# Basic Banking Terms Explained
**URL:** https://community.emma-app.com/t/basic-banking-terms-explained/2786
**Category:** Bank Accounts
**Created:** [August 21, 2020, 5:08pm UTC](https://community.emma-app.com/t/basic-banking-terms-explained/2786 "2020-08-21T17:08:44Z")
**Posts on this page:** 7
**Page:** 1
### Author:  [@rebekah](https://community.emma-app.com/u/rebekah)
#### Post date: [August 21, 2020, 5:08pm UTC](https://community.emma-app.com/t/basic-banking-terms-explained/2786/1 "2020-08-21T17:08:44Z")
Happy Friday!
Does anyone else agree that there are sooo many technical terms when it comes to personal finance? ๐
To help some of our slightly less knowledgable Emma users, Iโve just published a blog post that talks through ten basic banking terms.
I cover things like the difference between credit and debit, why direct debit and standing orders are different things, as well as explaining a little about interest rates and net worth
Would love if you could have a read through ๐
[https://bit.ly/34mCSEA](https://bit.ly/34mCSEA)
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### Author:  [@Pa.ul](https://community.emma-app.com/u/Pa.ul)
#### Post date: [August 21, 2020, 5:46pm UTC](https://community.emma-app.com/t/basic-banking-terms-explained/2786/2 "2020-08-21T17:46:16Z")
Have had a look through and it is nice, concise, and (imo) clear, for the _less knowledgable_ reader/user.
Under **Debit** , I noted the sentence:
_Every time you spend on a debit card, money will be deducted from your own account._
You may wish to add that "_if the money is **not** deducted from your **own** account, this may be known as **fraud**" ๐_
I think you are brave to cover **Credit Score** as I am one of many people who see this as simply a fictional number, created by Credit Reference Agencies (CRAs), to sell additional products or services to those who seek the _perfect score_.
Lenders will have their own criteria and customer demographic profiles upon which eligibility is based and the CRA credit scores may sometimes cause confusion among consumers when their application is rejected. I have seen numerous posts on the internet from people who claim that they have been _rejected for this credit card, or that loan, despite having a score of 999 on Experian_.
Pleased to see that you also use the term _credit rating_, as it is your credit _history_ that is important to focus on (among other things such as being on electoral register) to make you attractive to lenders.
All the above is just feedback ๐ , no criticism intended.
๐ blog
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### Author:  [@rebekah](https://community.emma-app.com/u/rebekah)
#### Post date: [August 24, 2020, 9:40am UTC](https://community.emma-app.com/t/basic-banking-terms-explained/2786/4 "2020-08-24T09:40:13Z")
> [@Pa.ul](#):
>
> You may wish to add that " _if the money is **not** deducted from your **own** account, this may be known as **fraud**" ๐_
Haha re-naming the article to โbasic banking terms and how to steal moneyโ ๐๐
> [@Pa.ul](#):
>
> I think you are brave to cover **Credit Score** as I am one of many people who see this as simply a fictional number
This is an interesting perspective - do you not really check your credit score then?
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### Author:  [@rebekah](https://community.emma-app.com/u/rebekah)
#### Post date: [August 24, 2020, 9:53am UTC](https://community.emma-app.com/t/basic-banking-terms-explained/2786/5 "2020-08-24T09:53:19Z")
> [@jase](#):
>
> Iโd avoid saying Direct Debit allows a โpersonโ to take money from another personโs account. DD requires a SUN (Service User Number) which can only be obtained by a business, not an individual.
Thanks for picking up on this - Iโll amend in the blog post ๐
> [@jase](#):
>
> more people understand APR/AIR and calculating these, preferably in school
Would love to see some of these things being taught in school!
And yeah I think these terms could go into a more advanced glossary of banking terms - when suddenly everything becomes an acronym (AER, APR, EAR, RPI) ๐๐
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### Author:  [@Pa.ul](https://community.emma-app.com/u/Pa.ul)
#### Post date: [August 24, 2020, 9:58am UTC](https://community.emma-app.com/t/basic-banking-terms-explained/2786/6 "2020-08-24T09:58:19Z")
> [@rebekah](#):
>
> do you not really check your credit score then?
_Score_? No
Reports for fraudulent activity or incorrect data? Yes
Check all three.
Scores do not bother me.
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### Author:  [@Pa.ul](https://community.emma-app.com/u/Pa.ul)
#### Post date: [August 24, 2020, 9:59am UTC](https://community.emma-app.com/t/basic-banking-terms-explained/2786/7 "2020-08-24T09:59:29Z")
> [@rebekah](#):
>
> when suddenly everything becomes an acronym (AER, APR, EAR, RPI)
I nearly included all of this in my response, however, did not wish to come across as negative, or make the _Basic Banking Terms Explained_ become complicated. ๐
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### Author:  [@rebekah](https://community.emma-app.com/u/rebekah)
#### Post date: [August 24, 2020, 4:10pm UTC](https://community.emma-app.com/t/basic-banking-terms-explained/2786/8 "2020-08-24T16:10:41Z")
Iโm thinking of doing a โbasic investment terms explainedโ blog post in the coming weeks!
Any suggestions for what should be included? ๐