There are many special terms
used in the banking industry. Study the definitions below and read the
following sentences to see how the terms are used. Use these terms to
complete
the exercises.
1. transactions - a business action such
as putting money into an account or taking it out.
There have been several transactions on the
account since last month.
2. signature -
your name, written by hand. "To sign"
means
to write your name.
His signature was required to
open
an account.
3. to
authorize - to permit.
By signing his name, he authorized
the bank to take money out of his account.
4. to deposit
- >to put money in a bank. Also, deposit is
the noun
form.
Mr. Sims opened his account with a
deposit of $2,000 and
his wife deposited $500.
5. to withdraw - to take money out of an account. Also,
withdrawal is
the noun form.
He withdrew enough money to
pay off
his loan.
Ms. Lowell made
a withdrawal of
$175.
6. teller
- >the person in the bank who
takes deposits and
withdrawals inside the bank.
Several tellers were busy helping
bank customers in the lobby.
7. to endorse
a check - to sign the check on the back.
She endorsed the back of the check
in order to cash it.
8. to cash a
check - to exchange a
paper check for money.
Ms. Jones cashed a check she had
received from selling her investments.
9. receipt
- the acct of receiving or a written
record of a
transaction.
The teller gave
the customer a
receipt for his
deposit.
10.
to credit an account - to record money added to an account.
The teller credited his account with
his deposit of $50.
11. to debit
an account - to record money subtracted from an account.
His account was debited a $4.00
service charge.
12. to
transfer funds -
to move money from one account to
another.
He wanted to transfer funds
from his savings account to his checking
account.
13. insufficient funds - not enough
money in an account.
The check was
returned because of
insufficient funds.
14. to make a
payment - to pay.
The loan
requires the customer to
make a payment every month.
15. to
apply for a loan - to give the bank information and to ask
for a loan.
He applied for a car loan at his
bank.
The teller verified his signature
before giving him the money.
17. service
charge or bank fees -
money that a customer pays a bank for
an account or other services.
There is
no service charge if
the account
has a minimum balance of $1500.
18. to issue a credit card
- to give a credit card to a
customer.
The bank issues three kinds of
credit cards.
19. statement -
a record of transactions that a
bank sends its
customers, usually every month.
The bank statement always arrived
on
the third of the month.
20. interest - the money a bank pays you for their use of
your money,
or the money you pay the bank for a loan.
The interest rate on her
savings
account was higher than the interest on her checking account.