Ex.1 Read the texts and say which of the described banking services you usually apply for. Do you need a bank if you go abroad?

1Banks offer their customers different services mostly connected with organizing money. When you are a visitor to a country you'll probably go there for two reasons: to exchange currency or to put your money on a deposit or savings account.

When you're exchanging foreign currency in a bank, look for a sign saying "Foreign Exchange" or if you have traveller's cheques in Britain simply "Change". If you have pounds, however, you can cash them in the main part of a bank. Each time you exchange money you'll have to pay a small charge called commissions. Because of this it's cheaper to exchange several notes together than to exchange them one at a time.

If you come to Britain for more than a few weeks you can opena current account at a British bank. In this case the bank may ask you for a reference (the name and address of a person who knows you) from someone who has a bank account in Britain.

Another way to keep your money safe is in an account for saving money – called either a savings account or a deposit account. Instead of a cheque book, you usually get a small book which you use to pay money in and to take it out. All banks and the Post-office have accounts like this and they'll be happy to tell you about them.

2In a bank you usually have a current account, which is one where you pay in your salary and then withdraw money to pay your everyday bills. The bank sends you a regular bank statement telling you how much money is in your account. You may also have a savings account where you deposit any extra money that you have and only take money out when you want to spend it on something special. You usually try to avoid having an overdraft or you end up paying a lot of interest. If your account is overdrawn, you can be said to be in the red (as opposed to in the black or in credit).

Sometimes the bank may lend you money – this is called a bank loan. If the bank (or building society) lends you money to buy a house, that money is called a mortgage.

The money that you pay for services, e.g. to a school or a lawyer, is usually called a fee or fees; the money paid for a journey is a fare.

Ex.2 Do the following money quiz.

– Currencies used in Japan, Australia, India and Russia.

– The meaning of the expression "hard currency".

– Two credit cards which are usable world-wide.

– Imports that most countries impose customs duties on.

– The coins and bank-notes used in your country and in other countries.

Ex.3 Comment on the following English proverbs.

1. Never spend your money before you have it. 2. Money is power. 3. Money is the root of all evil. 4. Much coin, much care. 5. Time is money.

Ex.4 Talk spontaneously for 1 minute on the subject: what you’d do if you had a million dollars.

Text 2

Ex.1 Read the text for further comprehension work.

Autobanks

Automatic cash machines are now a common sight in high streets all over Britain, and there is no doubt that they are a convenient way of withdrawing cash 24 hours a day and seven days a week. Customers have a plastic card and a four-figure personal identification number (PIN). When they put the card into the machine and type their PIN into the computer, customers can withdraw cash, check their bank balance, and sometimes even order a new cheque book and deposit money.

A recent report from the National Consumer Council, however, has found some problems with these machines. Cus­tomers have complained that they have not received the correct money, or that their bank statements show two debits for a single withdrawal. There have even been a few cases where customers say that their statements show cash withdrawal, when they have never even used machine.

Take the case of Mrs. Woollard of Lopswich. She noticed a debit of £55 on her statement; the cash had been with­drawn from a Barclay Bank machine at 7.21 a.m. Mrs. Woollard says that at that time in the morning all her family is having breakfast and getting ready to leave the house at 7.40. She follows later at 8.30 a.m. The bank says that it is impossible for anyone to withdraw money without knowing and using Mrs. Woollard's confi­dential PIN.

To be fair, the scale of the problem is actually very small. Last year autobank machines were used for about 280 million transactions, while banks had to investi­gate only one in 250,000 transactions. Most of these were easy to sort out.

Following their report, the NCC recommends that people with cash cards should guard their cards at all times, me­morize the PIN and never tell the number to anyone.

Ex.2 Read the text again. Find a paragraph which:

a) gives a particular example of a problem associated with automatic cash machines.

b) describes how cash machines work, and how customers can use them.

c) suggests one way in which the public can help themselves.

d) describes several things that can go wrong with cash machines.

e) compares the number of problems with the total number of times cash machines are used.

Ex.3 Which of these users of cash machines are not mentioned in the paragraph?

a) withdrawing cash

b) changing money into a foreign currency

c) paying money into an account

d) asking to borrow money

e) ordering a new cheque book

f) checking how much money you have in your bank account

Text 3

Ex.1 a) Make sure you know the following words and expressions. Translate the words and sentences.

Balance.It's important to know the balance of your checkbook each month.

Deposit.Madeleine's savings account has grown because she has deposited a lot of money this month.

Dividends.Credit unions pay a dividend into their members' checking and savings accounts.

Interest.The new interest rate on my mortgage will only be 6.125 percent.

Member Number.Be ready to give your member number when you call your credit union.

Transaction.Check your statement to see which transactions have occurred this month.

Transfer.I'm transferring 1 000 from my savings to my checking account.

Withdraw. One can withdraw money at ATMs everywhere nowadays.

B) Explain in English what the following words mean and translate sentences with them.

Access Code. I can't get into my account because I don't remember my access code.

Assets.My uncle's assets are going to be distributed equally among his heirs.

Cleared Checks.You can call your bank's phone express service to find out about your cleared checks.

E-Statements.It's a good idea to check your e-statement online at least once a month.

Identity Theft.Sam was a victim of identity theft; someone opened a credit card account in his name and made several online purchases.

Portfolio.Financial planners always recommend that you diversify your portfolio so that you have a variety of ways to earn money for your retirement.

Surcharge.Be prepared to pay a surcharge when you use an ATM machine from a bank other than your own.

Volatile Market.Investors are worried because it's been such a volatile market.

Waive.If you forget to make a payment on time, some companies will waive the penalty if it is the first occurrence.

Ex.2 Read the text.

Not too long ago, U.S. banks were offering incentives to entice clients into using ATM machines. No one wanted to use them though, because machines lack the warmth and personal touch of a human teller. But today, of course, nearly everyone uses ATM machines to get cash, deposit money, or transfer funds. And that's not the only banking innovation. There are other banking services that are rapidly becoming more and more useful to busy people who do not have the time to go to a bank in person and wait in line to see a teller. Banking by phone allows you as an account holder to check on your balances, make transfers, listen to transaction histories, and much more, all by using your touch-tone phone. You can of course do all of this after the bank has closed, including weekends. Online banking offers you the same services by accessing an account online. E-banking, or electronic banking, can be done without cash or checks. Your paycheck can be deposited automatically through direct deposit, and your bills can be paid by transferring funds electronically out of your account. You don't have to write a single check or mail a single statement. Managing your money is simple, too. All you have to do is check you re-statement, daily if you like. Isn't it hard to remember the time when you had to go to a bank and stand in line to do all of this? So who needs cash? You've already got your debit card!