4. Banks and banking

  1. Banks

    1. central

      1. The Federal Reserve – The Fed

      2. institution with independent regulation over money supply in a country

      3. fiat monetary system

      4. independent

      5. listen to the need of government but can refuse printing money

        1. a mint – place where the money is printed

    2. retail

      1. “traditional” banks

      2. have a license to give services to average people in the streets

        1. mBank, Santander, itp

      3. they make money by:

        1. lending money – cars, holidays, houses – with interest (%)

        2. investing – keep 10% of all the money deposited in them

      4. bank run – everybody panics and wants to get money out of the bank, and the banks collapse

    3. investment

      1. specialises in lending money to corporations

        1. HSBC, JPMorgan Chase & Co., Rothschild & Co

          1. they control the world in reality

  2. Words

    1. rachunek bieżący – current account – where you store money, use it online

    2. rachunek oszczędnościowy – savings account

    3. karta kredytowa – credit card

    4. karta debetowa – debit card

    5. bankomat – ATM, cash machine

    6. kasjer bankowy / kasjerka bankowa – teller

    7. debet / przekroczenie stanu konta – overdraft

    8. rachunek wspólny – joint account

    9. stopa procentowa – interest rate

    10. pożyczka / kredyt – a loan or mortgage