Business Word/Phrase of the Day

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SERVICE CHARGE OR BANK FEES  

31 Dec 2019

Noun

  • money that a customer pays a bank for an account or other services.
Example Sentence: There is no service charge if the account has a minimum balance of $1,500.
 

TO VERIFY /vɛrəˌfaɪ/

30 Dec 2019

Verb

  • to check or to make sure something is correct, like a signature or an amount of money.
Example Sentence: The teller verified his signature before giving him the money.
 

TO APPLY FOR A LOAN  

29 Dec 2019

Verb

  • to give the bank information and to ask for a loan.
Example Sentence: He applied for a car loan at his bank.
 

TO MAKE A PAYMENT  

28 Dec 2019

Verb

  • to pay.
Example Sentence: The loan requires the customer to make a payment every month.
 

INSUFFICIENT FUNDS /ˌɪn səˈfɪʃ ənt fʌndz/

27 Dec 2019

phrase

  • Insufficient Funds is a term indicating that a bank account balance is not enough to cover a cheque that has been written and presented for payment.
Example Sentences:We have had to return the attached cheque to you due to insufficient funds in your personal account.
The cheque will bounce if you have insufficient funds in your account.
 

TO TRANSFER FUNDS  

26 Dec 2019

Verb

  • to move money from one account to another.
Example Sentence: He wanted to transfer funds from his savings account to his checking account.
 

TO DEBIT AN ACCOUNT  

25 Dec 2019

Verb

  • to record money subtracted from an account.
Example Sentence: His account was debited a $4.00 service charge.
 

TO CREDIT AN ACCOUNT  

24 Dec 2019

Verb

  • to record money added to an account.
Example Sentence: The teller credited his account with his deposit of $50.
 

A RECEIPT /rɪˈsit/

23 Dec 2019

Noun

  • the act of receiving or a written record of a transaction.
Example Sentence: The teller gave the customer a receipt for his deposit.
 

TO CASH A CHEQUE  

22 Dec 2019

Verb

  • to exchange a paper cheque for money.
Example Sentence: Ms Jones cashed a cheque she had received from selling her investments.
 

TO ENDORSE A CHEQUE  

21 Dec 2019

Verb

  • to sign the cheque on the back.
Example Sentence: She endorsed the back of the cheque in order to cash it.
 

A TELLER /tɛlər/

20 Dec 2019

Noun

  • the person in the bank who takes deposits and withdrawals inside the bank.
Example Sentence: Several tellers were busy helping bank customers in the lobby.
 

TO WITHDRAW /wɪðˈdrɔ/

19 Dec 2019

Verb

  • to take money out of an account. Also, withdrawal is the noun form.
Example Sentences: He withdrew enough money to pay off his loan.
Ms. Lowell made a withdrawal of $175.
 

TO DEPOSIT /dɪˈpɒzɪt/

18 Dec 2019

Verb

  • to put money in a bank. Also, deposit is the noun form.
Example Sentence: Mr Sims opened his account with a deposit of $2,000 and his wife deposited $500.
 

TO AUTHORIZE /ɔθəˌraɪz/

17 Dec 2019

Verb

  • to permit.
Example Sentence: By signing his name, he authorized the bank to take money out of his account.
 
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