BANKING IN AMERICA
- When you open a bank account, you create a new account at a bank. An account is a place in the bank to keep your money.
- A teller is a person who works at the counter of a bank and helps customers. Sometimes tellers are also called customer service representatives.
- Interest is money that the bank gives you in return for keeping your money in the bank. The amount of interest is based on a percentage of your balance. By the way, interest is also used to mean the additional money that you pay when you borrow money from a bank.
- A savings account is a type of bank account where you can receive some interest.
- A checking account is a type of bank account which has checks and a debit card. In most cases, you can’t receive any interest on a checking account.
- A debit card is a card which looks like and works like a credit card. However, when you use the debit card, the money comes out of your bank account.
- A check is a paper document that you can use to pay bills or transfer money from your checking account to another person’s account.
- A balance is the record of the total amount of money in your bank account.
- A transfer is the movement of money from one bank account to another bank account.