Bank Services
Pre-Listening
What are two ways that you can save money for the future?
Listen and Read
Listen to information on bank services, answer the questions, and then read along with the audio recording.
Listening Quiz
Select the best answer for each question, then press Check Answers.
Use arrow keys to choose between options within each question.
1. How much money does the man deposit into his account every month?
2. The man needs money for ______.
Yesterday, I went to a bank to open up a savings and checking account. I deposit about $300 every month in my savings account to save money for major purchases or for a rainy day when I have unexpected expenses.
My paycheck is deposited directly into my checking account, and I write out checks to pay my bills. My checking account is free if I maintain a minimum balance of $25 in the account. I also have about $100 automatically transferred from my checking to my savings account on a monthly basis. The accounts earn very little interest, but it’s better than earning nothing. Therefore, I also have a certificate of deposit that earns a higher rate of interest, but I can’t withdraw the money from the account for a year.
Actually, I need money because I’m planning on taking out a student loan to pay for college tuition. Also, I rent a safety deposit box at the bank and store my valuables there including important documents, some coins and jewelry, and the deed, or ownership record, to my house. Finally, I can exchange my money into the currency of other countries, or I can buy traveller’s checks before I depart on a trip.
Vocabulary and Expressions From the Audio
- bank (noun): a financial institution where people can save money, take out loans, and access other financial services
- She went to the bank to open a new savings account.
- deposit (noun): an amount of money placed into a bank account
- He made a deposit of his paycheck as soon as he got home from work.
- deposit (verb): to put money into a bank account
- She deposited her paycheck at the ATM on her lunch break.
- account (noun): an arrangement with a bank that allows you to store and manage your money
- He opened a checking account so he could pay his bills easily each month.
- purchases (noun): things that have been bought
- She reviewed her bank statement to keep track of her recent purchases.
- rainy day (expression): a future time when money may be needed unexpectedly
- He set aside a portion of each paycheck to save for a rainy day.
- expenses (noun): the costs or amounts of money spent on regular needs or bills
- She made a budget to make sure her income could cover all of her monthly expenses.
- paycheck (noun): a payment received from an employer for work done, usually on a regular schedule
- He deposited his paycheck into his bank account every two weeks.
- bills (noun): regular payments owed for services such as rent, electricity, or internet
- She used her checking account to pay her monthly bills automatically.
- maintain (verb): to keep something at a required or consistent level
- Some bank accounts require you to maintain a minimum balance to avoid a fee.
- balance (noun): in banking, the total amount of money currently in a bank account
- She checked her balance at the ATM before making a large purchase.
- transfer (noun/verb): in banking, to move money from one account to another
- He did a transfer from his savings account to his checking account to cover the bill.
- earn (verb): to receive money in return for work or as a benefit from a financial product such as a savings account
- Her savings account helped her earn interest on the money she had saved.
- interest (noun): in banking, the extra money earned on savings or charged on a loan, usually calculated as a percentage of the total amount
- The savings account paid interest each month, slowly growing her balance over time.
- certificate of deposit (noun): a type of savings product offered by a bank where you agree to leave a set amount of money for a fixed period of time in exchange for earning a higher interest rate
- She put her savings into a certificate of deposit so she could earn more interest over the next year.
- withdraw (verb): to take money out of a bank account
- He went to the ATM to withdraw some cash before the weekend.
- student loan (noun): money borrowed from a bank or government to help pay for the cost of education, which must be repaid after graduation
- She took out a student loan to help cover her tuition and housing costs at university.
- tuition (noun): the fee charged by a school or university for instruction and courses
- He applied for financial aid to help pay his college tuition.
- safety deposit box (noun): a secure, locked box kept inside a bank vault that customers can rent to store important documents or valuables
- They kept their passports and jewelry in a safety deposit box at their local bank.
- store (verb): to keep or put something in a safe place for future use
- She used the bank’s safety deposit box to store her most important documents.
- valuables (noun): items that are worth a lot of money or have great personal importance
- He brought his valuables to the bank to keep them safe in a deposit box.
- deed (noun): a legal document that proves ownership of a property such as a house or land
- She kept the deed to her house in a safety deposit box at the bank.
Discussion
Taking out personal loans from banks is one way to pay for educational expenses or other necessities of life; however, more and more people are getting into debt and are even looking for help from bankruptcy attorneys because they don’t know how to manage their checks and money, and spend well beyond their means. What are some ways that people (and students in particular) can save money and still pay for living expenses?
Role Play
You have just moved overseas to study English, and you plan on living in that country for about three years. However, you don’t have a bank account. Tell one of your new teachers at the school that you want to set up up a checking account and describe the reasons you need one (e.g., receive money from your home country, pay your bills, deposit money for future purchases, save money for school tuition and a rainy day).
Online Investigation
Your friend is thinking about opening up a bank account in your county, but he doesn’t understand the services the banks provide. Use the internet to compare banks in your city and decide which would be best for international students living in your area.
Online Listening Practice (from www.esl-lab.com):
- First Mountain Bank: Listening Conversation
- Bank Services: Vocabulary Building