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Dialogue. Cashier: Now this is the checking account ledger

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Read Иге dialogue.

Cashier: Now this is the checking account ledger. Each page * is a record of a customer's deposits and withdrawals.

Student: Anclyou give a copy of this to the customer.


Thai's right. That's hisstalemcnt, which he receives with all his cancelled checks. Then he reconciles ill with his own records.

S. C. S. C. S. C.

This one is a joint account, isn't it? And prelly| active. ' Yes, it is.

What's this debil? That's our service charge. 1 notice an overdraft here in April. I'm afraid we've had lo remind this customer and his wife several limes lhal Ihey must keep a suffi­cient balance to cover all on Islanding checks.

C. .•

S. : C.:

S. : C.

S. : C.

S. C.

Will I have to learn lo recognize all our customers


Yes, you will . Any check we cash must have a genu-

ine signature. But we keep a file of them that you

can refer to.

Will I be doing any posting of this ledger?

No, I'm afraid. Nol till you are employed in our


Well, suppose one has some funds on hand, I'm

wondering whelher he ought lo pul them in a sa-

vings account.

It's a good idea, if he wants lo keep his investment

fairly liquid. And he might also think of a lime de-


What's the difference?

Well, first of all, his lime deposit is for a specified ,

term, bul he can make wilhdrawals from his sa-

vings accounl al any lime, allhough as much as Ihirly

days' nolice of wilhdrawal may be required.

Do Ihey draw Ihe same rale of inlercsl?

The bank pays Ihc maximum 4% per annum al ma-

lurily on a one year lime certificate. Interest on a

savings account accrues al the rale of 3%.

How do you figure Ihc in leresl on a savings accoun I?

H's compounded and credited lo Ihc account


You mean added to the principal?

Yes. And we issue each customer a passbook on his savings accounl in which each deposit and with-

drawal is entered.

Is either type of aceounl Iransferable?

Only lime certificates.

Arc these deposits insured?

Yes. We're a member of Ihe Federal Deposit Insur-

ance Corporation.



Questions on the dialogue:

1. What is a checking account ledger? ,

2. Why does the bank send a copy of the statement with a]|
checks cancelled to every customer?

3. Are service charges debited or credited to an account?


4. What happens when a cashier notices an overdraft on
somebody's account?

5. What does a teller have to do before he cashes a check?

6. What advice would you offer to a customer who has some
funds on hand?

7. Why is it profitable to deposit your funds for a specific

8. How is the interest on a savings account figured?

9. Which type of account is transferable?
lO.How are customer's deposits protected?


There are two general reasons for using a bank account.
The first and most common is thel'onvenicncc and safety pro­
vided by a current account at a bank. The second is that small
and perhaps regular surpluses are available to be saved, and
for this purpose a bank provides deposit accounts. ,

A deposit account will not offer a high rale of interest and would not be the best way to save large sums of money for any long period of time, but it is designed to make saving simple, convenient and safe. II is especially appropriate for those who may save small amounts from lime to lime without any planned regularity or for those who wish to save for a particular purpose in the immediate future, for example for; annual holidays or for the purchase of a major item such as a| car.

Most customers of a bank who have opened a deposil ac­count will also have a current account and Ihis makes the transfer ol amounls of money from one lo Ihe other an easy

matter. Regular payments inloade[>osit account can l>e made through a standing order lo the bank who will automatically transfer the agreed amount according lo your instructions. Other payments are made on standard forms but it is most convenienl and provides a useful record if the depositor uses a paying in book. Intcresl is calculated every^ix months and added lo the account. The rale of interest varies from time lo lime and is publicly adverlised in any bank. Because Ihe bank uses money deposited with them to lend to others it normally requires aboul seven days nolice of inlcnlion lo withdraw money from a deposit account, but unless Ihcre is a heavy demand for money Ihey arc nol likely lo insist on Ihis and cash is often immediately available to those who wish lo wilh-draw it. There is an assumption lhal such nolice was given and you would lose sevei, day's inleresl on Ihe money.

The increasing need for securily and Ihe use of computers in wage payments have combined to make it more common to have a bank account than lo be without one. This kind of account is a current one and its most common use is a single regular paymenl in either a weekly wage or a monthly salary and regular payments oul to meet Ihe normal everyday ex­penses. Mosl payments are still made by cheque although the use, of Ihe standing order or the direct debit is becoming very common. II is normally expecled lhal a current account-will remain in balance and customers who regularly maintain an agreed minimum balance are often given Ihe services of the bank without charge. In general, however, charges are made which vary with the size of the balance, Ihe amount of use of the bank's services and Ihe number of Iransaclions. If the account is overdrawn a further charge, which is interest on the overdrawn amount, is also made.

Overdrafts are not permitted automatically and anything other than a small temporary overdraft would have to be by agreement wilh the bank manager. Such a facility- is often useful particularly when there is a shorl lerm disbalance be­tween income and cxpendilure. On the olher hand, since





4.'Compound 5. Maturity 6. Principal 7. Charge 8. Rale of interest

money in a current account does not attract interest, it is not a good idea to maintain large cash balances, these would be belter transferred to a deposit account or to an alternative form of saving.

Questions on the text:

1. What are the two main reasons for opening a bank ac­

2. Which type of account is used by those who wish to save?

3. What kind of saving is this type of account most suited to?

4. What is a standing order?

5. Why does a bank sometimes need notice of intention to
withdraw money from saving accounts?

b'. What is the most common use of current accounts?

7. Why are some customers not charged for the facility of a
current account?

8. Why is it not a good idea to retain large balance in a cur­
rent account?

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