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Banking and Finance

A RECEIPT /rɪˈsit/

Noun

  • the act of receiving or a written record of a transaction.
Example Sentence: The teller gave the customer a receipt for his deposit.
 

TO CASH A CHEQUE  

Verb

  • to exchange a paper cheque for money.
Example Sentence: Ms Jones cashed a cheque she had received from selling her investments.
 

TO ENDORSE A CHEQUE  

Verb

  • to sign the cheque on the back.
Example Sentence: She endorsed the back of the cheque in order to cash it.
 

A TELLER /tɛlər/

Noun

  • the person in the bank who takes deposits and withdrawals inside the bank.
Example Sentence: Several tellers were busy helping bank customers in the lobby.
 

TO WITHDRAW /wɪðˈdrɔ/

Verb

  • to take money out of an account. Also, withdrawal is the noun form.
Example Sentences: He withdrew enough money to pay off his loan.
Ms. Lowell made a withdrawal of $175.
 

TO DEPOSIT /dɪˈpɒzɪt/

Verb

  • to put money in a bank. Also, deposit is the noun form.
Example Sentence: Mr Sims opened his account with a deposit of $2,000 and his wife deposited $500.
 

TO AUTHORIZE /ɔθəˌraɪz/

Verb

  • to permit.
Example Sentence: By signing his name, he authorized the bank to take money out of his account.
 

A SIGNATURE /sɪgnətʃər/

Noun

  • your name, written by hand. "To sign" means to write your name.
Example Sentence: His signature was required to open an account.
 

A TRANSACTION /trænˈsækʃən/

Noun

  • a business action such as putting money into an account or taking it out.
Example Sentence: There have been several transactions on the account since last month.
 

BOND /band/

noun

  • an official paper given by the government or a company to show that you have lent them money that they will pay back to you at an interest rate that does not change
Example Sentences:I invested some money in savings bonds.
When bank interest rates are low, government bonds are often the best investment option.
 

STAKEHOLDER /stāk′hōl′dər/

noun

  • Person, group, or organization that has direct or indirect stake in an organization because it can affect or be affected by the organization's actions, objectives, and policies. Key stakeholders in a business organization include creditors, customers, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources.
Example Sentences:As one of the major stakeholders in the company, we have three representatives on the board of directors.
Who is the biggest stakeholder in this company?
 

AVAILABLE BALANCE /ə vāl′ə bəl bal′əns/

phrase

  • The available balance is the portion of a customer's bank account balance on which the bank has placed no restrictions, making it available for immediate withdrawals.
Example Sentences:Would you like to transfer all your available balance into your fixed deposit account, sir?
My available balance is the same as my ledger balance so those cheques must have cleared.
 

LEDGER BALANCE /lej′ər bal′əns/

phrase

  • The Ledger Balance is the balance in a bank account at the beginning of each day, also known as the current balance. It includes all deposits and withdrawals that were posted from the previous night, whether or not funds have been collected.
Example Sentences:Although my ledger balance looks quite healthy, my available balance is only $10. I have to wait a couple more days for those cheques to clear.
 

GO BANKRUPT /goʊ baŋk′rupt/

phrase

  • If a person or company goes bankrupt, they are unable to pay what you owe, and have control of your financial matters given, by a court of law, to a person who sells your property to pay your debts.
Example Sentences:He went bankrupt after only a year in business.
The recession has led to many small businesses going bankrupt.
 

INSOLVENT /ɪnˈsɒl vənt/

adjective

  • A person or company becomes insolvent if they are unable to pay their debts when they are due to be paid.
Example Sentences:Probably 90% of the adult population in this country are insolvent in real terms due mainly to mortgage debts.
After the loss of several major contracts, the company has become insolvent.
 
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