2011年ESL之日常生活 02 Checking Accounts and Writing Checks

02 Checking Accounts and Writing Checks

GLOSSARY 1

notice – notification; an official written statement letting one know something

* The library sends me an email notice whenever it’s time to take back the booksI’ve checked out.

to bounce – for a check to not be paid and instead be returned to the personwho tried to make the deposit, because it was written for an amount that isgreater than the amount of money in the bank account

* This rental 2 agreement says that if our check bounces, we have to pay thelandlord an extra $75.

overdraft 3 – an instance when one owes a bank money because one has spentmore money than one has

* The bank covers my overdrafts 4 up to $200 per day, but it charges me $25 eachtime.

bank statement – a written report, usually sent monthly, showing how muchmoney one has in one’s bank account, as well as all the money that was put inand all the money that was taken out during a specific period

* If you don’t recognize a transaction on your bank statement, be sure to call thebank right away to report it.

deposit – money put into one’s bank account

* Please make a deposit into our checking account today, or we won’t haveenough money to pay the bills tonight.

withdrawal 5 – money taken out of one’s bank account

* Does the bank limit how many withdrawals 6 you can make each month?

fee – money paid for a particular purpose; the amount of money paid in order todo something, or to have someone do something for oneself

* How much is the late fee if we return our DVDs to the movie rental store oneday late?

minimum balance – the smallest amount of money that one must have in one’sbank account to keep the account open or to avoid paying a fee

* As long as we maintain the minimum balance, the bank pays us interest on ouraccount.

direct deposit – the process of having one’s payments sent directly to one’sbank account electronically, without the need to take a check or cash to the bank

* Direct deposit is really convenient because employees don’t have to take theircheck to the bank every two weeks, and nobody loses their check.

paycheck – money paid to an employee for the work that he or she has done,usually weekly, biweekly (every two weeks), or monthly

* My paycheck would be a lot bigger if my employer didn’t have to send part ofmy salary to the government for taxes.

ATM card – a small, rectangular piece of plastic that is used with a four-numbercode to take money out of one’s bank account at an ATM (automated 7 tellermachine)

* I lost my ATM card and called the bank right away so they could send me anew one.

deducted 9 – subtracted; taken away; reduced

* Chrissy has the payments for her Internet connection deducted from her bankaccount automatically every month.

sneaky – tricky 10; slightly dishonest or deceptive 11; without being clear about whatone is doing

* Some cell phone companies are really sneaky, always making new customerssign a two-year agreement and pay a lot of money if they want to end theirservice early.

to count on – to rely on; to depend on; to assume and believe that somethingwill happen

* That boy’s parents are counting on the surgeon to save his life.

terms and conditions – the detailed 12 part of a contract that specifies 13 all therights, responsibilities, and consequences associated with an agreement

* Can we renew our lease without changing the terms and conditions?

had it – a phrase used to show that one is tired and frustrated 14 with somethingand will not continue to use or have it anymore

* This computer is too slow! I’ve had it! I’m going to go buy a new one today.

to take (one’s) business elsewhere – to begin using the services of a differentcompany because one was very dissatisfied with the service received from thefirst company

* If you can’t deliver my order by tomorrow, I’ll take my business elsewhere.

COMPREHENSION QUESTIONS

1. What might cause an overdraft?

a) Having too many deposits.

b) Having too many withdrawals.

c) Having direct deposit.

2. What does Jae mean when he says that the bank counts on Marianne notreading the terms and conditions?

a) The bank assumed she wouldn’t read the agreement carefully.

b) The bank counted out the terms and conditions carefully.

c) The bank charged her extra for the terms and conditions.

______________

WHAT ELSE DOES IT MEAN?

notice

The word “notice,” in this podcast, means notification, or an official writtenstatement letting one know something: “Most magazines send notices to renew afew months before a subscription 15 expires.” The phrase “until further notice”

means that things will continue in a particular way until a change is made andannounced: “Due to the mice found in our building, no one is allowed to eat attheir desk until further notice.” The phrase “on short notice” means without verymuch advance notice, or without very much time to prepare for something: “Asthe fighting continued, people were told to pack their bags and be ready to leavethe city on short notice.” Finally, the phrase “to give notice” means to tell one’sboss that one is quitting one’s job: “The company asks all its employees to givetwo weeks’ notice.”

to count on

In this podcast, the phrase “to count on” means to rely or depend on something:

“Everyone is counting on the new CFO to find a way for the company to avoidbankruptcy.” The phrase “to count down” means to say out loud the minutes orseconds left before something happens: “Everyone in Times Square wascounting down together, ‘Five, four, three, two, one – Happy New Year!’” Thephrase “to count out” means to count the number of things as one places themon a surface one at a time: “For this game, the dealer 16 counts out eight cards foreach player.” Finally, the phrase “to count (someone) in” means to includesomeone in an activity: “Are you going out for ice cream? Count me in!”

CULTURE NOTE

U.S. banks offer many types of “checking accounts” where people can keep theirmoney and make payments easily. A “free checking account” is one that doesn’tcharge any fees for “account maintenance” (keeping an account open), “checkprintingservices” (the creation of checks with one’s name and account number),or withdrawals. However, free checking accounts often have a minimum balancerequirement and usually charge fees for overdrafts, so it is important to read allthe fine print before opening an account.

Many banks offer special accounts for students or “seniors” (people who areolder than 55, 60, or 65). These are usually free checking accounts that offeradditional free services, such as free ATM withdrawals or free “traveler’s checks”

(pieces of paper used to get cash while traveling, for greater security).

A “joint 17 checking account” has two or more “accountholders” (the people whoown an account). It is common for a married couple to have a joint checkingaccount for all the “household expenses” (costs of running a home).

An “interest-bearing account” usually has a high minimum balance requirement,but the bank pays “interest” (a percentage of the balance is paid out each month)to the accountholder. This interest rate is usually much lower than other“investment options” (places where one can put money to make more money),but it also has much lower “risk” (the likelihood of losing money).

A “money market account” is like an interest-bearing account, but it has a“slightly” (a little bit) higher interest rate, a higher minimum balance, and“restrictions” (limitations) on how many checks the accountholder can write eachmonth. Most money market accounts allow the account holder 18 to write only threeto five checks each month.

______________

Comprehension Questions Correct Answers: 1 – b; 2 – a

COMPLETE TRANSCRIPT 19

Welcome to English as a Second Language Podcast number 657: CheckingAccounts and Writing Checks.

This is English as a Second Language Podcast episode 657. I’m your host, Dr.

Jeff McQuillan, coming to you from the Center for Educational Development inbeautiful Los Angeles, California.

Our website is eslpod.com. You can download a Learning Guide from ourwebsite that will help you improve your English.

Today’s episode is about the fascinating world of check writing. Let’s get started.

[start of dialogue]

Marianne: I don’t understand it. I got a notice from the bank that two of mychecks bounced. I’ve never had an overdraft in my life.

Jae: That doesn’t sound like you. You’re always so careful with your money.

Marianne: I am! I don’t understand what happened.

Jae: Let me take a look at your bank statement. Okay, here are your depositsand withdrawals from last month. Did you know that your bank charges you afee just to have a checking account?

Marianne: It does? I didn’t know that.

Jae: It looks like you also have a minimum balance requirement. If you fallbelow that, you get charged a fee.

Marianne: I do?

Jae: If it’s like my checking account, you can avoid that by getting direct depositfor your paycheck. Did you also know that you get charged every time you useyour ATM card to make a purchase?

Marianne: I didn’t know that!

Jae: Well, that’s what happened. Your bank is charging you fees for all of thosethings and after those fees were deducted, you were left with less money in youraccount than you thought.

Marianne: That’s so sneaky! How could they do that?

Jae: They count on you not reading the terms and conditions and not lookingclosely at your statements.

Marianne: I’ve had it! I’m moving banks. I’m taking my business elsewhere.

Jae: Oh, yeah? I know of a good bank.

Marianne: You do?

Jae: Sure, it’s called the Bank of Jae. No fees – ever.

Marianne: Yes, but would I ever see my money again?

[end of dialogue]

Marianne begins by saying to Jae, “I don’t understand it. I got a notice from thebank that two of my checks bounced.” A “notice” (notice) is a notification. It’sbasically an official letter or note telling you that something is wrong or somethingabout your official account. You could get a notice from the library telling youthat you have to return your books. The bank sent Marianne a notice that two ofher checks bounced. “To bounce (bounce) a check” means to write a check –that is, to write on a piece of paper saying that this person can take that piece ofpaper to your bank and the bank will give him or her the money – you write oneof these checks but there isn’t money in your banking 20 account to what we wouldsay “cover the check,” in other words, to pay the check. If you write a check for3,000 dollars, and your checking account at the bank has only 100 dollars yourcheck will bounce; it will come back to the person and say sorry, this guy doesn’thave enough money. Marianne says that she’s never had an overdraft in her life.

An “overdraft” is when the bank says okay, we will pay this check even thoughyou don’t have enough money, but now you have to pay us back plus you haveto pay some extra money.

Jae says, “That doesn’t sound like you. You’re always so careful with yourmoney.” Marianne says, “I am! I don’t understand what happened.” Jae says,“Let me take a look at your bank statement.” Your “bank statement” is what theysend you usually every month that shows all of the money that you have put in your bank and all that you have taken out. Jae says, “Okay (looking at the bankstatement now), here are your deposits (money that you put into your bankaccount) and withdrawals (money that you take out of your bank account). Didyou know that your bank charges you a fee just to have a checking account?”

Jae is asking if Marianne realizes or knows that every month the bank chargesher a “fee,” in other words, an amount of money. So if you have a checkingaccount, the bank will take 5 dollars or 10 dollars out of your account each monthto pay for your account. Many banks have free checking; they don’t charge youfor a banking account, but some banks do, and when they do we call that a fee.

Marianne says, “It does? I didn’t know that.” Jae says, “It looks like you alsohave a minimum balance requirement.” Your “minimum (meaning the leastamount) balance (meaning the amount of money in your bank account)” is whatsome banks set up or establish for certain accounts. If you don’t keep enoughmoney in your bank account, say 1,000 dollars or 500 dollars, then the bank willcharge you a fee if you go below, or have less than your minimum balance. Jaesays if you fall or go below that minimum, you get charged a fee. Marianne says,“I do?” Obviously, Marianne is not as careful as she thinks she is.

Jae says, “If it’s like my checking account (if your checking account is similar tomy checking account), you can avoid that fee by getting direct deposit for yourpaycheck.” “Direct deposit” is when the company you work for doesn’t give you acheck; it sends the money electronically directly to your bank. That’s calleddirect deposit. If you have a checking account and the company you work forhas direct deposit, many times the bank will not charge you a fee. Your“paycheck” is the money that you normally get for working. In this case however,you don’t get a paycheck; the money goes right to your bank. Jae says, “Did youalso know that you get charged every time you use your ATM card to make apurchase?” Jae is asking Marianne if she realizes that every time she uses herbank card – her plastic card that looks like a credit card – to buy something shehas to pay an extra fee to the bank. “ATM” stands for automated teller 8 machine.

A “teller” is what we call the person who works at the bank who you go up andtalk to to deposit or withdraw money. An “automated teller machine” is amachine that you put a card into, press some numbers, and it either gives youmoney or allows you to deposit money.

Marianne says, “I didn’t know that!” Once again, not too smart! Jae says, “Well,that’s what happened. Your bank is charging you fees for all of those things andafter those fees were deducted (meaning after they took that money out of youraccount), you were left with less money in your account than you thought.”

Because Marianne did not know the bank was charging her fees she had lessmoney in her banking account than she thought she did. Marianne says, “That’s so sneaky!” Something that is “sneaky” (sneaky) is something that is somewhatdishonest or deceptive; we might also say tricky. They’re not clear about whatthey’re doing; they’re doing something without telling you, that’s the idea.

Marianne says, “How could they do that?” Jae says, “They (the bank) count onyou not reading the terms and conditions and not looking closely at yourstatements.” “To count on” means, as a two-word phrasal verb, to rely on or todepend on, to assume and believe that something will happen. The bankdepends on the fact that you are not going to read the terms and conditions. Ishould say that the word “count” has many different meanings in English; take alook at our Learning Guide for some additional ones. “Terms and conditions,”

sometimes called in the business world “Ts and Cs,” are the detailed part of anagreement or contract that specifies – that gives you all of the responsibilities, allof your rights, all of things that you have to do and that the bank will do. Anycontract has terms and conditions – most contracts, that is. The bank has termsand conditions, but most people when they open their account don’t read theterms and conditions, which are usually printed in a very small font – a very smallsize lettering. Jae says they also count on you not looking closely, or carefully, atyour bank statements.

Marianne says, “I’ve had it!” meaning I am tired, I’m frustrated, and I’m not goingto continue to do this anymore. “I’ve had it! I’m moving banks (I’m going to takemy money and put it in a different bank). I’m taking my business elsewhere.”

“To take your business elsewhere” means to stop using one company and startusing a different company, usually because you are dissatisfied or unhappy withthe first company. Jae says, “Oh, yeah? I know a good bank.” Marianne says,“You do?” Jae says, “Sure, it’s called the Bank of Jae.” He’s making a joke here;he’s saying that he can be her bank. He says, “No fees – ever (you will neverhave to pay extra fees).” Marianne says, “Yes, but would I ever see my moneyagain?” Once again, following with the joke, she’s saying that if she gave hermoney to Jae she would never see her money again.

Now let’s listen to the dialogue, this time at a normal speed.

[start of dialogue]

Marianne: I don’t understand it. I got a notice from the bank that two of mychecks bounced. I’ve never had an overdraft in my life.

Jae: That doesn’t sound like you. You’re always so careful with your money.

Marianne: I am! I don’t understand what happened.

Jae: Let me take a look at your bank statement. Okay, here are your depositsand withdrawals from last month. Did you know that your bank charges you afee just to have a checking account?

Marianne: It does? I didn’t know that.

Jae: It looks like you also have a minimum balance requirement. If you fallbelow that, you get charged a fee.

Marianne: I do?

Jae: If it’s like my checking account, you can avoid that by getting direct depositfor your paycheck. Did you also know that you get charged every time you useyour ATM card to make a purchase?

Marianne: I didn’t know that!

Jae: Well, that’s what happened. Your bank is charging you fees for all of thosethings and after those fees were deducted, you were left with less money in youraccount than you thought.

Marianne: That’s so sneaky! How could they do that?

Jae: They count on you not reading the terms and conditions and not lookingclosely at your statements.

Marianne: I’ve had it! I’m moving banks. I’m taking my business elsewhere.

Jae: Oh, yeah? I know of a good bank.

Marianne: You do?

Jae: Sure, it’s called the Bank of Jae. No fees – ever.

Marianne: Yes, but would I ever see my money again?

[end of dialogue]

We count on our scriptwriter to give us good scripts, and she always does.

Thank you Dr. Lucy Tse.

From Los Angeles, California, I’m Jeff McQuillan. Thank you for listening. Comeback and listen to us again on ESL Podcast.

English as a Second Language Podcast is written and produced by Dr. Lucy Tse,hosted by Dr. Jeff McQuillan, copyright 2011 by the Center for EducationalDevelopment.