Learn English | Expressions to use at the bank

Summary

In this lesson, Alicia introduces key banking-related expressions useful for everyday conversations. She covers terms like 'make a deposit,' 'make a withdrawal,' 'apply for a loan,' and 'check one's balance,' along with common phrases such as 'I signed up for direct deposit' and 'Can I make a withdrawal, please?' The lesson also explains concepts like debit and credit cards, loan repayments, and handling bounced payments. This practical guide helps learners understand essential banking vocabulary and how to use it in various situations, perfect for those wanting to improve their real-world English skills in financial contexts.

Takeaways

• 😀 To make a deposit means putting money into your bank account, and to make a withdrawal means taking money out of your account.
• 😀 Direct deposit refers to having money automatically transferred into your bank account, often used for payments from employers.
• 😀 When applying for a loan, you request money from the bank, which you are expected to pay back with interest.
• 😀 Checking your balance means reviewing how much money is in your bank account at any given time.
• 😀 Bouncing a check happens when there’s not enough money in your account to cover the payment, resulting in a failed transaction.
• 😀 A debit card is used for immediate payment directly from your bank account, while a credit card allows you to pay later with possible interest.
• 😀 To apply for a loan involves filling out forms and discussing your financial situation with a bank to borrow money.
• 😀 Paying off debt means fully repaying the money you owe, whether it’s from a credit card, loan, or another financial obligation.
• 😀 The phrase ‘I’d like to make a deposit/withdrawal’ is commonly used in banking transactions.
• 😀 The term 'bounce' in banking refers to a failed payment or check due to insufficient funds in the account.

Q & A

What is the meaning of 'to make a deposit' in banking?

'To make a deposit' means to put money into your bank account.

How does 'to make a withdrawal' differ from 'to make a deposit'?

'To make a withdrawal' means to take money out of your bank account, whereas 'to make a deposit' means to add money to your account.

What is a direct deposit?

A direct deposit is when money, such as your salary, is sent directly from your employer into your bank account without the need for a physical check.

What is the role of a bank teller?

A bank teller is the person who works at the bank and assists customers with banking services like deposits, withdrawals, and other financial transactions.

What does it mean if a check or payment 'bounces'?

If a check or payment bounces, it means that there was not enough money in the bank account to cover the amount, so the transaction fails.

What is the purpose of applying for a loan at the bank?

Applying for a loan at the bank allows you to borrow money for purposes like starting a business or purchasing big items, which you must repay with interest.

How do you check your bank balance?

To check your bank balance means to verify the total amount of money in your bank account.

What is the difference between a debit card and a credit card?

A debit card is directly linked to your bank account, so the money is deducted immediately. A credit card allows you to make purchases now and pay later, often with added interest.

What does 'paying off debt' mean?

Paying off debt means fully repaying any borrowed money, such as credit card balances or loans, so that you no longer owe anything.

What is interest in the context of loans?

Interest is the extra money that you pay back to the bank in addition to the original loan amount, as a fee for borrowing the money.