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Topic: Banking/Investing/Financial terms 3

An exercise to help you learn & practice the vocabulary of the financial world, while polishing your grammar skills. Although it's meant for ESL students, it'll be useful to anyone who wants to practice this specialized vocabulary.

Choose the best response to complete each of the sentences below.

1. This account offers easy access, no minimum balance and no monthly _________________.
  server fee
  service fee
  serve-me-fee

2. A high-yield account "yields" ( = pays) more _________________ than a normal account.
  interesting
  interim
  interest

3. If your check "_________________", there was probably not enough money in your account to cover it.
  binds
  bounces
  burns

4. Many banks currently offer their customers the opportunity to do their banking _________________. ( = over the internet)
  online
  inline
  web

5. A person's credit _________________ is a formal evaluation of his/her loan-repayment history or potential.
  rating
  level
  rate

6. Informally, having a low credit-rating is referred to as having " _________________".
  good credit
  insufficient funds
  bad credit

7. A bank will not give you a loan unless you provide some kind of ____________________. ( = something of value as a guarantee of repayment)
  collateral
  collocation
  promise

8. If your bank account goes into "overdraft", it means ____________________.
  you owe the bank money
  the bank owes you money
  your balance is 0

9. A ____________________ loan is a loan backed up with collateral.
  security
  secured
  secular

10. ____________________ a mortgage or other type of loan can lower the monthly payments owed on the loan.
  Reworking
  Redoing
  Refinancing

(Your answers will be displayed in a new window)

SAMPLE CONVERSATION: Banking

Here is a sample conversation between a teller and a customer in a bank:

TOPIC: Reporting a problem with an account

Teller: Hello. What can I do for you today?

Customer: Hi. I noticed an unfamiliar charge on my account and I'd like to report it.

Teller: I'm sorry to hear that. When did you notice the charge?

Customer: This morning. It's a $75 payment I don't recognize.

Teller: I see. Let me check your account details. May I have your account number, please?

Customer: Of course. Here it is.

Teller: Thank you. We'll need to freeze your card temporarily and investigate the charge.

Customer: How long will the investigation take?

Teller: Usually three to five business days. We'll contact you with an update.

Customer: All right. Thank you for your help.

Teller: You're welcome. We apologize for the inconvenience.

Language & communication notes

Describing problems:
“I noticed...”, “I don't recognize...” are useful for reporting issues.

Formal apology language:
“I'm sorry to hear that.”
“We apologize for the inconvenience.”

Professional tone:
Calm, respectful, and reassuring.

Functional focus:
Reporting a problem
Asking about procedures and timelines
Responding politely to bad news

MATERIALS TO HELP YOU LEARN (AND TEACH!):
BUSINESS ENGLISH GLOSSARY
BUSINESS ENGLISH WORKSHEET COLLECTION

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