Welcome to English as a Second Language podcast number 657, Checking Accounts and Writing Checks.
This is English as a Second Language podcast episode 657.
I'm your host, Dr Jeff McQuillan, coming to you from the Center for Educational Development in beautiful Los Angeles, California.
Our website is ESLPOD.com.
You can download a learning guide from our website that will help you improve your English.
Today's episode is about the fascinating world of check writing.
Let's get started.
I don't understand it.
I got a notice from the bank that two of my checks bounced.
I've never had an overdraft in my life.
That doesn't sound like you.
You're always so careful with your money.
I am.
I don't understand what happened.
Let me take a look at your bank statement.
Okay, here are your deposits and withdrawals from last month.
Did you know that your bank charges you a fee just to have a checking account?
It does?
I didn't know that.
It looks like you also have a minimum balance requirement.
If you fall below that, you get charged a fee.
I do?
If it's like my checking account, you can avoid that by getting direct deposit for your paycheck.
Did you also know that you get charged every time you use your ATM card to make a purchase?
I didn't know that.
Well, that's what happened.
Your bank is charging you fees for all of those things.
And after those fees were deducted, you were left with less money in your account than you thought.
That's so sneaky.
How could they do that?
They count on you not reading the terms and conditions and not looking closely at your statements.
I've had it.
I'm moving banks.
I'm taking my business elsewhere.
Oh yeah?
I know of a good bank.
You do?
Sure.
It's called the Bank of J. No fees.
Ever.
Yes, but would I ever see my money again?
Marianne begins by saying to Jay, I don't understand it.
I got a notice from the bank that two of my checks bounced.
A notice that N-O-T-I-C-E is a notification.
It's basically an official letter or note telling you that something is wrong or something about your official account.
You could get a notice from the library telling you that you have to return your books, or The bank sent Mary Ann a notice that two of her checks bounced.
To bounce B-O-U-N-C-E.
A check means to write a check, that is, to write on a piece of paper saying that this person can take that piece of paper to your bank and the bank will give him or her the money.
You write one of these checks but there isn't money in your banking account to what we would say cover the check.
In other words... to pay the check.
If you write a check for 3000 and your checking account at the bank has only 100, your check will bounce.
It will come back to the person and say, sorry, this guy doesn't have enough money.
Marianne says that she's never had an overdraft in her life.
An overdraft is when the bank says OK, we will pay this check, even though you don't have enough money.
But now you have to pay us back.
Plus, you have to pay some extra money.
Jay says, that doesn't sound like you.
You're always so careful with your money.
Mary Ann says, I am.
I don't understand what happened.
Jay says, let me take a look at your bank statement.
Your bank statement is what they send you usually every month.
That shows all of the money that you have put in your bank and all that you have taken out.
Jay says okay, looking at the bank statement now, here are your deposits money that you put into your bank account and withdrawals money that you take out of your bank account.
Did you know that your bank charges you a fee just to have a checking account?
Jay is asking if Mary Ann realizes or knows that every month the bank charges her a fee.
In other words, an amount of money.
So if you have a checking account, the bank will take 5 or 10 out of your account each month to pay for your account.
Many banks have free checking.
They don't charge you for a banking account, but some banks do.
And when they do, we call that a fee.
Mary Ann says, it does?
I didn't know that.
Jay says, it looks like you also have a minimum balance requirement.
Your minimum, meaning the least amount...
Balance, meaning the amount of money in your bank account, is what some banks set up or establish for certain accounts.
If you don't keep enough money in your bank account, say 1000 or 500, then the bank will charge you a fee.
If you go below or have less than your minimum balance.
Jay says if you fall or go below that minimum, you get charged a fee.
Mary Ann says, I do.
Obviously, Mary Ann is not as careful as she thinks she is.
Jay says if it's like my checking account.
If your checking account is similar to my checking account, you can avoid that fee by getting direct deposit for your paycheck.
Direct deposit is when the company you work for doesn't give you a check.
It sends the money electronically directly to your bank.
That's called direct deposit.
If you have a checking account and the company you work for has direct deposit, many times the bank will not charge you a fee.
Your paycheck is the money that you normally get for working.
In this case, however, you don't get a paycheck.
The money goes right to your bank.
Jay says did you also know that you get charged every time you use your ATM card to make a purchase?
Jay is asking Mary Ann if she realizes that every time she uses her bank card, her plastic card that looks like a credit card To buy something, she has to pay an extra fee to the bank.
ATM stands for automated teller machine.
A teller is what we call the person who works at the bank who you go up and talk to to deposit or withdraw money.
An automated teller machine is automated, a machine that you put a card into, press some numbers and it either gives you money or allows you to deposit money.
Mary Ann says, I didn't know that.
Once again, not too smart.
Jay says, well, that's what happened.
Your bank is charging you fees for all of those things.
And after those fees were deducted meaning after they took that money out of your account you were left with less money in your account than you thought.
Because Mary Ann did not know the bank was charging her fees.
She had less money in her banking account than she thought she did.
Mary Ann says, that's so sneaky.
Something that is sneaky, S-N-E-A-K-Y, is something that is somewhat dishonest or deceptive.
We might also say tricky.
They're not clear about what they're doing.
They're doing something without telling you.
That's the idea.
Mary Ann says, how could they do that?
Jay says they, the bank, count on you not reading the terms and conditions and not looking closely at your statements.
To count on means, as a two-word phrasal verb, to rely on or to depend on, to assume and believe that something will happen.
The bank depends on the fact that you are not going to read the terms and conditions.
I should say that the word count has many different meanings in English.
Take a look at our learning guide for some additional ones.
Terms and conditions, sometimes called in the business world T's and C's, are the detailed part of an agreement or contract that specifies that gives you all of the responsibilities, all of your rights, all of the things that you have to do and that the bank will do.
Any contract has terms and conditions, most contracts, that is.
The bank has terms and conditions, but most people, when they open their account...
Don't read the terms and conditions, which are usually printed in a very small font, a very small size lettering.
Jay says, they also count on you not looking closely or carefully at your bank statements.
Mary Ann says I've had it, meaning I have am tired, I'm frustrated and I'm not going to continue to do this anymore.
I've had it.
I'm moving banks.
I'm going to take my money and put it in a different bank.
To take your business elsewhere means to stop using one company and start using a different company, usually because you are dissatisfied or unhappy with the first company.
Jay says, Oh, yeah?
Mary Ann says, Jay says, He's making a joke here.
He's saying that he can be her bank.
He says, Mary Ann says, But would I ever see my money again?
Once again following with the joke.
She's saying that if she gave her money to Jay, she would never see her money again.
Now let's listen to the dialogue, this time at a normal speed.
I don't understand it.
I got a notice from the bank that two of my checks bounced.
I've never had an overdraft in my life.
That doesn't sound like you.
You're always so careful with your money.
I am.
I don't understand what happened.
Let me take a look at your bank statement.
Okay, here are your deposits and withdrawals from last month.
Did you know that your bank charges you a fee just to have a checking account?
It does?
I didn't know that.
It looks like you also have a minimum balance requirement.
If you fall below that you get charged a fee.
I do?
If it's like my checking account you can avoid that by getting direct deposit for your paycheck.
Did you also know that you get charged every time you use your ATM card to make a purchase?
I didn't know that.
Well, that's what happened.
Your bank is charging you fees for all of those things, and after those fees were deducted, you were left with less money in your account than you thought.
That's so sneaky.
How could they do that?
They count on you not reading the terms and conditions and not looking closely at your statements.
I've had it.
I'm moving banks.
I'm taking my business elsewhere.
Oh yeah?
I know of a good bank.
You do?
Sure.
It's called the Bank of J. No fees.
Ever.
Yes, but would I ever see my money again?
We count on our script writer to give us good scripts, and she always does.
Thank you, Dr. Lucy Say.
From Los Angeles, California, I'm Jeff McQuillan.
Thank you for listening.
Come back and listen to us again on ESL Podcast.
English as a Second Language Podcast is written and produced by Dr Lucy Say, hosted by Dr Jeff McQuillan.
Copyright 2011 by the Center for Education and Development.
