Banking and Money Vocabulary
Banking and Money Vocabulary
Banking and Money Vocabulary
ATM 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.
Bank statement A printed record of the money put into and removed from a bank account
Bounce When a check cannot be paid or accepted by a bank because of a lack of money in the
account:
Cash (noun) money in the form of notes and coins, rather than checks or credit cards:
Checkbook (US) / chequebook (UK) A book of checks / cheques with your name printed on them
which is given to you by your bank to make payments with.
Check (US) / cheque (UK) A printed form, used instead of money, to make payments from your bank
account:
2. a method of paying for goods or services at a later time, usually paying interest as well as the
original money.
Credit card a small plastic card which can be used as a method of payment, the money being taken
from you at a later time.
Checking account (US) / current account (UK) A bank account that you can take money from at any
time and which usually earns little or no interest.
Borrow - To get money from a bank now that a person does not own and so has to pay back to the
bank at a later time. (verb)
Debt money, which is owed to someone else, or the state of owing something:
If you go to the bank, will you deposit these checks for me?
Direct debit An arrangement for making payments, usually to an organization, in which your bank
moves money from your account into the organization's account at regular times:
Insurance An agreement in which you pay a company money and they pay your costs if you have an
accident, injury, etc: life/health/car/travel insurance
Interest
1. money which is charged by a bank or other financial organization for borrowing money.
2. money that you earn from keeping your money in an account in a bank or other financial
organization.
You should put the money in a savings account where it will earn interest.
Loan 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.
She's trying to get a $100 000 loan to start her own business.
Close an account - To empty an account of money and tell the bank it is no longer going to be
used. (verb phrase)
Open an account - To start an account at a bank for the first time. (verb phrase)
Overdraft The act of overdrawing a bank account.
Paying-in slip - A piece of paper to fill-in when depositing money into an account. (noun)
Savings account - An account used to save money. It often has a higher rate of interest and penalties
for withdrawing money. (noun)
Standing order - An instruction to the bank to pay the same person or company the same amount of
money on a regular schedule, often monthly. (noun)
Teller - A person who works at the bank counter and accepts and gives out money to the bank’s
customers. (noun)
Savings account (US) / deposit account (UK) A bank account in which you usually leave money for a
long time and which pays you interest.
Standing account (UK) An instruction to a bank to pay a particular amount of money at regular times
from a person's bank account to another bank account (compare direct debit)
Tax (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:
Identification - An item that proves your identity, such as a passport or driver’s license. (noun)
traveler's check
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
withdraw
Overdrawn - To have used more money than there is in the account so that money is owed to the
bank. (adjective)
Deposited traveler's checks bounced NSF card cash checkbook savings withdraw
current
1- When I got my first job, I chose to open a _________account since I wanted to to use it for
for my day-to-day banking needs.
2- A account wouldn't allow people to ____________money whenever they need it.
3- Banks give customers a __________ which allows them to write checks to pay for goods and
services
4- A bank __________allows customers to withdraw cash from an ATM.
5- Leila wants to ____________her check because she needs the money right away.
6- I am going to buy ___________ because I don't want to carry cash when I go to Paris.
7- Alan ____________two checks this month. Now, he must pay two charges because of it.
8- Jane's salary is _____________directly into her bank account.
9- Choose the correct definition for the banking vocabulary in this quiz.
Exercise 2
1- What is the definition of Balance?
D) Borrowed money that is received now but needs to be paid back, often
monthly, with interest added.
1- 2) What is the definition of Borrow?
2- A) Either a paper or electronic summary of the money paid into or out of an
account that month.
B) To empty an account of money and tell the bank it is no longer going to
be used.
C) To get money from a bank now that a person does not own and so has to
pay to the bank at a later time.
B) An amount of money that can be used each month that the customer does
not own.
D) To have used more money than there is in the account so that money is
owed to the bank.
5- 4) What is the definition of Bank manager?
B) A person who works at the bank counter and accepts and gives out
money to the bank’s customers.
8- A) Someone who works at a bank to prevent thieves from steeling the
money.
B) An item that proves your identity, such as a passport or driver’s license.
C) A small plastic card that can be used to pay for items without giving the
seller cash directly. The money is taken from the account immediately.
D) A written order telling the bank to pay or transfer money to someone.
Exercise 3 Choose the word that matches the definition given in each of the five questions
1) What is the meaning of the following definition: Money to be paid to the bank to use
certain services or as a fine if a mistake is made?
A) Balance
C) Loan
D) Overdraft
2) What is the meaning of the following definition: The bank or the building where customers
use the bank services?
A) Branch
B) Interest
D) Transaction
3) What is the meaning of the following definition: An instruction to the bank to pay the same
person or company the same amount of money on a regular schedule, often monthly?
A) Payee
4) What is the meaning of the following definition: To give the bank money to be added to a
customer’s account?
A) Counter
B) Deposit
D) Guard
5) What is the meaning of the following definition: A four digit number used to access ATM
machines?
A) Balance
D) Withdrawal