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No need to break out the thesaurus. We’ll let you know what we mean when we talk about stuff like surcharges and arrears. Our banktionary will keep you in the know.

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Accidental death benefit

Accidental death benefit is a benefit included on some life insurance policies. It means that if you die suddenly in an accident, the insurance company will pay out the sum assured, or a certain percentage of it (up to a specified limit).

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AER (Annual Equivalent Rate) illustrates what the interest would be if interest was paid and compounded each year.

Our Annual Equivalent Rate calculation assumes that the account is held for a year and that the interest rate remains constant. 

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Annual percentage rate (APR)

The yearly cost of your borrowing. It takes into account the interest rate charged and any other fees.

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Arrears are the payments or payment due when a loan payment is not made by the due date. Please keep in mind that your house could be repossessed, if you fail to keep up your repayments.

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Authorised / Secondary user

An authorised or secondary user is nominated by the principal cardholder of a credit card.  The secondary user will be able to make charges on that credit card.

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Available credit

Available credit is the amount of unused credit available on your credit card. Available credit is calculated by subtracting the outstanding balance from your total credit limit.

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Average clause

The average clause is a condition which limits what you can claim if you are under-insured within a home insurance policy. For example, if the contents of your home are worth €80,000 but you insure them for just €40,000 you are under-insured by 50%. Therefore if you need to claim against this policy, 50% of the total damage is all that can be claimed.

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Balance transfer

A balance transfer is a transfer of a credit card balance which you owe to another financial institution and which another bank has agreed to accept.

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Bank Identifier Code (BIC)

This is a unique number that identifies your bank. It is the code necessary (together with your IBAN) to send and receive automated international payments. The BIC for PTSB is IPBSIE2D.

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Buildings insurance

Buildings insurance is an insurance policy that pays the costs of repair to or rebuilding of your home in the event of fire, flood, storms etc. You must have buildings insurance in place when you take a mortgage with PTSB.

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Card transaction

A card transaction is the purchase of goods, services, cash advances or other benefits you can get when you use your card. 

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A cardholder is the person to whom or for whose use an ATM, Credit or Debit card is issued.

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Certificate of cover

The certificate of cover is the document you receive confirming the specific type of level and cover you get under a particular insurance policy.

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Central Credit Register

The Central Credit Register (CCR) is a secure database of personal and credit information for loans. It was set up under the Credit Reporting Act 2013 and is operated by the Central Bank of Ireland. Please click here for more information.

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A chargeback is a credit card transaction, which has been returned unpaid by your bank. This happens when you tell your card issuer that you did not authorise a particular charge or that goods or services were not delivered to you as promised.

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The microchip embedded in an ATM, Credit or Debit Card. It's visible on the card as a gold or silver chip.  It's used for increased security.

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A claim is a formal request for payment, usually requiring completion of a claim form.

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Collateral is an asset which is used as security for a loan. Examples could include an existing property or investment. The lender can sell the collateral to meet the outstanding debt if the loan is unpaid.

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Contents are the belongings for which you are legally responsible. These could be covered in your home insurance plan.

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Contents Insurance

This is an insurance policy that covers the cost of repair or replacement of your possessions in case of loss, theft or damage. It is advisable, but not compulsory to have this insurance in place.

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Copy voucher

A copy voucher is a copy of the transaction receipt from the retailer showing the transaction details.

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Cost of credit

The Cost of Credit is the difference in Euro between the amount of money borrowed and the amount actually paid back.

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Cost per thousand

What each thousand euro you've borrowed for a loan will cost you.

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Credit card statement

A statement is the monthly bill from your credit card issuer that describes and summarises the activity on your account. A statement includes the outstanding balance, purchases, payments, credits, finance charges and other transactions for the month.

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Credit check (or Credit Search)

When you apply for a credit card, current account, or any other product, a bank may give you a credit check. With your permission, we will search your credit history with a credit reference agency to verify that your credit history is good.

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Credit history

Credit history is a record of an individual’s past borrowing and how they managed the repayments.

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Credit limit

A credit limit is the maximum debt balance permitted on your credit card account.  It's determined by your bank, and you can be notified of it from time to time.

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A credit card cycle is your billing period.

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Delinquent account

A delinquent account is a credit card account where at least a minimum payment is more than 30 days past due.

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Direct debit

Direct debit is the instruction that gives a bank the authority to collect a sum from another bank or building society.

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Deposit Interest Retention Tax is deducted from any interest you earn on your account. DIRT is charged at the prevailing rate (DIRT is currently 33%, but is subject to change). DIRT is deducted when interest is paid and forwarded by Financial Institutions to the Revenue Commissioners.

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After the exchange of contracts, the bank ‘draws down’ the loan funds and sends them to the nominated customer account.

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Dual insurance

Dual insurance means that you insure the same items against a certain risk under more than one insurance policy. In the event of loss or damage the benefits the insurer pays you will be reduced by the amount of the dual insurance.

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Excess is the first part of any insurance claim that you have to pay yourself. It is usually a fixed sum. You may not have to pay it on certain types of claim.

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Exclusion period

An exclusion period is a qualifying period of time immediately after your insurance policy start date, during which, if you are made redundant, or if you are made aware you will be made redundant, you will not be covered. This is dependent on which company you choose.

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Exclusions, or restrictions, are events or situations that are not covered by your insurance policy. Standard exclusions are contained in every policy. Specific exclusions are restrictions your insurer adds to your policy only.

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Expiry of claims

The expiry of claims is when your insurance policy expires.  It arises from the insurance contract and it varies depending on the type of claim and policy wording.

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Fixed Rate Accounts

Fixed Rate Accounts are loan or deposit accounts which use interest rates that are fixed (ie it doesn't move up or down) for a set period of time.

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Fraudulent transaction

A fraudulent transaction is a transaction on an account that you have not authorised.

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General conditions

The general conditions (GC) set out the rights and obligations of both you and the insurer with regard to all contracts for a specific policy.

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Government Stamp Duty (Cards)

Card Stamp duty is an annual tax you must pay on ATM, credit and debit cards.

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Government stamp duty (Property)

Property stamp duty is a tax you pay on your home in Ireland.  How much and if you pay at all depends on how much your home is worth. 

Property value Stamp duty 
Up to €1,000,000 1%
Over €1,000,000 2%

Correct as at 22/12/2015. Source: 

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The Gross rate is the effective daily accrued rate that applies over the term of the investment on an account and excludes DIRT where applicable.

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A person who guarantees to pay for someone else's debt if he or she should default on repayments.

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High value items

Any item, set or collection of jewellery, precious metal, picture, other work of art, furs, stamps, coins, and other such items, sets and collections.

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A household is defined within an insurance policy.  It is the place where you and others permanently reside (other than paying guests).

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Household premium

A household premium is the normal monthly premium you pay for the buildings and contents insurance on the property named under your mortgage agreement.

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IBAN (International Bank Account Number)

This is a unique number for your account which along with your Bank Identifier Code (BIC) is required for international transactions.

You can find this number on your statement, by logging into or you can also call us on 0818 50 24 24 (or call into a branch) to get it.

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Important facts

Important facts are the circumstances you must reveal on or before your insurance policy start date.

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When an insurance company indemnifies any losses, it will pay for the damaged goods or property to be restored to the condition they were in before an event or as close as is possible. Most general insurance policies provide indemnity cover.

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Insurance benefits

Insurance benefits are what the insurer must pay you when an insured event occurs. In Property and Accident insurance, the maximum is the insured amount. In Fixed-Sum insurance it is the agreed-upon fixed amount including services.

Insured term is the period when cover under your policy is in force, that is the period from the start to the end date when you paid your premium.

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Interest rate

Interest refers to both the charge made by lenders on money you borrow from them and the amount earned by your savings. Interest can be variable (goes up or down) or be fixed. It's expressed as a percentage rate.

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Irish Credit Bureau

The Irish Credit Bureau is a credit-reporting agency that checks credit information and keeps files on people who apply for and use credit. The Irish Credit Bureau produces a credit report, which is a record of a consumer’s level of indebtedness and bill paying behaviour.

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Joint borrowers

Joint borrowers are two people who have taken out a loan together.

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A Lien is where an amount of savings are held by the Bank as security against the loan. It means that while the loan is still outstanding, no withdrawals can be made.

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Loan to Value (LTV)

This is a percentage figure which represents the difference between your mortgage loan and the value of your property. For example, if your mortgage is for €150,000 on a property valued at €200,000 it would be a 75% LTV ratio.

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Merchant / Retailer

A merchant or retailer is a supplier of good and services.

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Minimum payment

A minimum payment is the minimum amount that you must pay each month to prevent your credit card account from going into arrears. The amount is based on the percentage of your outstanding balance or a minimum fixed amount.

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Monthly benefits

Monthly benefits are the total amount of monthly cover you have under your insurance policy. This is also the most we will pay you each month if you make a claim.

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Monthly interest account

A monthly interest account pays interest on a monthly basis rather than on maturity or annually. You can use this account if you want a monthly income from your savings.

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Monthly premium

the premium you pay each month for this insurance.

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Mortgage Protection Insurance

Mortgage Protection Insurance covers your repayments in the event of your death. By law, you must have a mortgage protection insurance policy that will pay the amount outstanding on your loan (but not arrears) in the event of your death.

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Normal income

Normal income is defined by the average monthly income you have received before deductions (or if you are paid every week, the monthly equivalent) during the past 12 months.  If you are self employed, normal income is the monthly average of your self-assessment return for the previous tax year.

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Outstanding balance

The outstanding balance is the amount you need to pay off the money you owe under your agreement. This does not include any arrears, which you must pay, unless your bank agrees otherwise.

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An overdraft allows you to withdraw more money than you have available in your account. You pay interest on your overdraft. The bank must approve your overdraft in advance.

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Payment due date

A payment due date is when your payment must reach your bank in order to avoid a late payment fee. Payment due dates may apply, for example, to Visa cards and personal loans.

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Period of insurance

The period of insurance, shown on your insurance policy schedule, tells you the dates that you are covered under your policy, and any subsequent period for which you can renew your insurance.

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Personal effects

Personal effects are articles you normally wear or carry. They are defined for insurance policy purposes.

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Your PIN number is your personal identification number for your ATM, Debit or Credit card. You need it to withdraw money or sometimes to make a purchase. You get your PIN number when your bank issues you your card.

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An insurance policy is a written contract between the insurer and the insured which contains the details of what your insurance covers, what it doesn't, and what it costs.

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Policy benefit

A policy benefit is also known as the sum assured.  This is normally the amount which could be paid out on an insurance policy if a claim is made.

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Policy fee

A policy fee is a regular amount which is paid by the holder of an insurance policy.

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Policy start date

The policy start date is the date from which the insurance cover begins.

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Pre-existing condition

A pre-existing condition is any condition, injury, disease or symptoms which you know about at the start date of your insurance policy.

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A premium is the amount you pay for an insurance policy. It can be a once-off lump sum or monthly or yearly payment.

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Principal / Primary cardholder

A principal or primary cardholder is the person in whose name a credit card is maintained.


A proposal is your application for insurance under the policy.

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Purchases are credit card charges that are made at merchants.

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Restart date

The restart date is when you have to pay a new monthly insurance premium because you have changed your monthly benefit.

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The schedule is a document you receive with your insurance policy, which sets out the details of your cover.

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SEPA (Single Euro Payment Area)

SEPA (Single Euro Payment Area) allows payments to be made between banks with the EU in the same manner as payments between banks within Ireland. The use of BIC (Bank Identifier Code) and IBAN (International Bank Account Number) is required.

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Single premium

The single premium is the premium you pay as a single one-off payment for your insurance.

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Skimming is a type of fraud.  Your card is taken out of your sight to a card terminal elsewhere (for example, in a restaurant) and someone copies your personal details.

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Standing order

A standing order is an instruction you give to your bank to make regular payments out of your account to another account. Unlike a direct debit, you instruct your bank directly about how much is to be paid and the amount is fixed and can only be changed by you.

Sum insured

The sum insured is the amount that is paid out by the insurer when an insured event occurs.

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An insurance company applies a surcharge to your premium when you make an adjustment to your policy without declaring it.  

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Tax Relief at Source (TRS)

Tax Relief at Source (TRS) was a relief offered by Irish Revenue to customers paying interest on a qualifying loan. A qualifying loan, for the purpose of TRS, means a loan which was used by the individual solely to purchase, repair, develop or improve your sole or main residence, situated in the State, UK or Northern Ireland. TRS will cease with effect from 1 January 2021. As a result, your mortgage repayments from January 2021 onwards will no longer include TRS credit.

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A term is the length of time you take out a loan or mortgage for, or the length of time an investment is made.

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A terminal is a machine capable of accepting a payment on behalf of the cardholder or other card transactions with the use of the card.

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Tracker mortgage

A Tracker mortgage is a mortgage which has an interest rate that is set at an agreed percentage above the European Central Bank (ECB) rate. For example, the loan rate could be set at the ECB rate plus two percentage points. If the ECB rate increases or decreases, the Tracker mortgage rate will go up or down by the same margin i.e. it ‘tracks’ the ECB rate.

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Underinsurance is when the policy limit is lower than the replacement value of an item. In the case of property insurance this can have serious consequences for the policyholder, as he/she is not fully compensated for the damage. In the case of partial damage, the insurance benefits are also reduced in proportion to the underinsurance.

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This is an inspection of a property to determine its market value.

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Variable interest rate

Variable Interest rates are rates offered by banks and financial institutions on loans or deposits which are liable to change, i.e. they can go up or down.

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