What is a 'bank statement'?

A printed record of the balance in your bank account and recent transactions

What does 'balance' refer to?

The amount of money currently in your bank account

The amount of money you owe the bank

The fees the bank charges for services

What is an 'ATM' (Automated Teller Machine)?

A machine that allows basic banking activities like withdrawing money

A machine for loan applications

A place where you exchange foreign currency

What is a 'debit card'?

A card that allows you to transfer money electronically when making purchases

A card used for taking out loans

A card that allows you to borrow money with interest

What does a 'credit card' allow you to do?

Borrow money to make purchases and pay it back later with interest

Deposit cash into your savings account

Transfer money from one account to another

What is an 'overdraft'?

Borrowing more money than you have in your account

The interest earned on a savings account

Borrowing money from a bank, which must be paid back with interest

What is a 'mortgage'?

A loan taken out to buy property or land, which is paid back over time

A bank account for buying property

A savings account with a higher interest rate

What does 'online banking' allow you to do?

Manage your bank accounts over the internet

What is a 'wire transfer'?

An electronic transfer of funds across a network of banks

What does it mean to 'borrow' money?

To take money and agree to pay it back later

To give money with the expectation of being paid back

To transfer money to another account

What does it mean to 'lend' money?

To give money with the understanding that it will be paid back

To take money from someone else

To pay fees for using a bank account

What does 'charge' mean in banking?

To ask for an amount of money for goods or services

What does it mean to 'negotiate' in banking terms?

To discuss terms of a loan or deal to reach an agreement

To withdraw money from a bank account

What does 'verify' mean in a banking context?

To make sure that information is accurate, including confirming transactions

What does it mean to 'authorize' a transaction?

To give official permission for a transaction to proceed

What does it mean to 'setup a direct debit'?

To arrange for regular payments to be made automatically from your bank account

What does 'pay off a loan' mean?

To completely repay the money borrowed from the bank

What does 'freeze your account' mean?

To temporarily stop all activities on your account for security reasons

To transfer all your money to another account

To close your bank account permanently

What does it mean to 'unblock your card'?

To remove a block that was placed on your bank card, allowing it to be used again

What is a 'bank draft'?

A check that is drawn by the bank itself, against its own funds

A record of all your bank account activities

Banking Vocabulary Test

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The amount of money you need to pay back

The amount of money you earn by keeping your savings in a bank

The monthly fee charged for account maintenance

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