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Banking and Finance

TO MAKE A PAYMENT  

Verb

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

INSUFFICIENT FUNDS /ɪnsəˈfɪʃənt fʌnd/

Adj

  • not enough money in an account.
Example Sentences: The cheque was returned because of insufficient funds.
 

TO TRANSFER FUNDS  

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  

Verb

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

TO CREDIT AN ACCOUNT  

Verb

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

A RECEIPT /rɪˈsit/

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  

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  

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/

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/

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/

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/

Verb

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

A SIGNATURE /sɪgnətʃər/

Noun

  • your name, written by hand. "To sign" means to write your name.
Example Sentence: His signature was required to open an account.
 

A TRANSACTION /trænˈsækʃən/

Noun

  • a business action such as putting money into an account or taking it out.
Example Sentence: There have been several transactions on the account since last month.
 

BOND /band/

noun

  • an official paper given by the government or a company to show that you have lent them money that they will pay back to you at an interest rate that does not change
Example Sentences:I invested some money in savings bonds.
When bank interest rates are low, government bonds are often the best investment option.
 
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