Topic: Banking and Money

checkbook

Warm-up

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.

Vocabulary/ Expressions

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.

Conversation

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.

  1. Do you like going to the bank? Why or why not?
  2. Should children have their own savings account? Why or why not?
  3. Have you ever had a loan? If yes, what for?
  4. Have you ever bounced a check? If yes, how did you feel about it?
  5. Do you read your bank statements? Why or why not?
  6. Do you still use checks to pay for things? Why or why not?
  7. Do you like to save money? Why or why not?
  8. Would you like to work at a bank? Why or why not?
  9. Do you use the ATM machine to deposit money into your bank accounts? Why or why not?
  10. Do you think online banking is safe? Why or why not?

Wrap-up

Go over any new expressions or vocabulary that you learned today.

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