Vocabularies - Bank Account

1. Opening an account

It's very simple to open a bank account in Britain. There are very few formalities. Just go to your local branch, fill in a few forms, and that's it. You will probably only have to pay bank charges if there is no money in your account or if you borrow money from the bank, in other words if you have an overdraft.

2. Current and deposit accounts

For regular everyday use most people prefer a current account. This normally earns no interest but you are given a cheque book, which makes shopping and paying bills very easy. A deposit account earns interest but it's not easy to withdraw your money. You sometimes have to give a week's notice.

3. Using your account

At regular intervals, perhaps monthly, you will receive a statement from the bank, giving details of each deposit (money you put in) and withdrawal (money you take out). If you're not sure how much money you have in your account, you can just go to your bank and ask what your balance is. If you have to make a regular payment, like rent, you can ask the bank to pay this amount for you automatically. This arrangement is called an order.

4. Spending

Some people spend more money than they receive. In other words, their expenditure is greter than their income. If you take more money out of the bank than you have in your account, you are overdrawn. To keep a record of your spending, it's a good idea when you write a cheque to fill in the counterfoil, which stays in the book. Most cheques are crossed cheques, which means that no one else can cash them. They must be paid into someone's account.

5. More practices

- He borrowed 10$ from his father

- She filled in the cheque.

- I asked for my balance

- I prefer a current account to a deposit account

- You'll get a statement at regular intervals.

- He took 100$ out of his bank.

- He withdrew 100$ at his bank.