Banking Glossary of Terms

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We want to make sure that the words and terms we use in our application forms, Terms and Conditions and product and service information are easy to read and understand. The following glossary provides a helpful guide to the terms we frequently use and their meanings.

You should check the Account Terms and the CAF Bank General Terms and Conditions on a regular basis to confirm you are happy with the services being provided to you.

Term

Definition

Access code

A numeric code given by us to the Cardholder to activate the Card and access the PIN.

Account

Any Bank Account that you hold with us.

Account Contact

The person assigned by you to be the first point of contact between you and us. The Account Contact does not have to be a signatory on the Account.

Account Terms

The Terms and Conditions (that are additional and separate to these Term and Conditions) relating to your Account.

Agency Bank

A bank that does not process payments itself and uses another bank to process the clearing of payments. See also Clearing Bank.

Application Documentation

The application form and any other documents requested by us for the opening of an Account.

Arranged Overdraft

An agreed limit that lets you spend more money than you have in your current Account.
The maximum amount is determined by us and there is normally a charge to use this service as set out in our CAF Bank Tariff.

BACS Transfer

An electronic money transfer between banks which normally takes three Working Days.

Beneficiary

This might be the person or organisation who you want to pay or a person or entity who would benefit from an arrangement such as a trust.

Bulk Payment

A list of Beneficiaries can be created to make Payments using the Online Service, for example payroll.

CAF Bank Tariff

A list of charges which are payable and can be found here, as amended from time to time. 

CAF group

Our parent organisation, Charities Aid Foundation (registered charity number 268369) or any of its subsidiaries, associated and affiliated companies.

Card

A CAF Bank Mastercard® Business card which is linked to your CAF Cash Account.

Cardholder

A person nominated by you to receive and use a Card to make Transactions on behalf of the organisation.

Card Transactions

Purchases, Payments and cash Withdrawals made using the Card.

CHAPS Transfer

A same-day transfer between banks that can be used for large amounts of money. There is normally a charge for a CHAPS payment as set out in our CAF Bank Tariff.

Clearing Bank

A bank which we use to process all our payments for us. See also Agency Bank.

Controller

An individual that holds the right to exercise, or actually exercises, significant influence or control over the management of your organisation (and related activity/accounts). A Controller may include the trustees, directors, or equivalent within an organisation. In the case of a trust, a Controller could include the settlor, beneficial owners, and any other individuals who have control over the trust such as protectors, appointers, or guardians.

Credits

Payments into your Account.

Data Protection Legislation

The relevant laws and regulations that aim to safeguard the privacy and security of personal data.

Deposit

A sum of money paid into the bank Account.

Direct Debit

An instruction you give to us that authorises a company to take Payments from your Account when they are due. The amount may vary but the organisation must let you know if the amount changes.

Direct Debit Guarantee

A guarantee which protects you in the event of an error with your Direct Debit payment. This is normally used when the organisation you are trying to pay changes the date, amount or frequency without notifying you before the funds come out of your Account. We may need to review the transaction before activating the guarantee.

European Economic Area (EEA)

All member states of the European Union, plus Iceland, Liechtenstein, and Norway.

Faster Payments

A quick and secure system for transferring sums of money to other bank accounts. These can be completed using the Online Service or by sending us a signed instruction by post and are sent as electronic transfers. Charges may apply in line with our CAF Bank Tariff. 

Financial Crime

 

Money laundering, terrorist financing, bribery, corruption, tax evasion, fraud, violation or evasion of economic or trade sanctions and/or violations, or attempts to circumvent or violate any laws or regulations relating to these matters.

HID Approve app

A push notification or secure code is generated in the HID Approve app to use as two-factor authentication for the Online Service.

High Volume Cash Transactions

Refer to the CAF Bank Tariff.

High Volume Cheque Transactions

Refer to the CAF Bank Tariff.

HSBC

HSBC Bank plc, a company incorporated in England and Wales under number 14259. HSBC is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 114216. See also Clearing Bank.

Individuals

Account Contact, Online Users, signatories, trustees and Cardholders. 

Insolvency Events

Any event where:
■ You stop or delay payment of your debts or are regarded as being unable to pay your debts; or
■ Any step, application or proceeding is taken by or against you for:
    ■ The dissolution, winding up or bankruptcy of your organisation; or
    ■ The appointment of a receiver, administrative receiver, administrator, or similar officer to you or over all or any part of your assets or undertaking; or
■ You are a partnership, and this partnership is dissolved or joins or merges with another partnership;
■ You negotiate with any of your creditors to readjust or reschedule your debts, ask to enter a voluntary arrangement, or enter an arrangement which benefits any of your creditors;
■ You stop or delay or threaten to stop or delay all or a substantial part of your operations as a business;
■ Any event occurs which, under the applicable law of any jurisdiction, has an equivalent to any of the events mentioned above.

In Writing

We will contact you by email, text message, letter, secure e-messages, or any other method of written communication. This includes messages on our website, on our Online Service (https://secure.cafbank.org/), or with the Statements for your Account. 

Mandate

A document that specifies the Individuals you authorise to access and operate your Account, as well as the limits of their authority. This authorisation does not automatically extend to the Online Service. 

Online User

Any user who you have authorised to have access to your Account using the Online Service.

Online Service

 Accessing information and services relating to your Account by logging in to our online banking (https://secure.cafbank.org/). You need to be registered for this Service and we will provide you with your Security Details.

One Time Passcode (OTP)

A number which is sent to you by text message to authorise payments. 

Payee

The person or organisation that you would like to pay.

Payments

Sending money to another account in or outside of the UK and making Card Transactions in pound sterling or foreign currency using the Card.

Payment Device

A Card, an electronic wallet or any other device or software that you can use on its own or with your Security Details to access your Account or give instructions.

Post Office

A company registered in England and Wales under number 2154540. Registered address: 100 Wood Street, London, EC2V 7ER.

RBS

The Royal Bank of Scotland plc, a company incorporated in Scotland under number 90312. RBS is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 121882. See also Clearing Bank. 

Reclaim Funds Limited (RFL)

A not-for-profit public body owned by HM Treasury. RFL are authorised and regulated by the FCA (No. 536551) and administers the dormant assets scheme.

Security Details

Details that are unique to you which we have provided to you, or those you have chosen, to allow you to use your Account in a secure way. Some examples are:
■ The user ID, password, unique word, and HID Approve app used for our Online Service;
■ The telephone password and/or additional security information we may request from you to process any Transactions on your Account;
■ The signatures on any written instruction, including cheques, you provide to us;
■ The use of a Card, Access Code, personal identification number (PIN), and One Time Passcode; and
■ Any other security requirements we may notify you of from time to time.

Standing Order

 A regular Payment of an exact amount that you set up and is paid on a specified date.

Statement

A document showing all the Payments into and out of the Account, including the date of Transactions; details of the sender/recipient and any references where these are given. 

SWIFT

An electronic international transfer method that allows sending payment instructions from a payer or sending bank to a receiving bank.

Telephone Banking Service

Accessing information and certain services relating to your Account by telephone. You need to be registered for this service which includes setting up Security Details. 

Text Alert

The feature of our Online Service which sends an SMS message to a UK mobile number registered with us.

Third Party Partner

An intermediary company that must be registered or authorised by the Financial Conduct Authority (FCA). A TPP can be granted access to your financial data in order to provide account information services and/or payment services.

Third Party Provider (TPP)

A TPP can be granted access to your financial data in order to provide account information services and/or payment services. An intermediary company that must be registered or authorised by the Financial Conduct Authority (FCA).

Transactions

Credits and Withdrawals from your Account.

Withdrawals

These can be made from your Account in the following ways:
■ Cash Withdrawals at ATMs (both in and out of the UK);
■ Card Transactions;
■ Writing a cheque;
■ Payments using our Online Service, Telephone Banking Service or sending a request to us In Writing; and
■ Electronic Payments such as a Standing Order and Direct Debits. 

Working Day

Any day which is not a Saturday, Sunday or English public holiday.

 

CAF Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 204451).

CAF Bank Limited Registered office is 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ. Registered in England and Wales under number 1837656.