Need-To-Know Banking Language

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For this good reason, we are going to look at some useful banking vocabulary that they may be any of your interest and somehow necessary for you in performing some basic banking transactions.   

            When you go to a bank, usually they have things like savings account or some banks have checking account. There are some certain differences between savings account and checking account.  Savings account is a bank account in which you keep money that you want to save for a period of time, and which pays you interest on your deposit money but cannot be used directly as money, writing a cheque, for example. Checking account or current account is a bank account that you can take money out of at any time you want to, and for which you are given checks to use to pay for things.

            Cheque is like a little piece of paper in which you write or your bank writes amount of money that you promise or your bank promises to pay someone on a date and you have to sign your name. Sometimes, there is a space for you to write what you pay for, and the cheque also has the name of your bank or probably has your own name, address and telephone.  For example, you go to a supermarket and you do not have any cash, you could write them a cheque. For a cheque, it takes a couple of days for the supermarket to get that money because they take the cheque to their bank which does some business; and eventually the money goes from your bank account to the supermarket’s bank account. These days, people like to use ATM card instead of cheque to buy things because of its convenience. The ATM card is a kind of bank card, which you have a password to take money out.

            We have known a little bit about savings account, checking account and ATM card, now we have two more words about banking language, withdrawal and deposit. Withdrawal is when you take money out of your bank account while deposit is when you put money into your bank account.  These days, we do not say the words very much because we have used machine to do it but the machine like ATM might ask you “what would you like to do today, deposit, withdrawal, transfer or other transactions?” Accordingly, it is necessary for you to be able to recognize those words in order to do some banking. And the most important is that the withdrawal usually is free only if it is made within the same bank not ATM of other banks otherwise you have to pay a certain agreed amount of fee.

            All in all, that is all I want to cover for today. I hope this article will help you somehow and after reading this article you will be able to walk to a bank and open an account by your own.

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