The Language of Banking - Unit 2 Vocabulary

account

A record of the money you keep in a bank.

account manager

A bank employee responsible for the accounts of certain customers.

accrue / accruing

To grow or accumulate (used for interest).

applicant

A person who asks formally for something, e.g. a loan or an account.

to apply (for)

To ask formally for something.

to approve a loan

To officially accept a loan application.

arrears

Money that should have been paid by a certain date but was not.

ATM / cashpoint

Automated Telling Machine; a machine that gives money to bank customers.

attribute (to)

To say that something is caused by someone.

to authorise

To give official permission.

automated payment

A payment the bank makes regularly without needing your permission each time.

balance

The amount of money in your account.

bank charges

Payments made to the bank for using your account.

bank statement

A document showing money paid in and out of your account.

bank transfer

Moving money electronically from one account to another.

bill

A demand for payment for goods or services received.

to borrow

To take money for a period and give it back.

borrower

A person who takes a loan.

branch

A local office of a bank.

breach (of security)

A breaking of a rule, duty or contract.

bureau de change

A place where you exchange money.

business account

A bank account for a business.

to cancel

To stop something or make it void.

cheque

A written order to the bank to pay money from your account.

chip and PIN

Security system for cards with a microchip; you enter a secret PIN.

competitive

As good as or better than others (e.g. rates).

to comply (with)

To act in accordance with rules.

to consolidate (debts)

To combine several debts into one loan.

consumer law

Law that protects people who buy goods and services.

a credit

An amount of money paid into an account.

credit check

Checking a person's credit history before lending.

credit history

The record of how a person has paid back debts in the past.

current account

An account you can use at any time (US: checking account).

a debit

An amount of money that goes out of an account.

debit card

A card that takes money directly from your current account.

debt

Money that you owe.

to deem

To consider or judge something to be.

default / in default

Failure to repay a loan; thought not to intend to pay at all.

to deposit / deposit

To put money into a bank account; money put in.

direct debit

Instruction to the bank to take money regularly from your account.

to disclose

To tell or reveal information.

eligible

Having the right or qualities needed to get something.

to enclose

To put something in the same envelope as a letter.

exchange rate

The price of one currency in another.

fee

A payment made to a professional person or for a service.

to file a defence

To submit the defendant's written answer to a claim.

fixed rate

An interest rate that does not change for a period.

identity theft

Using someone's personal details to take their money or buy things.

in the black

(An account) having some money in it.

in the red

(An account) overdrawn; with more money spent than you have.

instalments

Equal parts of a debt paid regularly.

instruction

An order or direction given to the bank.

insufficient funds

Not enough money in the account.

interest

Money charged for a loan or paid on savings.

interest rate

The percentage charged or paid as interest.

internet banking

Using the bank's services online.

to issue (a cheque / a card)

To give or provide officially.

legal costs

Court fees and payment for the lawyer acting for you.

legitimate

Real, genuine, lawful.

to lend

To give money to someone for a period.

lender

The person or bank that gives a loan.

liable

Legally responsible.

loan rate

The interest rate on a loan.

mortgage

A loan to buy a house, with the house as security.

Office of Fair Trading

UK government body that investigated unfair bank charges.

outgoings

All the money you spend.

outstanding amount

Money still unpaid.

overdraft

Permission to take out more money than you have in your account.

penalty charge

A payment made as a punishment, e.g. for exceeding an overdraft.

PIN number

Secret Personal Identification Number for your card.

premises

A building and its land used for a business.

to process

To deal with officially (an application, a transaction).