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2A-The Language of Banking


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Balance
The amount of money that is in the bank account
To deposit money
To put it into a bank account
Current account
A bank account that you can use any time. It is called a checking account in the USA
To issue a cheque
To give a cheque to someone and to validate it by signing it
Overdraft
The amount of money you can take out of the bank even though your account does not have that much money in it
Bill
A demand for payment for goods or services you have received
Fee
A payment that you have to make to a professional person to do something for you
To withdraw money
To take money out of a bank account
Eligible
Sufficiently qualified
Bank charges
Payments that you have to make to the bank for using your bank account
Bank statement
A document that your bank sends to you. It tells you when you deposited money, when you withdrew money and how much you have in the account at the moment
Cashpoint
An ATM
Straightforward
Simple and easy to understand
Subject to status
Depending on your age or how much money you have, for example
To validate something
To make something legally acceptable
Debit
Money taken out of a bank account, or a record of this
Income
A word for all money that you receive from your salary or from other things
Outgoings
Money that you have to spend on rent, food, etc
Lend
To give something to someone for a period of time, expecting that they will then give it back to you
Borrow
to use something(often money) that belongs to someone else and give it back later
Owe
To have to pay money back to someone
Debt
An amount of money that you owe someone
Interest
The money you earn from keeping your money in a bank account
Default on a loan
Not pay the money back and the bank and the bank might have to go to court to try to get its money
Instalment
A regular payment that you make, for example each month, in order to pay for something
Borrower
Someone who borrows money
Lender
A person or organization that lends money to people
Confidential
Secret, especially in an official situation
Authorise
To give official permission for something
Disclose
To give new or secret information to someone
Approve
To allow or officially agree to something
Notify
To officially tell someone about something
Enclose
To send something in the same envelope or parcel as something else
Repay
To pay back money that you have borrowed
Arrears
Money that someone owes to someone and they promised to pay it back by a certain date but didn't
Accure
To grow or accumulate. It is used to talk about accumulating interest.
Valid
To prove that something is true, make valid
Landlord
A man who you rent a room or house from