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