3. Demonstrate the meaning of the following expressions in sentences of your own

1. To reconcile a statement with one's own records

2. To have join account

3. To have an overdraft

4. To cover an outstanding cheque

5. To send your banker a standing order

6. To make a withdrawal

7. To calculate interest on

8. To pay interest.

3. Find synonyms

to debit to maintain

to deposit to credit

to reconcile to permit

to sign to cancel

to accrue to pay in

6. Fill in the blanks with proper words or word combinations:

accrues, credit, compounded, interest, maturity, term, per annum, time deposit, principal, transferable

1. The balance of a loan or investment is called the ....

2. This is the amount on which the money paid for its use is figured. The ... is figured on this balance.

3. In some types of accounts, interest is figured on the principal plus any interest that has built up. It's ....

4. Then it's added to the account. It's ... to the account.

5. On my savings account this payment for the use of my money builds up at the rate of 3%. It... at that rate.

6. I have another type of account in which I have made a deposit for a specified period of time. I've agreed to leave the money on deposit for a specified ....

7. This is called a ...... .

8. The payment for its use is payable only when the investment is due. It's payable only at....

9. This payment is at the rate of 4% each year. The rate is 4% .......

10. I can sign this investment over to another person, if I choose to. It's....

7. Say what you have learnt from the text about

1. types of account;

2. advantages of every type of accounts;

3. find the most suitable type for you. Why?

8. Home reading. Read the dialogue and give a short summary in English

TIME DEPOSITS AND SAVINGS ACCOUNTS

Virginia Clary, investor: I have some funds on hand, and I'm wondering whether I ought to put it in a savings account.

Woods Palmer, banker: It's a good idea, if you want to keep your investment fairly liquid. And you might also think of a time deposit.

Virginia: What's the difference?

Palmer: Well, first of all, your time deposit is for a specified term. But you can make withdrawals from your savings account at any time, although as much as thirty days' notice of withdrawal maybe required.

Virginia: Do they draw the same rate of interest?

Palmer: We pay the maximum 4% per annum at maturity on a one-year time certificate. Interest on a savings account accrues at the rate of 3%.

Virginia: How do you figure the interest on a savings account?

Palmer: It's compounded and credited to the account semiannually.

Virginia: You mean added to the principal?

Palmer: Yes, and we issue you a passbook on your savings account in which each deposit and withdrawal is entered.

Virginia: Is either type of account transferable?

Palmer: Only time certificates.

Virginia Are these deposits insured?

Palmer: Yes, we're a member of the Federal Deposit Insurance Corporation.