TOLES Foundation 2A (Definitions)

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a balance
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it is the amount of money that you have got in your bank account.
a bank account is in the black
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it means that there is money in your bank account. in other words, you are in credit.
a bank account is in the red
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it means that you have spent more money than you had in your bank account. you have overdrawn your bank account.
a bank statement
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it is a document you receive from a bank which tells you how much money you have deposited in your bank account or withdrawn from your bank account, and when, and how much you have at the moment.
a bill
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it is a demand for payment for the goods and services you have received.
a branch of a bank
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it is a local office or bureau of your bank.
a credit
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it is an amount of money paid into a bank account.
a current account
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a bank account that you can use at any time. it is called a checking account in the usa.
a debit
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it is an amount of money that goes out of a bank account.
a debit card
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it is a card that allows you to withdraw cash from your current account or pay for goods or services electronically.
a debt
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it is a general word for money which you owe to someone else.
a fee
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it is a payment you have to make to a professional person to do something for you.
a foreign currency
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it is the money in coins and notes that people use in that country.
an account number
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it is a personal number that identifies your bank account.
an applicant
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a person who wants to ask for something, like a job or a bank account.
an atm (machine)
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a cashpoint. a machine that distributes money to bank customers.
an automated payment
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a payment that your bank will make at regular times without needing your permission to do it each time.
an income
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it is a word for all the money that you receive regularly from your salary or from other things.
an overdraft
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it is the amount of money you can take out of your bank account although you do not have this money in the account.
bank charges
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these are payments you have to make to a bank for using their services.
chip and pin
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the system of security for using credit and debit cards when withdrawing money.
interest (uncountable!)
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it is the amount of money that a bank charges you for a loan or overdraft. interest is also paid to you on any amount you save at our bank.
outgoings
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it is a word for all of the money that you spend. it could be every month or every year.
straightforward
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it means something is simple and easy to understand.
subject to status
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depending on meeting certain criteria.
to be eligible for something
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it means you meet the requirements, or that you are the right kind of person. you qualify for something.
to borrow
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it means to take (often money) from someone else for a period of time. you must give it back to them.
to default on the loan
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it means not to pay back the money one has borrowed from the bank.
to deposit money
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to put money into a bank account.
to issue a cheque
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it means to give someone a check and validate it by signing it.
to lend
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it means to give a thing (often money) to someone else for a period of time. they must give it back to you.
to owe
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it means to have to pay some money to someone else.
to print off your balance
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it means to look at how much money you have in your bank account and receive a piece of paper showing that amount.
to transfer cash
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it means to move money electronically from one bank account to another.
to validate something
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to make something legally acceptable and effective.
to withdraw money
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it means to take money out of a bank account.

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