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LET'S UNLOCK WORDS AND PHRASES 🔐
stash
[ stash ]
verb
I should secretly stash away some money.
balance
[ ˈbal-uhns ]
noun
House repairs, holidays and other expenses reduced her bank balance to almost nothing.
checking
[ cheh·kuhng ]
noun
Bank customers can access their checking accounts instantly through the electronic system.
funds
[ fuhndz ]
noun
Their company was short of funds.
get carried away
phrase
He tends to get carried away when watching wrestling on TV.
LET'S READ! 📖
Direction: Read the passage aloud. Then, read it.
Stash the Cash! Get Started with Banking
Okay, you've found a place to live and a job that will pay the bills. As all the money comes rolling in, you'll need a safe place to stash it. A bank account is important for establishing a credit rating, too. You'll also need an account if you want direct deposit from your employer. It's easy to open a bank account, and the people at the bank will be happy to help. (Of course they will; they'll be holding your money!) Speaking to a representative at the bank is a good idea because there are so many types of accounts. Do you want to share a joint account with someone in your family? Do you want a checking account so that you can pay for things by check? Do you want a savings account to put aside extra money? You can usually earn a little more interest with a CD, which is short for "certificate of deposit." To open an account, you'll need to provide ID and proof of your address.
Here's another time when you need to watch for hidden fees. Some accounts may require you to maintain a minimum balance. If the funds in the account fall below a certain level, you may have to pay a monthly fee. Some "free checking" accounts can be very expensive! Most banks offer free use of their ATMs, but be careful of the double whammy! If you use a different bank's ATM, that bank may charge a fee, and your bank may charge another fee. (Are you doing the math with me? That's two fees!) If your account is overdrawn—you guessed it—a fee! If you bounce a check—say it with me—a fee! I guess there's a reason banks have enough money to name so many sports arenas . . .
The convenience of having a bank account makes it worthwhile to learn about all the options. Most bank cards can be used at stores (so you don't have to carry cash), and you can even get cash back from your purchase. Many banks have drive-thru banking, so you don't even have to get out of your car. Hmmm . . . drive thru the bank, and then head to the burger drive-thru for lunch? Lots of Americans love online banking, so you can have fun paying those bills 24-7, even in your PJs!
COMPREHENSION CHECK 🧠 A. Direction: Choose the correct answer to the following questions.
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Why is it important to have a bank account?
a. A bank is important to increase the amount of your money.
b. A bank account is important because it helps you keep your money safe and allows you to pay bills and receive your salary.
c. A bank is important to receive your money.
d. A bank account is important to pay for your debts.
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What do you need to open a bank account?
a. To open a bank account, you need to show proof of billing.
b. To open a bank account, you must have at least three identification cards.
c. To open a bank account, you need to provide identification (ID) and proof of your address.
d. To open a bank account, you need to fill out two information sheets.
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What are some different types of bank accounts mentioned in the text?
a. The text mentions checking accounts, savings accounts, and certificates of deposit (CDs).
b. The text mentions withdrawal services, deposit services, and loan offers.
c. The text mentions deposit services and savings accounts.
d. The text mentions savings accounts and loan services.
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Why should you speak to a representative at the bank when opening an account?
a. Talking to a bank representative is a good idea because they can help you choose the right account type and provide assistance.
b. Talking to a bank representative is a good idea because they can choose an account for you.
c. Talking to a bank representative is a good idea because they can offer you their other services.
d. Talking to a bank representative is a good idea to learn more about their business.
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What is a potential drawback of some "free checking" accounts?
a. Some "free checking" accounts may help your money increase.
b. Some "free checking" accounts may give you more offer.
c. Some "free checking" accounts are helpful in opening a new account.
d. Some "free checking" accounts may have hidden fees, such as monthly fees or overdraft fees.
B. Direction: Answer the following questions based on the article.
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What happens if your bank account balance falls below a certain level?
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What can happen if you use a different bank's ATM?
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What is a typical fee when you don't have enough money in your account?
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How can you avoid carrying cash when shopping?
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What is online banking, and what advantage does it offer?
C. Direction: Match the words in column A with their synonyms in column B.
| A | B |
|---|---|
1. fee | A. secret |
2. maintain | B. save |
3. hidden | C. charge |
4. require | D. keep |
5. put aside | E. demand |