Blog #8 Banking Lingo Podcast

Basic Banking Lingo

This podcast is designed for intermediate ESL students. It discusses a few common banking terms.



How to Listen

Before listening, review the following list of words used at a bank:


Account- When you keep your money at a bank, your money is placed in an account. You will get an account number that helps you identify your account. There are different types of accounts.

Savings Account – A savings account is a place to save your money. You will mostly add money into a savings account.

Checking Account – A checking account is an account that you can add money to and also take money out to pay bills or get cash.

Interest – savings accounts earn interest. Interest is money that is added to your account by the bank. The bank pays you interest because you keep a certain amount of money at the bank.

Deposit – A deposit is money you add to your account at the bank. When you put money into your account, you say you are depositing money. You can deposit money at the bank with a teller, or you can use an ATM machine to deposit your money.

Withdrawal – when you take money out of your account, you are making a withdrawal. You can make a withdrawal at the bank with a teller, or you can make a withdrawal at an ATM machine.

Checks – A check is a slip of paper with your account number on it. When you make a purchase, you write on the check the amount of the purchase and who the check is for. When the person or store deposits the check, it will be subtracted from your checking account.

Credit Card – A credit card is a plastic card you can use instead of cash or checks to make purchases. At the end of the month, you will receive a statement that shows all the purchases you made with the card. You will have to pay the bank for these purchases.

Debit Card – A debit card is a plastic card you can also use to make purchases. When you use your debit card, the amount of the purchase will be subtracted from your account balance- just like a check.





Next, listen to the podcast:

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http://blschmid.podbean.com/





Now it’s your turn. Use the Internet to search for banks in your community. What kinds of accounts do these banks offer? What are the advantages and disadvantages of each type of account? At the next class, you will report what you have found to your classmates.

Here are some banks to explore:



http://www.53.com/
http://www.chase.com/
http://www.usbank.com/