Byznys angličtina: Personal Banking

Types of accounts: current account, savings account, deposit account

At present, there are three main types of accounts bank clients can choose from. They are a current account, a deposit account and a savings account. While some clients use more than one account, some clients only have a current account and it is enough for them. Current accounts allow customers to withdraw money with no restrictions but they usually have very low interest rates. Deposit accounts are special types of savings accounts from which money cannot be taken without giving the bank a notice in advance. Savings accounts tend to have higher interest rates than deposit accounts. Some of them offer instant access to funds, while others require 30, 60, or 90 days notice. On a regular basis, banks send statements listing all the transactions for a particular period, i.e. debits (money going out) and credits (money coming in).

Current accounts offer two types of cards the owners can possess. Debit cards allow withdrawals and other transactions at cash dispenser or cash machine as well as buying goods in a shop or online whereas credit cards can be also used for borrowing money. In some countries people prefer using cheques to pay their bills whilst some countries do not issue chequebooks and people have to pay their bills by bank transfer.

Bank transfer enables two types of payment. Standing orders are used to pay regular fixed sums of money and direct debits are used if the payment amount and the date of payment vary.

British vs American English

Concerning the above mentioned terminology, it is important to notice several differences between British and American English. Instead of current account, Americans use the term checking account. Cash dispenser or cash machine is synonymous to ATM in American English, which stands for Automated Teller Machine. And finally, British and American English make a difference in spelling of the word cheque (British English) versus check (American English).

E-banking

E-banking or internet banking is becoming very popular these days and it is also used much more frequently because clients find it easy to use and they thus do not have to search for and go to local branches of their banks. Instead of that they can carry out most of the transactions online. Internet banking allows clients to do online transactions such as checking on their account balance or receiving electronic account statements instead of paper ones. Further, they can transfer money between their accounts, see their standing orders, make a payment to abroad, see orders waiting for processing and so on and so on. Except for the above mentioned bank transactions, clients can also recharge credit on their mobile phones or set up the function of recharging their credit on a regular basis. As part of their internet banking, clients can receive messages from the bank or can be informed about status of their payment orders by text or email messages.

Additionally to the account balance and current and dispensable amount of money available, the internet banking system enables bank clients to see also investments and savings, personal credit limits and the overview of payment cards which means that clients can be in control of their finance anytime and anywhere.