencies you can order from The Co-operative Bank may change from time to time.

U

Uncleared balance

This is the total amount of money in your account including any cheques not yet cleared.

Unit trusts

These are made up of Income Funds, Growth Funds and Specialist Funds, each having a specific investment objective. A unit trust operates by pooling together investors' money, then using this pool to buy a portfolio of cash, bonds or shares. This spread of investments reduces exposure to risk. As its name suggests, a unit trust is divided into units and the value of each unit represents a precise proportion of the fund's total value. The value of the units is directly related to the value of the underlying investments. A unit trust is 'open-ended', which means there is no limit to the size of the fund and new money can always be added to it.

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V

Verisign

A certification authority, this is a trusted Internet third party used by all high street banks. Please see www.verisign.com for further information.

Virus

A software program that copies itself across PCs, it can be spread via e-mail.

Visa account number

The same number as your Visa credit card number.

Visa card number

The 16-figure number on the front of your Co-operative Bank Visa card.

Visa debit card

This card has 3 main uses: You can use it to pay for goods and services wherever you see the Visa sign and the money will be taken straight from your account. You can use it to guarantee cheques up to £100. And you can use it to take up to £250 per day out of your account using cash machines.

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W

Working day

A working day is any day except weekends and Bank Holidays in England and Wales.

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X

There are no entries in the glossary for this letter.

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Y

There are no entries in the glossary for this letter.

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Z

There are no entries in the glossary for this letter.

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