Money and Banking Terminology 1. ATM Meaning: Abbreviation of Automated Teller Machine: a machine, usually in a wall outside a bank, from which you can take money out of your bank account using a special card. 2. Bank balance Meaning: The amount of money in a bank account. Example: Id like to check my bank balance, please. 3. Bank statement Meaning: A printed record of the money put into and removed from a bank account 4. Bounce Meaning: when a check cannot be paid or accepted by a bank because of a lack of money in the account: Example: I had to pay a penalty fee when my check bounced. 5. Cash Meaning: (noun) money in the form of notes and coins, rather than checks or credit cards: Example: Do you have any cash on you? 6. Cash a check/Cheque Meaning: (verb) to exchange a check for cash: Example: Would you cash a check for me? 7. Checkbook (US) / Chequebook (UK) Meaning: a book of checks / cheques with your name printed on them which is given to you by your bank to make payments with. 8. Check (US) / Cheque (UK) Meaning: a printed form, used instead of money, to make payments from your bank account: Example: I wrote him a check for $100. 9. Credit 1. Money in your bank account. Example: I was relieved to see from my statement that my account was in credit 2. A method of paying for goods or services at a later time, usually paying interest as well as the original money. Example: They decided to buy the car on credit. 10. Credit card Meaning: a small plastic card which can be used as a method of payment, the money being taken from you at a later time. 11. Checking account (US) / Current account (UK) Meaning: a bank account that you can take money from at any time and which usually earns little or no interest. 12. Debit Meaning: (a record of) money taken out of a bank account. The account was in debit at the end of the month (= more money had been spent than was in the account at that time). 13. Debt Meaning: money, which is owed to someone else, or the state of owing something: Example: He managed to pay off his debts in two years. Example: The firm ran up huge debts. 14. Deposit (US) / pay in (UK) Meaning: to put money into a bank account. Example: If you go to the bank, will you deposit these checks for me? 15. Direct debit Meaning: an arrangement for making payments, usually to an organization, in which your bank moves money from your account into the organizations account at regular times: Example: I pay my electricity bill by direct debit. 16. Expense Meaning: when you spend or use money. Example: Buying a bigger car has proved to be well worth the expense.Example: Weve just had a new garage built at great expense. 17. Insurance Meaning: an agreement in which you pay a company money and they pay your costs if you have an accident, injury, etc: Example: life/health/car/travel insurance 18. Interest 1. money which is charged by a bank or other financial organization for borrowing money. Example: I got a loan with an interest rate of 10%. 2. money that you earn from keeping your money in an account in a bank or other financial organization. Example: You should put the money in a savings account where it will earn interest. 19. Loan Meaning: a sum of money which is borrowed, often from a bank, and has to be paid back, usually together with an additional amount of money that you have to pay as a charge for borrowing. Example: Shes trying to get a $100 000 loan to start her own business. 20. Payee Meaning: a person who money is paid to or should be paid to. 21. Savings account (US) / deposit account (UK) Meaning: a bank account in which you usually leave money for a long time and which pays you interest. 22. Standing account (UK) Meaning:an instruction to a bank to pay a particular amount of money at regular times from a persons bank account to another bank account (compare direct debit) 23. Tax Meaning: (an amount of) money paid to the government, which is based on your income or of the cost of goods or services you have bought: Example: Theyre putting up the tax on cigarettes. 24. Travelers check Meaning: a piece of paper that you buy from a bank or a travel company and that you can use as money or exchange for the local money of the country you visit 25. Withdraw Meaning: to take money out of a bank account.
Posted on: Mon, 24 Mar 2014 17:12:09 +0000
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