1. Banking © 2016 albert-learning.com Banking

2. © 2016 albert-learning.com Vocabulary  Mortgage: A mortgage is a security interest in real property held by a lender as a security for a debt, usually a loan of money.  Overdraft: An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero.  Lease: A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.  Bounce: A cheque which a bank returns because it is not payable due to insufficient funds  Direct debit: A bank account holder gives to his or her bank to collect an amount directly from another account.

3. Banking © 2016 albert-learning.com Banking Services Cheque book A cheque (or check in American English) is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. ATM services An automated teller machine,is an electronic telecommunications device that enables the customers of a financial institution to perform financial transactions without the need for a human cashier, clerk or bank teller.

4. Banking © 2016 albert-learning.com Banking Services 4 Debit and Credit Cards Debit cards allow bank customers to spend money that they have by drawing on funds that they deposited with the card provider. Credit cards allow consumers to borrow money from the card issuer up to a certain limit in order to purchase items or withdraw cash. Online banking It is the performance of banking activities via the Internet. Online banking is also known as "Internet banking" or "Web banking." Loan services at low cost When a bank lends money to a customer for various reasons at a less rate of interest

5. Banking © 2016 albert-learning.com Types of Accounts Savings Account – These deposits accounts are one of the most popular deposits for individual accounts. These accounts not only provide cheque facility but also have lot of flexibility for deposits and withdrawal of funds from the account. Current Account – Current Accounts are basically meant for businessmen and are never used for the purpose of investment or savings. These deposits are the most liquid deposits and there are no limits for number of transactions or the amount of transactions in a day.

6. Banking © 2016 albert-learning.com Types of Accounts Fixed Deposit Account - These offer fixed deposits schemes with a wide range of tenures for periods from 7 days to 10 years. These are also popularly known as FD accounts. However, in some other countries these are known as "Term Deposits" or even called "Bond“. Recurring Account – These are popularly known as RD accounts and are special kind of Term Deposits and are suitable for people who do not have lump sum amount of savings, but are ready to save a small amount every month.

7. Banking © 2016 albert-learning.com Other Bank Services Apply for a credit card Buy traveler's checks Cash a check Check your account balance Deposit money Exchange money Fill out a withdraw slip Open a checking account Open a savings account Order checks Talk with the bank manager Transfer money Use a debit card Withdraw money

8. Banking © 2016 albert-learning.com Other Bank Services Pay off a loan Pay your bills online Rent a safety deposit box Review your bank statement Take out a loan Talk with a bank teller

9. Banking © 2016 albert-learning.com Reviewed By Reviewed On Comments / Changes Made Dimple07.09.2015No changes required.