TOLES Foundation 2A (Definitions)

a balance

it is the amount of money that you have got in your bank account.

a bank account is in the black

it means that there is money in your bank account. in other words, you are in credit.

a bank account is in the red

it means that you have spent more money than you had in your bank account. you have overdrawn your bank account.

a bank statement

it is a document you receive from a bank which tells you how much money you have deposited in your bank account or withdrawn from your bank account, and when, and how much you have at the moment.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

it is a demand for payment for the goods and services you have received.

a branch of a bank

it is a local office or bureau of your bank.

a credit

it is an amount of money paid into a bank account.

a current account

a bank account that you can use at any time. it is called a checking account in the usa.

a debit

it is an amount of money that goes out of a bank account.

a debit card

it is a card that allows you to withdraw cash from your current account or pay for goods or services electronically.

a debt

it is a general word for money which you owe to someone else.

a fee

it is a payment you have to make to a professional person to do something for you.

a foreign currency

it is the money in coins and notes that people use in that country.

an account number

it is a personal number that identifies your bank account.

an applicant

a person who wants to ask for something, like a job or a bank account.

an atm (machine)

a cashpoint. a machine that distributes money to bank customers.

an automated payment

a payment that your bank will make at regular times without needing your permission to do it each time.

an income

it is a word for all the money that you receive regularly from your salary or from other things.

an overdraft

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

these are payments you have to make to a bank for using their services.

chip and pin

the system of security for using credit and debit cards when withdrawing money.

interest (uncountable!)

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

it is a word for all of the money that you spend. it could be every month or every year.

straightforward

it means something is simple and easy to understand.

subject to status

depending on meeting certain criteria.

to be eligible for something

it means you meet the requirements, or that you are the right kind of person. you qualify for something.

to borrow

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

it means not to pay back the money one has borrowed from the bank.

to deposit money

to put money into a bank account.

to issue a cheque

it means to give someone a check and validate it by signing it.

to lend

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

it means to have to pay some money to someone else.

to print off your balance

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

it means to move money electronically from one bank account to another.

to validate something

to make something legally acceptable and effective.

to withdraw money

it means to take money out of a bank account.