Vocabulary

Study the following vocabulary.

Banking 1 – general terms

branch – one of several or many places of business of a given bank where personal banking services are available (as compared to a bank office, where bank employees work but no direct services are available)

account – an agreement between a customer and a bank in which the bank holds the customer's money, providing security and ease of access in exchange for service fees and the opportunity to use the money for investment purposes

to deposit – to place money in a bank account (note: noun – a deposit)

to withdraw – to remove money from a bank account (note: noun – a withdrawal)

statement – a monthly report sent by a bank to a depositor recording transactions and balances

balance – the amount of money in an account at a given time

standing order – arrangement with a bank for regular payments of a fixed amount to be made automatically from an account to a firm, government agency or other private account

transfer – movement of money between different bank accounts

overdraft – arrangement with a bank allowing an account holder to temporarily withdraw more money than is available on his current balance

authorization – approval for a banking transaction to be made