Personal finance 

Sometimes in a shop they ask you: ‘How do you want to pay?’ 

You can answer: ‘Cash  / By cheque / By credit card.’

In a bank you usually have a current account, which is one where you pay in your salary and then withdraw money to pay your everyday bills. The bank sends you a regular bank statement telling you how much money is in your account. You may also have a savings account where you deposit any extra money that you have and only take money out when you want to spend it on something special. You usually try to avoid an overdraft or you end up paying a lot of interest. If your account is overdrawn, you can be said to be in the red (as opposed to in the black or in credit).

Sometimes the bank may lend you money p this is called a bank loan. If the bank lends you money to buy a house, that money is called a mortgage.

When you buy (or, more formally, purchase) something in a shop, you usually pay for it outright but sometimes you buy on credit. Sometimes you may be offered a discount or a reduction on something you buy at a shop. This means that you get, say, £10 off perhaps because you are a student. You are often offered a discount if you buy in bulk. It is not usual to haggle about prices in a British shop, as is in, say, a Turkish market. If you want to return something which you have bought to a shop, you may be given a refund, i.e. your money will be returned, provided you have a receipt.

The money that you pay for services, e.g. to school or a lawyer, is usually called a fee or fees; the money paid for a journey is a fare.

If you buy something that you feel was very good value, it’s a bargain. If you feel that it is definitely not worth what you paid for it, then you call it a rip-off (very colloquial).

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Banks

Banks are closely concerned with the flow of money into and out of the economy. They often co-operate with governments in efforts to stabilize economies and to prevent inflation. They are specialists in the business of providing capital, and in allocating funds on credit. Banks originated as places to which people took their valuables for safe-keeping, but today the great banks of the world have many functions in addition to acting as guardians of valuable private possessions.

Banks normally receive money from their customers in two distinct forms: on current account, and on deposit account. With a current account, a customer can issue personal cheques. No interest is paid by the bank on this type of account. With a deposit account, however, the customer undertakes to leave his money in the bank for a minimum specified period of time. Interest is paid on this money.

The bank in turn lends the deposited money to customers who heed capital. This activity earns interest for the bank, and this interest is almost always at a higher rate than any interest which the bank pays to its depositors. In this way the bank makes its main profits.

At the Bank. Opening an Account

Dialogue “Opening a Saving Account.”

Fill in the gaps with the words given in the box.

open              money               deposit             explain                question                                            assistance     account              card                 application

Clerk:	Good morning! What can I do for you?
Customer:	Good morning! I would like to open a saving account. Could you 1) __________       your policy to me?
Clerk:	A small initial deposit is all it takes to 2) _____________ a saving account.
Customer:	I see. That’s clear enough. May I ask you another 3) ______________ ?
Clerk:	I’ll be happy to answer you.
Customer:	Could I get a banking card after opening a 4) _______________ ?
Clerk:	When you open your account, you’ll be in touch with your 5) ____________              thanks to our machine services. You can make deposits, cash withdrawals, and            balance inquiries with your 6) ________________.
Customer:	O.K. I’ve made up my mind. I’d like to open a saving account with a 7)                      _____________ of one thousand dollars.
Clerk:	Would you please fill out this 8) ______________. Besides you need to write a          deposit ticket for 1,000 dollars. Everything is correct. Here’s your passbook.
Customer:	Thank you for your 9) ________________ .