Money and Banking Terminology

1. ATM
Meaning: Abbreviation of Automated Teller Machine: a machine, usually in a wall outside a bank,
from which you can take money out of your bank account using a special card.
2. Bank balance Meaning: The amount of money in a bank account.
Example: Id like to check my bank balance, please.
3. Bank statement Meaning: A printed record of the money put into and removed from a bank account
4. Bounce
Meaning: when a check cannot be paid or accepted by a bank because of a lack of money in the
account:
Example: I had to pay a penalty fee when my check bounced.
5. Cash
Meaning: !noun" money in the form of notes and coins, rather than checks or credit cards:
Example: #o you have any cash on you$
. Cash a check!Che"ue
Meaning: !verb" to e%change a check for cash:
Example: &ould you cash a check for me$
#. Checkbook $%&' ! Che"uebook $%('
Meaning: a book of checks ' che(ues with your name printed on them which is given to you by your
bank to make payments with.
). Check $%&' ! Che"ue $%('
Meaning: a printed form, used instead of money, to make payments from your bank account:
Example: I wrote him a check for )*++.
*. C+e,it
*. Money in your bank account.
Example: I was relieved to see from my statement that my account was in credit
,. A method of paying for goods or services at a later time, usually paying interest as well as the
original money.
Example: They decided to buy the car on credit.
1-. C+e,it ca+,
Meaning: a small plastic card which can be used as a method of payment, the money being taken from
you at a later time.
11. Checking account $%&' ! Cu++ent account $%('
Meaning: a bank account that you can take money from at any time and which usually earns little or no
interest.
12. .ebit
Meaning: !a record of" money taken out of a bank account.
The account was in debit at the end of the month !- more money had been spent than was in the
account at that time".
13. .ebt
Meaning: money, which is owed to someone else, or the state of owing something:
Example: .e managed to pay off his debts in two years.
Example: The firm ran up huge debts.
14. .eposit $%&' ! pa/ in $%('
Meaning: to put money into a bank account.
Example: If you go to the bank, will you deposit these checks for me$
15. .i+ect ,ebit
Meaning: an arrangement for making payments, usually to an organi/ation, in which your bank moves
money from your account into the organi/ations account at regular times:
Example: I pay my electricity bill by direct debit.
1. Expense
Meaning: when you spend or use money.
Example: Buying a bigger car has proved to be well worth the e%pense.Example: &eve 0ust had a
new garage built at great e%pense.
1#. 0nsu+ance
Meaning: an agreement in which you pay a company money and they pay your costs if you have an
accident, in0ury, etc:
Example: life'health'car'travel insurance
1). 0nte+est
*. money which is charged by a bank or other financial organi/ation for borrowing money.
Example: I got a loan with an interest rate of *+1.
,. money that you earn from keeping your money in an account in a bank or other financial
organi/ation.
Example: 2ou should put the money in a savings account where it will earn interest.
1*. 1oan
Meaning: a sum of money which is borrowed, often from a bank, and has to be paid back, usually
together with an additional amount of money that you have to pay as a charge for borrowing.
Example: 3hes trying to get a )*++ +++ loan to start her own business.
2-. 2a/ee
Meaning: a person who money is paid to or should be paid to.
21. &a3ings account $%&' ! ,eposit account $%('
Meaning: a bank account in which you usually leave money for a long time and which pays you
interest.
22. &tan,ing account $%('
Meaning:an instruction to a bank to pay a particular amount of money at regular times from a persons
bank account to another bank account !compare ,i+ect ,ebit"
23. Tax
Meaning: !an amount of" money paid to the government, which is based on your income or of the cost
of goods or services you have bought:
Example: Theyre putting up the ta% on cigarettes.
24. T+a3ele+4s check
Meaning: a piece of paper that you buy from a bank or a travel company and that you can use as
money or e%change for the local money of the country you visit
25. 5ith,+a6
Meaning: to take money out of a bank account