5. CONVERSATION PRACTICE
(Based on p.157 and 161 from your book)
Dialogue 1:
A. You want to open a new account.
B. Student A wants to open an account. You need to see sufficient relevant ID.
When you go into a bank to open an account, the first thing you need to say is, 'I would like to open a bank account.'
There are many different types of accounts so they will probably explain all the different accounts.
A checking account will have several types: a free account (the most useful), a paid account, and a premium paid account. The difference between these accounts are that they provide more services such as free traveler's check or free bank checks with the premium accounts. When they ask you what type of account you want, you can say, 'I would like a free checking account.'
Opening an account is very easy.
When you want to take money out of your account, you really don't need to say anything. You will either use the ATM machine or you will fill out the withdrawal form. Both cases don't need for you to say a single word. But if you need to say something, you can say, 'I would like to make a withdrawal.' They will tell you to fill out a form or they will simply ask, 'How much would you like.' More likely, they will ask you for your account number and for ID.
To make a deposit is the same way. You can fill out a form and give them the form along with the money. If you want to speak, you can say the following while handing them the form and money. 'I would like to make a deposit.'
For example:
The clerk needs:
· 2 pieces of ID: your current resident card, your IMM immigration form
· your social security
· a debit card from another institution
· your proof of address: a bill statement (such as a phone bill statement)
- a proof of your employment if you are working (such as a pay staff)
- that you fill out the application
· your signature
Decide if you want to open:
· savings account= a place for your money to grow. It incurs interests which is a multiplication of your money overtime.
· checking account= (it is more practical) you can use it at any time on anything (you can write checks or connect it to debit cards and buy things online, in stores or wherever you like).
If you are under 18 open a join checking account because most banks won't give you one checking account (it's the same as a checking account although your legal guardian will be able to withdraw money and write their own checks from it, but also make deposits)
Then, you will receive:
· a credit card
· your four-digit pin
Possible account benefits:
· the interest rate is high
· no minimal balance
Possible inconvenient:
· it has no fees
· you have to make a minimum deposit
Possible sentences to use when you open an account:
'What do I need to open an account?'
'Can I have multiple accounts?'
'Do you have online service with each account?'
'How do I access my account online?'
'Does this account come with online bill payer?'
'Can I pay all my bills online with this account?'
'How much do you charge if I use a different banks ATM?'
'What are all the charges with this particular account?'
'I would like to take out a loan.'
'May I speak to someone about a business loan?'
When you close an account, it is much more difficult. Banks do not like people closing accounts so you have to be persistent. If you try to close an account they can show you different possible benefits to make you keep it. You can say: 'I would like to close my bank account.' They may ask you, 'Why do you want to close your bank account?', 'Is there a reason you want to close your account?', or 'Were you unsatisfied with something?' The simple answer is, 'I just don't use this account so I want to close it.'
An example of opening a bank account:
Joan: I'd like to open a bank account, please.
Cashier: Certainly. Do you have some form of identification?
Joan: Yes, I brought my passport. Is that OK?
Cashier: Yes. We also need proof of your current address. Do you have a utility bill or your driver's licence with you?
Joan: I've got my driver's licence.
Cashier: That's fine. What kind of account did you want?
Joan: Well I want two, a deposit account and a savings account.
Cashier: That's fine, we do both. Do you have any proof of income?
Joan: Yes, I bought my pay slips for the last three months.
Cashier: Good. You could also apply for a credit card at the same time, if you like.
Joan: Yes, that would be great.
Cashier: OK. If you would just like to fill out these forms...
(Based on p.157 and 161 from your book)
Dialogue 1:
A. You want to open a new account.
B. Student A wants to open an account. You need to see sufficient relevant ID.
When you go into a bank to open an account, the first thing you need to say is, 'I would like to open a bank account.'
There are many different types of accounts so they will probably explain all the different accounts.
A checking account will have several types: a free account (the most useful), a paid account, and a premium paid account. The difference between these accounts are that they provide more services such as free traveler's check or free bank checks with the premium accounts. When they ask you what type of account you want, you can say, 'I would like a free checking account.'
Opening an account is very easy.
When you want to take money out of your account, you really don't need to say anything. You will either use the ATM machine or you will fill out the withdrawal form. Both cases don't need for you to say a single word. But if you need to say something, you can say, 'I would like to make a withdrawal.' They will tell you to fill out a form or they will simply ask, 'How much would you like.' More likely, they will ask you for your account number and for ID.
To make a deposit is the same way. You can fill out a form and give them the form along with the money. If you want to speak, you can say the following while handing them the form and money. 'I would like to make a deposit.'
For example:
The clerk needs:
· 2 pieces of ID: your current resident card, your IMM immigration form
· your social security
· a debit card from another institution
· your proof of address: a bill statement (such as a phone bill statement)
- a proof of your employment if you are working (such as a pay staff)
- that you fill out the application
· your signature
Decide if you want to open:
· savings account= a place for your money to grow. It incurs interests which is a multiplication of your money overtime.
· checking account= (it is more practical) you can use it at any time on anything (you can write checks or connect it to debit cards and buy things online, in stores or wherever you like).
If you are under 18 open a join checking account because most banks won't give you one checking account (it's the same as a checking account although your legal guardian will be able to withdraw money and write their own checks from it, but also make deposits)
Then, you will receive:
· a credit card
· your four-digit pin
Possible account benefits:
· the interest rate is high
· no minimal balance
Possible inconvenient:
· it has no fees
· you have to make a minimum deposit
Possible sentences to use when you open an account:
'What do I need to open an account?'
'Can I have multiple accounts?'
'Do you have online service with each account?'
'How do I access my account online?'
'Does this account come with online bill payer?'
'Can I pay all my bills online with this account?'
'How much do you charge if I use a different banks ATM?'
'What are all the charges with this particular account?'
'I would like to take out a loan.'
'May I speak to someone about a business loan?'
When you close an account, it is much more difficult. Banks do not like people closing accounts so you have to be persistent. If you try to close an account they can show you different possible benefits to make you keep it. You can say: 'I would like to close my bank account.' They may ask you, 'Why do you want to close your bank account?', 'Is there a reason you want to close your account?', or 'Were you unsatisfied with something?' The simple answer is, 'I just don't use this account so I want to close it.'
An example of opening a bank account:
Joan: I'd like to open a bank account, please.
Cashier: Certainly. Do you have some form of identification?
Joan: Yes, I brought my passport. Is that OK?
Cashier: Yes. We also need proof of your current address. Do you have a utility bill or your driver's licence with you?
Joan: I've got my driver's licence.
Cashier: That's fine. What kind of account did you want?
Joan: Well I want two, a deposit account and a savings account.
Cashier: That's fine, we do both. Do you have any proof of income?
Joan: Yes, I bought my pay slips for the last three months.
Cashier: Good. You could also apply for a credit card at the same time, if you like.
Joan: Yes, that would be great.
Cashier: OK. If you would just like to fill out these forms...
SAMPLE STUDENTS' DIALOGUES
- Good morning Madam. What can I do for you?
- Good morning sir. I would like to open an account, please.
- Certainly, would you like a savings account or a checking account?
- Well, I am so sorry but I do not know what is the difference between them.
- Oh! Do not worry, it is easy to understand. Checking is an account where you can keep your money and write checks to make payments; it is usually used for day-to-day spending. However, a savings account is for keeping money for a long time.
- OK, but first I would like to know what is included with the checking account.
- A checking account comes with a free checkbook and you can use your ATM card anywhere in the world.
- That´s sounds fine! What are your interest rates for checking accounts?
- It has a rate of 2,4%
- And, what about the savings accounts?
- The savings account has 1.2% interest rate
- In that case, I would like to open a checking account. Is there a service fee for this type of account?
- Oh! There is no fee for a regular checking account. However, for a small fee of 4 euros a month, we offer two hundred personalized checks, full on-line banking services and 500 euros overdraft protection. Would you be interested in that service?
- Oh! Yes, I would.
- OK, do you have some form of identification?
- Yes, I have got my driving license with me, let me see, is that OK?
- Yes, that´s fine! But we also need proof of your current address. Do you have a utility bill you can show me?
- What´s a utility bill?
- Either gas or an electricity bill
- Oh! I have the electricity bill, here it is.
- Thank you Madam. I am giving you a form to fill it in. Just fill it in with the information required.
- Ok. Do I need to do anything else?
- Yes. You have to deposit an amount of initial money to open the account.
- What is the amount sir?
- It may be at least one hundred or more than one hundred euros.
- I have 500 euros in cash as well as a payroll check for a monthly salary
- Okay. I’ll get you the application forms to fill it out. Therefore, you’ll receive your new bank cards in about two weeks. Once you have chosen your PIN, you’ll be able to use the bank machine for deposits, withdrawals, bank transfers and payment of bills.
- Thank you very much. You’ve been very helpful.
- You’re quite welcome. Hope to see you again soon.
- Good morning Madam. What can I do for you?
- Good morning sir. I would like to open an account, please.
- Certainly, would you like a savings account or a checking account?
- Well, I am so sorry but I do not know what is the difference between them.
- Oh! Do not worry, it is easy to understand. Checking is an account where you can keep your money and write checks to make payments; it is usually used for day-to-day spending. However, a savings account is for keeping money for a long time.
- OK, but first I would like to know what is included with the checking account.
- A checking account comes with a free checkbook and you can use your ATM card anywhere in the world.
- That´s sounds fine! What are your interest rates for checking accounts?
- It has a rate of 2,4%
- And, what about the savings accounts?
- The savings account has 1.2% interest rate
- In that case, I would like to open a checking account. Is there a service fee for this type of account?
- Oh! There is no fee for a regular checking account. However, for a small fee of 4 euros a month, we offer two hundred personalized checks, full on-line banking services and 500 euros overdraft protection. Would you be interested in that service?
- Oh! Yes, I would.
- OK, do you have some form of identification?
- Yes, I have got my driving license with me, let me see, is that OK?
- Yes, that´s fine! But we also need proof of your current address. Do you have a utility bill you can show me?
- What´s a utility bill?
- Either gas or an electricity bill
- Oh! I have the electricity bill, here it is.
- Thank you Madam. I am giving you a form to fill it in. Just fill it in with the information required.
- Ok. Do I need to do anything else?
- Yes. You have to deposit an amount of initial money to open the account.
- What is the amount sir?
- It may be at least one hundred or more than one hundred euros.
- I have 500 euros in cash as well as a payroll check for a monthly salary
- Okay. I’ll get you the application forms to fill it out. Therefore, you’ll receive your new bank cards in about two weeks. Once you have chosen your PIN, you’ll be able to use the bank machine for deposits, withdrawals, bank transfers and payment of bills.
- Thank you very much. You’ve been very helpful.
- You’re quite welcome. Hope to see you again soon.
Thanks to Margarita S.
Dialogue
A. Hi, good morning.
B. Good morning, how can I help you?
A. I would like to open a bank account, please.
B. What type of account do you want to open?
A. I'm not sure. What types of accounts do exist? Sorry, I had never opened a bank account before.
B. No problem. That's why I'm here. I'll explain a little. There are many different types of accounts: a free account, which is the most useful, a paid account, and a premium paid account.
A. Would you mind explaining the difference, please?
B. The difference between these accounts are that they provide more services such as free traveler's checks or free bank checks with the premium accounts.
A. Ok, I get it.
B. Do you have any questions regarding what I just told you?
A. No, it's ok. I would like a free checking account.
B. Perfect. Do you have some form of identification?
A. I don't have right now my ID card. Here I have my driver license, is that ok?
B. Yes, thank you. We also need proof of your current address. Do you have any utility bill?
A. Yes, is my electricity bill OK?
B. That'll be fine. And, do you have any proof of income?
A. Yes, I brought my pay slips for the last month.
B. That will be fine. So, I'll need to ask you some questions about your personal details. What do you do for a living and how much is your monthly salary?
A. I work in a school as a teacher and my monthly wage is € 1,000.
B. Ok. Do you own a house or are you renting?
A. I'm renting and my monthly rent payment is € 500.
B. And finally, do you have any outstanding loans?
A. Fortunately, I haven't.
B. That will be enough. Thank you. Let's see... We have already set up your bank profile. Now, you'll need a credit card, which will be very useful to operate, withdraw money from ATMs and purchase goods. Would you like to apply for one of them?
A. Oh yes, that will be great. Thanks, but more than a credit card, I would like a debit card. I’m afraid of spending more money than I can afford and that may cause serious financial problems to me.
B. Ok. Remember if you take money out from another branch or if you do a withdrawal to another-bank account, you will have to pay a fee.
A. How much do you charge if I use a different banks ATM?
B. That will be € 3.
A. Wow, what a rip off!
B. Yeah, a little. I'm sorry, ma'am. Then, sign here, and here, and that's it. Is there anything else I can do for you today?
A. Oh yes, I almost forgot it. I'd like to deposit this money into my new account. They're € 500.
B. Sure. Congratulations! You just released your account. Welcome to our bank.
A. Thank you, you've been very kind. Have a nice day.
B. You too. Bye.
A. Hi, good morning.
B. Good morning, how can I help you?
A. I would like to open a bank account, please.
B. What type of account do you want to open?
A. I'm not sure. What types of accounts do exist? Sorry, I had never opened a bank account before.
B. No problem. That's why I'm here. I'll explain a little. There are many different types of accounts: a free account, which is the most useful, a paid account, and a premium paid account.
A. Would you mind explaining the difference, please?
B. The difference between these accounts are that they provide more services such as free traveler's checks or free bank checks with the premium accounts.
A. Ok, I get it.
B. Do you have any questions regarding what I just told you?
A. No, it's ok. I would like a free checking account.
B. Perfect. Do you have some form of identification?
A. I don't have right now my ID card. Here I have my driver license, is that ok?
B. Yes, thank you. We also need proof of your current address. Do you have any utility bill?
A. Yes, is my electricity bill OK?
B. That'll be fine. And, do you have any proof of income?
A. Yes, I brought my pay slips for the last month.
B. That will be fine. So, I'll need to ask you some questions about your personal details. What do you do for a living and how much is your monthly salary?
A. I work in a school as a teacher and my monthly wage is € 1,000.
B. Ok. Do you own a house or are you renting?
A. I'm renting and my monthly rent payment is € 500.
B. And finally, do you have any outstanding loans?
A. Fortunately, I haven't.
B. That will be enough. Thank you. Let's see... We have already set up your bank profile. Now, you'll need a credit card, which will be very useful to operate, withdraw money from ATMs and purchase goods. Would you like to apply for one of them?
A. Oh yes, that will be great. Thanks, but more than a credit card, I would like a debit card. I’m afraid of spending more money than I can afford and that may cause serious financial problems to me.
B. Ok. Remember if you take money out from another branch or if you do a withdrawal to another-bank account, you will have to pay a fee.
A. How much do you charge if I use a different banks ATM?
B. That will be € 3.
A. Wow, what a rip off!
B. Yeah, a little. I'm sorry, ma'am. Then, sign here, and here, and that's it. Is there anything else I can do for you today?
A. Oh yes, I almost forgot it. I'd like to deposit this money into my new account. They're € 500.
B. Sure. Congratulations! You just released your account. Welcome to our bank.
A. Thank you, you've been very kind. Have a nice day.
B. You too. Bye.
Thanks to Carmen F.
bank_servicies_(1)_(rebeca).doc | |
File Size: | 41 kb |
File Type: | doc |
Thanks to Rebeca G.
Dialogue 2:
A. You want to take out a loan - decide how much.
B. Student A wants to take out a loan. You can't lend this much to someone with such a bad credit rating.
A. You want to take out a loan - decide how much.
B. Student A wants to take out a loan. You can't lend this much to someone with such a bad credit rating.
Vocabulary
Verbs Apply (for a loan) Borrow (money) Cash (a check/cheque) Check (your account balance) Close (an account) Deposit (money) Exchange (money) Lend (money) Make (a deposit) Open (an account) Purchase Save (money) Speak (to the manager) Transfer (money) Withdraw (money) |
Nouns Balance Bank account Bank statement Bill Currency Direct Deposit Interest Loan Mortgage Payment Savings account Teller / Cashier Travelers check/cheques Withdrawal |
Phrasal Verbs
Take out
I am going to take out a loan to purchase a new car.
Save up
I am saving up for a Summer holiday.
Fill out
Please fill out this form before depositing your money.
Pay off
I need to pay off my loan in the next 2 years.
A bank is a place where money can be saved or loaned out from. Someone’s money can be placed in the bank for safe keeping. Or the bank can give out loans to people for an agreement to pay the bank back at a later time, usually with interest.
The people who run a bank are called bankers. Banks also can use the money they have from deposits to invest in businesses in order to make more money. Many people are not happy with the banking industry at the moment. They believe that the banks are greedy and do not care about their customers.
Take out
I am going to take out a loan to purchase a new car.
Save up
I am saving up for a Summer holiday.
Fill out
Please fill out this form before depositing your money.
Pay off
I need to pay off my loan in the next 2 years.
A bank is a place where money can be saved or loaned out from. Someone’s money can be placed in the bank for safe keeping. Or the bank can give out loans to people for an agreement to pay the bank back at a later time, usually with interest.
The people who run a bank are called bankers. Banks also can use the money they have from deposits to invest in businesses in order to make more money. Many people are not happy with the banking industry at the moment. They believe that the banks are greedy and do not care about their customers.
- Have you ever received an irritating letter from the bank?
- Do you agree that bank hours make it very difficult for working people to go there?
- Is there a problem with long bank queues in your country?
Information taken from: learnenglishbetter.com
Basic loan vocabulary
Credit cards are a very convenient way to purchase things. We don't need to carry around large quantities of cash. They can also be used to obtain cash when we need it all of a sudden. We call this a cash ________.
If a card is used wisely, it can be very _____. However some people have problems with these cards.
Some people _______ more than they can.
Because of the very high ______ rate on borrowed money, the credit card ______ becomes more and more difficult to ____ over time.
Unfortunately some people are forced to ______ on their payments. To keep people from accumulating too much debt, credit card companies put a _____ on the amount that people can _____ or borrow on their card.
Basic mortgage vocabulary
We usually have enough money in the bank to make large ______. If we want to buy a car, for example we can usually _____ money from a bank. This is called a bank _____. The bank gives us the money we need, and we gradually return the money in monthly payments. Each month we pay back some of the capital plus some interest.
When we buy a house, this large loan is called a _____. It is best to minimize the size of the mortgage by paying a kind of deposit that we call a _____. It should be as large as possible. Before giving us a mortgage, the bank gives us very complete ___evaluation to make sure that we can _to make the payments. If the bank thinks that we could be a credit _____ they could _____ to give us the mortgage. In this case, we can still get the mortgage if we can find someone who will ____ our mortgage. This person will be responsible to make our payments to the bank if we _______.
Online banking
More and more people do their banking online because of the many advantages. Online, they can do their banking at home or anywhere they want. Anytime of the day or night they can check account balances to see which payments have cleared. They can do different kinds of transactions - even transfer money between accounts, both business and personal. It just takes a few clicks of a computer mouse and a transaction is done.But there are extra advantages that come with online bill paying transactions. It saves a lot of time ( particularly with recurring bills like utilities ). Paying bills can also be done by auto-payment.
Paying online prevents late payments and insufficient fund situations. It confirms payment and keeps records in one place.
Secure or not?There are people who are concerned about security on the Internet. They don't like their bank account numbers and personal information to be online.
Others argue, however, that a cheque in the mail is not 100% safe. Someone can get your name, address, and account number in the mail. To make online banking safer, banks use encryption ( scrambling ) technology. Data is scrambled so it can't be read en route in cyberspace. Also, online banking Web sites use passwords and PIN for protection. Furthermore,
most banks protect you 100% in case someone gets into your account and commits fraud.
Large companies would like us to do online banking because they spend tens of billions printing and mailing bills and late notices to customers. Eighty percent of that cost is eliminated when a customer switches to online payments.
Questions
Basic loan vocabulary
- advance
- debt
- interest
- pay back
- spend
- afford
- default
- limit
- practical
- purchase
Credit cards are a very convenient way to purchase things. We don't need to carry around large quantities of cash. They can also be used to obtain cash when we need it all of a sudden. We call this a cash ________.
If a card is used wisely, it can be very _____. However some people have problems with these cards.
Some people _______ more than they can.
Because of the very high ______ rate on borrowed money, the credit card ______ becomes more and more difficult to ____ over time.
Unfortunately some people are forced to ______ on their payments. To keep people from accumulating too much debt, credit card companies put a _____ on the amount that people can _____ or borrow on their card.
Basic mortgage vocabulary
- afford
- borrow
- capital
- co-sign
- credit
- default
- down payment
- interest
- loan
- mortgage
- payments
- purchases
- refuse
- risk
We usually have enough money in the bank to make large ______. If we want to buy a car, for example we can usually _____ money from a bank. This is called a bank _____. The bank gives us the money we need, and we gradually return the money in monthly payments. Each month we pay back some of the capital plus some interest.
When we buy a house, this large loan is called a _____. It is best to minimize the size of the mortgage by paying a kind of deposit that we call a _____. It should be as large as possible. Before giving us a mortgage, the bank gives us very complete ___evaluation to make sure that we can _to make the payments. If the bank thinks that we could be a credit _____ they could _____ to give us the mortgage. In this case, we can still get the mortgage if we can find someone who will ____ our mortgage. This person will be responsible to make our payments to the bank if we _______.
Online banking
More and more people do their banking online because of the many advantages. Online, they can do their banking at home or anywhere they want. Anytime of the day or night they can check account balances to see which payments have cleared. They can do different kinds of transactions - even transfer money between accounts, both business and personal. It just takes a few clicks of a computer mouse and a transaction is done.But there are extra advantages that come with online bill paying transactions. It saves a lot of time ( particularly with recurring bills like utilities ). Paying bills can also be done by auto-payment.
Paying online prevents late payments and insufficient fund situations. It confirms payment and keeps records in one place.
Secure or not?There are people who are concerned about security on the Internet. They don't like their bank account numbers and personal information to be online.
Others argue, however, that a cheque in the mail is not 100% safe. Someone can get your name, address, and account number in the mail. To make online banking safer, banks use encryption ( scrambling ) technology. Data is scrambled so it can't be read en route in cyberspace. Also, online banking Web sites use passwords and PIN for protection. Furthermore,
most banks protect you 100% in case someone gets into your account and commits fraud.
Large companies would like us to do online banking because they spend tens of billions printing and mailing bills and late notices to customers. Eighty percent of that cost is eliminated when a customer switches to online payments.
Questions
- What kinds of banking transactions can you do online?
- What are some of the advantages of doing bill paying online?
- Is sending cheques in the mail completely safe?
- What three arguments are used that tell us that online bill paying is not dangerous?
asking_for_a_loan_(marta).doc | |
File Size: | 32 kb |
File Type: | doc |
Thanks to Marta O.
Dialogue 3:
A. You want to transfer some money overseas.
B. Student A wants to transfer money overseas. This is fine, but there will be a 5% commission charge.
VOCABULARY:
account holder, account number, amount, amounts up to, to charge, commission (an extra amount of money that you have to pay to a bank or other organization when they provide a service for you.), cost of transfer, credit transfer (a payment made directly from one bank account to another.), currency, depositor (someone who pays money into a bank.), direct debit (an order to a bank to regularly pay money from your account to a person or organization.), electronic telegraphic transfer, exchange rates, foreign currency, guarantee / warranty, international telegraphic transfer, money transfer (The act of transferring money from one place to another place. This may occur electronically or physically.), proof of identity, receiver / recipient, sender, trading codes, warranty / guarantee.
A. You want to transfer some money overseas.
B. Student A wants to transfer money overseas. This is fine, but there will be a 5% commission charge.
VOCABULARY:
account holder, account number, amount, amounts up to, to charge, commission (an extra amount of money that you have to pay to a bank or other organization when they provide a service for you.), cost of transfer, credit transfer (a payment made directly from one bank account to another.), currency, depositor (someone who pays money into a bank.), direct debit (an order to a bank to regularly pay money from your account to a person or organization.), electronic telegraphic transfer, exchange rates, foreign currency, guarantee / warranty, international telegraphic transfer, money transfer (The act of transferring money from one place to another place. This may occur electronically or physically.), proof of identity, receiver / recipient, sender, trading codes, warranty / guarantee.
Dialogue 4:
A. You want to apply for an overdraft. Decide how large.
B. Student A wants to apply for an overdraft. You can do this, but there will be a charge.
A. You want to apply for an overdraft. Decide how large.
B. Student A wants to apply for an overdraft. You can do this, but there will be a charge.
If you want to read information about applying for an overdraft, click on the image below:
If you want to know what kind of loans you can apply for, click below:
DECIDE IF YOU WANT TO APPLY FOR AN:
Arranged Overdraft: is a limit (say 500€) agreed between you and the bank that allows you to spend up to your agreed limit. There is no fee to set up an arranged overdraft, and arranging one could cost you less in charges than going into an unarranged overdraft.
Unarranged Overdraft can occur in the following ways: You go over your Arranged Overdraft limit or you spend more money than you have in your account without an Arranged Overdraft Limit in place.
Arranged Overdraft: is a limit (say 500€) agreed between you and the bank that allows you to spend up to your agreed limit. There is no fee to set up an arranged overdraft, and arranging one could cost you less in charges than going into an unarranged overdraft.
Unarranged Overdraft can occur in the following ways: You go over your Arranged Overdraft limit or you spend more money than you have in your account without an Arranged Overdraft Limit in place.
Vocabulary:
amount, account balance, assets your own (activos de su propiedad), bank rate, to confirm, deposit, garnished, garnishment (embargo), guarantors, income, incomes (ingresos), installments (plazos), to max out (llegar al máximo), monthly payments, outgoings (gastos), overdrawn (en descubierto, números rojos), permanent overdraft / temporary overdraft, realty (bienes de inmuebles), repayment schedule (calendario de pagos), standing order, take out a loan, unexpected expenses (gastos imprevistos), wage
amount, account balance, assets your own (activos de su propiedad), bank rate, to confirm, deposit, garnished, garnishment (embargo), guarantors, income, incomes (ingresos), installments (plazos), to max out (llegar al máximo), monthly payments, outgoings (gastos), overdrawn (en descubierto, números rojos), permanent overdraft / temporary overdraft, realty (bienes de inmuebles), repayment schedule (calendario de pagos), standing order, take out a loan, unexpected expenses (gastos imprevistos), wage
What's the difference between fee and commission?
Usually a fee is money which has to be paid for a service. Commission is money earned. For example, many sales people earn a basic salary and are paid commission in addition, according to the number of sales they have made.
Usually a fee is money which has to be paid for a service. Commission is money earned. For example, many sales people earn a basic salary and are paid commission in addition, according to the number of sales they have made.
- What is my overdraft limit?:
The amount you can borrow through your overdraft depends on the account you have and your financial circumstances. If you’re thinking of applying for an overdraft or are looking to increase the amount of an existing one, you should speak to one of our advisers in branch (sucursal bancaria).
- How can I cancel or reduce my overdraft?:
If you want to cancel or reduce an overdraft, you can either do this in branch.
- What do I do if my overdraft isn’t enough?:
If your agreed overdraft limit isn’t meeting your needs, you can apply for an increase in branch.
- Is There any interest charged on overdrafts?
- What about my “interest free threshold”?
- What are the fees that I would be charged for using an overdraft?
- When would my fees and interest come out of my account?:
All of our current accounts have a “charging period”. A charging period runs monthly, usually form the date that the account was opened. You must find out the total amount of charges and interest that will be charge to your account, and, the exact date the money will be taken.
- What kind of things should I be aware of before applying for an arranged or unarranged overdraft?
- What´s an Arranged Overdraft usage fee?:
This is a monthly fee that we charge on some of our accounts.
- What is an “interest free threshold”?:
An “interest free threshold” is an amount of your Arranged Overdraft that you can use without being charged any Arranged Overdraft interest.
The amount you can borrow through your overdraft depends on the account you have and your financial circumstances. If you’re thinking of applying for an overdraft or are looking to increase the amount of an existing one, you should speak to one of our advisers in branch (sucursal bancaria).
- How can I cancel or reduce my overdraft?:
If you want to cancel or reduce an overdraft, you can either do this in branch.
- What do I do if my overdraft isn’t enough?:
If your agreed overdraft limit isn’t meeting your needs, you can apply for an increase in branch.
- Is There any interest charged on overdrafts?
- What about my “interest free threshold”?
- What are the fees that I would be charged for using an overdraft?
- When would my fees and interest come out of my account?:
All of our current accounts have a “charging period”. A charging period runs monthly, usually form the date that the account was opened. You must find out the total amount of charges and interest that will be charge to your account, and, the exact date the money will be taken.
- What kind of things should I be aware of before applying for an arranged or unarranged overdraft?
- What´s an Arranged Overdraft usage fee?:
This is a monthly fee that we charge on some of our accounts.
- What is an “interest free threshold”?:
An “interest free threshold” is an amount of your Arranged Overdraft that you can use without being charged any Arranged Overdraft interest.
-Hello Mr. Sullivan.
+Hi, Rob, what brings you here?
-Well, as you know I am a senior in college and I am having some trouble in financing my tuition.
+Oh, I am really sorry to hear that. Do you have anything in your mind now or want me to guide you over the products we can offer you?
-Actually, I have been reading on your webpage and have almost made up my mind, only if you decide that my choice is the best one.
+Be my client, then. You have always had a good eye for business!
-I wasn’t thinking of a loan, because I don’t really need a big amount of money, neither a credit card because of its high interest rates. The option that could fit best my finances is an overdraft.
+Oh, I hadn’t thought about that for a second, but it is not a bad idea though.
-It depends on how good the deal is.
+Certainly Rob. As you know, we take into consideration students. As it is said here: We invest in your education, you believe in us.
-Besides college, I have recently found a part time job, writing in a magazine specialized in Medicine. That’s another thing I thought it could give me a hand in this deal.
+Definitely! But let’s cut to the chase ✓ Rob, what’s on your mind? (What worries you?)
-Right, what I was thinking is to close an arranged overdraft deal. It is just in case, I mean, I usually make ends meet ✓ but, sometimes unexpected issues do come up. That’s why I need to apply for an overdraft, not to bother my parents anymore with money problems.
+What’s the amount you are thinking about?
-It would be great to get 1000€.
+Ok, first of all, you need to come back with the following documentation:
ID
Social security number
Your proof of address (any kind of bill would be sufficient)
Employment proof (payroll, employment contract, etc.)
Your financial situation apart from this bank (another account information)
Filling out this application form
-Wow! that’s a lot of documentation!
-Ok, I’ll gather all the paperwork and will be back here tomorrow. Thanks for everything!
+Thanks to you, see you then!
One day later…
-Hi there!
+Hi Rob, were you able to gather everything I asked for?
-It cost a little bit of my time but I finally have it within me.
+Ok Let me see… Seems to be correct but…
-Anything wrong Mr. Sullivan?
+Not exactly, there is something we need to discuss about…
-I’m all ears. ✓
+The amount you are asking is not possible due to you account balance and your low incomes… Since you don’t want your parents help, it is going to be very difficult to sign for that amount.
-Oh no! and how much money could I overdraft? What’s the limit you suggest?
+You may not be happy with it.. 500€.
-Shocking! I didn’t see that coming,,, But I’ll have to bite the bullet ✓ anyway.
+So, I just need your signature here and we are done.
-Shall we close the deal, then?
+Don’t you want to know about the commissions and fees?
-Oh, God! Of course! I just hope I can afford them.
+Well, as a student, you won’t have to pay any commission. On the other hand, the fee for this operation is 9€. Do you agree with these terms?
-Sounds good to me.
+All right, then.
-Thank you, Mr. Sullivan.
+Always happy to help! Good bye!
Thanks to Juan Manuel A.
+Hi, Rob, what brings you here?
-Well, as you know I am a senior in college and I am having some trouble in financing my tuition.
+Oh, I am really sorry to hear that. Do you have anything in your mind now or want me to guide you over the products we can offer you?
-Actually, I have been reading on your webpage and have almost made up my mind, only if you decide that my choice is the best one.
+Be my client, then. You have always had a good eye for business!
-I wasn’t thinking of a loan, because I don’t really need a big amount of money, neither a credit card because of its high interest rates. The option that could fit best my finances is an overdraft.
+Oh, I hadn’t thought about that for a second, but it is not a bad idea though.
-It depends on how good the deal is.
+Certainly Rob. As you know, we take into consideration students. As it is said here: We invest in your education, you believe in us.
-Besides college, I have recently found a part time job, writing in a magazine specialized in Medicine. That’s another thing I thought it could give me a hand in this deal.
+Definitely! But let’s cut to the chase ✓ Rob, what’s on your mind? (What worries you?)
-Right, what I was thinking is to close an arranged overdraft deal. It is just in case, I mean, I usually make ends meet ✓ but, sometimes unexpected issues do come up. That’s why I need to apply for an overdraft, not to bother my parents anymore with money problems.
+What’s the amount you are thinking about?
-It would be great to get 1000€.
+Ok, first of all, you need to come back with the following documentation:
ID
Social security number
Your proof of address (any kind of bill would be sufficient)
Employment proof (payroll, employment contract, etc.)
Your financial situation apart from this bank (another account information)
Filling out this application form
-Wow! that’s a lot of documentation!
-Ok, I’ll gather all the paperwork and will be back here tomorrow. Thanks for everything!
+Thanks to you, see you then!
One day later…
-Hi there!
+Hi Rob, were you able to gather everything I asked for?
-It cost a little bit of my time but I finally have it within me.
+Ok Let me see… Seems to be correct but…
-Anything wrong Mr. Sullivan?
+Not exactly, there is something we need to discuss about…
-I’m all ears. ✓
+The amount you are asking is not possible due to you account balance and your low incomes… Since you don’t want your parents help, it is going to be very difficult to sign for that amount.
-Oh no! and how much money could I overdraft? What’s the limit you suggest?
+You may not be happy with it.. 500€.
-Shocking! I didn’t see that coming,,, But I’ll have to bite the bullet ✓ anyway.
+So, I just need your signature here and we are done.
-Shall we close the deal, then?
+Don’t you want to know about the commissions and fees?
-Oh, God! Of course! I just hope I can afford them.
+Well, as a student, you won’t have to pay any commission. On the other hand, the fee for this operation is 9€. Do you agree with these terms?
-Sounds good to me.
+All right, then.
-Thank you, Mr. Sullivan.
+Always happy to help! Good bye!
Thanks to Juan Manuel A.
Dialogue 5:
A. You have lost your card and need a new one.
B. Student A wants a new cash card. You can't produce one now. One can be sent out within two weeks.
Vocabulary:
Delay, credit card, issued, increase the limit, debit card, instalments, upgrade, bank rate, buy on credit.
A. You have lost your card and need a new one.
B. Student A wants a new cash card. You can't produce one now. One can be sent out within two weeks.
Vocabulary:
Delay, credit card, issued, increase the limit, debit card, instalments, upgrade, bank rate, buy on credit.
Dialogue 6:
A. According to your bank statement, 1500euros were withdrawn from your account last week in Belgium. You've never even been to Belgium!
B. Student B thinks they have been the victim of fraud. They do not have insurance and the bank can't refund any losses.
Vocabulary:
Scam, funds, insurance, warranty or guarantee, cover, risk, terms of use, responsibility, refuse, strictly, laid down the law, take a legal action, be refund, offset, satisfied, fulfilment, purchase, unenforceable, disappointed, clause, contract
A. According to your bank statement, 1500euros were withdrawn from your account last week in Belgium. You've never even been to Belgium!
B. Student B thinks they have been the victim of fraud. They do not have insurance and the bank can't refund any losses.
Vocabulary:
Scam, funds, insurance, warranty or guarantee, cover, risk, terms of use, responsibility, refuse, strictly, laid down the law, take a legal action, be refund, offset, satisfied, fulfilment, purchase, unenforceable, disappointed, clause, contract