In this lesson, your tutor will help you go over this topic: banking and money. First, go over the following vocabulary and expressions with your tutor. Read the word/expression and definition out loud, and your tutor will go over anything you do not understand. Practice creating a sentence or two to make sure you know how to use the word/expression properly.
|savings account||(n) a bank account where people keep money in to save
She has $1000 in her savings account.
|checking account||(n) a bank account from which you can take money by writing checks
He has no money in his checking account.
|withdraw||(v) to take money out of a bank account
We have to withdraw $200 from our savings account.
|deposit||(v) to put money in a bank account
He wants to deposit $50 into his savings account.
|checkbook||(n) a book containing checks for use with a checking account
She has 100 checks in her checkbook.
|check||(n) a printed bank form, used instead of money to buy or pay for things
She wrote a check for $500 to pay her electric bill.
|bounce a check||(phrase) when a check cannot be paid by the bank because there’s not enough money in the checking account
Some people feel bad when they bounce a check.
|loan||(n) money which is borrowed from a bank for things like a house, car, a business, etc.
I have a four-year loan for my car.
|interest||(n) 1) money that is charged by a bank when you borrow money 2) money that you earn when keeping money in your account
1) The bank charges me 8% interest per month for my new car loan. 2) I earn 1% interest on the money I keep in my savings account.
|bank statement||(n) a printed or electronic record of the money put into and removed from a bank account
My bank statement tells me how much money I have in my account.
Use the following questions as a guideline to form an interesting conversation with your tutor. Feel free to diverge from these suggestions if anything interesting comes up.
- Do you like going to the bank? Why or why not?
- Should children have their own savings account? Why or why not?
- Have you ever had a loan? If yes, what for?
- Have you ever bounced a check? If yes, how did you feel about it?
- Do you read your bank statements? Why or why not?
- Do you still use checks to pay for things? Why or why not?
- Do you like to save money? Why or why not?
- Would you like to work at a bank? Why or why not?
- Do you use the ATM machine to deposit money into your bank accounts? Why or why not?
- Do you think online banking is safe? Why or why not?