Banking and Banking Services

8/13/2019 Banking and Banking Services

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customer/ client/ consumer/ clientele customer and client can be used to refer to either people or companies that buy

things consumer and clientele are used only about people customer is usually used when the thing being sold is a standard product or

service: Phone companies are competing to sign up domestic customers.

client is preferred when the thing being sold is specially prepared or designed, e.g.professional advice: They have advised their clients to buy the shares.

It is now common for organizations providing public services, i.e. hospitals and buscompanies, to refer to the people who use their services as customers or clients,rather than patients, passengers, etc., since these words are thought to be moreprofessional.

consumer is used to describe any member of the public who buys things ratherthen a customer of a particular company: changes in consumer behaviour consumer demand for cheap flights

clientele describes all the people who use a particular shop/store, restaurant orservice: The restaurant attracts a younger clientele.



Banking Terms ACCOUNT – an arrangement between a bank and a customer,

allowing certain banking or credit services: You don’t need to have an account with us to apply for a credit card .

CURRENT ACCOUNT (BrE) / CHECKING ACCOUNT (AmE) –an account which pays little interest, but from which money canbe taken out without giving notice, usually by writing a cheque(AmE check) Could you let me know the balance of my current account, please?

DEPOSIT ACCOUNT / TIME / NOTICE ACCOUNT – an

account that pays interest, but which requires notice beforemoney can be taken out: This deposit account offers an interest rate of 6.5%.

INTEREST – an amount that is charged for borrowing money: Rates of interest are shown in the table on page four .



Banking Terms STATEMENT – a document from a bank that shows

transactions over a certain period:

There seems to be an error in this monthly statement.

BALANCE – the difference between money going outand money coming in at any given time:

The statement shows a balance of just $20,000.

CHARGE – an amount to be paid to a bank forproviding certain services:

If you repay the full amount shown on the statementwithin fifteen days, there is no charge.



Banking Terms ATM (Automated Teller Machine)/ cash dispenser (BrE)/ cash machine

(AmE) / cash point (AmE) – a machine that dispenses cash when a card isused: This card can be used at 4000 ATMs in the country.

PIN / PIN number – Personal Identification Number; a number known to acardholder which allows access to accounts through an ATM: Your PIN will be sent to you in two or three days.

TO DEBIT – to deduct a sum of money from an account: The mortgage payment will be debited from the account on the first day of the

month. TO CREDIT – to add an amount of money to an account:

$10,000 has been credited to the account. TO DEPOSIT – to put money into an account:

The sum of $5000 was deposited at the end of the month. TO WITHDRAW – to take money out of an account:

How much would you like to withdraw?



Types of Bank CENTRAL BANKS such as the Bank of England (UK) or the Federal

Reserve System (US) provide banking facilities for governments andother banks, as well as issuing banknotes and coins.

COMMERCIAL BANKS/ HIGH STREET BANKS (BrE) are businesses

that trade in money and deal directly with the public. MERCHANT BANKS specialize in raising finance for industry,

arranging flotations, takeovers and mergers, and investment portfolios. INVESTMENT BANKS are firms that control the issue of new

securities (shares and bonds). The American equivalent of merchantbanks.

CLEARING BANKS are banks which belong to a clearing house (in theUK), which is an institution where members’ cheques are cancelledagainst each other and only the balances are payable.

SAVINGS BANKS are financial institutions specializing in savingsaccounts.

UNIVERSAL BANKS are banks that combine investment banking with

commercial banking.



Banking Services

Retail banking vs. corporate banking Commercial banks offer many services to individual customers as well as to

businesses. A credit card enables the holder to buy goods and repay the credit card issuer

at a later date. A mortgage is a loan to buy property. Most businesses have a credit arrangement which allows them to take out

more than is in their bank account, this being called overdraft. As well as offering credit facilities, banks provide services to allow customers

to make payments. Direct debit is a system of making payments by having money transferred

from an account at a certain date, e.g. to pay bills. A standing order is an arrangement with a bank to have a fixed amount paid

from a bank account to certain people or organizations at an agreed time, e.g.pension scheme payments or fixed instalments. Most banks offer a foreign exchange service – the facility to change money

from one currency to another. In recent years banks have diversified, and now offer services such as

insurance, investment advice and home banking (telephone or Internet)facilities.

Documents

Banking and Banking Services