Learn Banking in English | Learn English Vocabulary | Pronunciation | Definitions | ATM | Debit Card

Hello, I hope you're having a great day. You're very welcome to this English vocabulary lesson on banking from my YouTube channel Learning English Pro. My name is Ger and I'll be narrating your lesson today. So, if you're ready, sit back, relax and let's learn some English together. The first word we will look at today is of course bank. It is a verb and a noun but we will take a look at the noun definition first. A bank is a financial institution. It uses money deposited by customers for investment. It pays out money when required. It makes loans at interest and it exchanges currency. Let's move on and take a look at the verb definition of bank. As a verb, it means to have an account at a particular bank. So, you could say she banks with the National Bank. Sometimes a bank will have more than one office or store. An office of a bank is called a branch and the full definition of a branch is a division or an office of a large business or organisation operating locally or having a particular function. Let's use this word in a sentence example. The bank has a branch in the village. The bank has a branch in the village. When you open a bank account, you become a customer of the bank. Let's take a closer look at this term bank account. The definition is a record or statement of financial deposits and expenditure. Let's look at some sentence examples. You could say, I need a bank account. But, it is better English to say, I need to open a bank account. We use the verb open when we want to create or have a bank account. So, when you go to the bank, you could say, hi, I would like to open a bank account please. Let's take a look at the things you need to open a bank account. You will need official identification like a passport or national ID. You will also need proof of address like an electricity bill and you will have to fill out an application form. Once you have completed your application and you get your bank account, one of the first things you will receive is a debit card. If you want to learn more about debit cards and different types of money, check out my money vocabulary video. The link is on screen now. One of the first places you will use your debit card is probably the ATM. Now, what does ATM mean? It is an acronym of automated teller machine. At the ATM, you will also need your PIN. PIN is another acronym and it stands for personal identification number. Typically, at an ATM, you will take money out and we call this a withdrawal. Let's use this word in an example sentence. You could say, I need to make a withdrawal for my bank account and take note of the verb to make which we commonly use with the noun withdrawal and we have a verb withdraw which means to take money out of an account. So, you could say, I withdraw about $80 a week from my account. Another way we can say this is by using the phrasal verb take out. I need to take out some money from the ATM. Let's move on to our next word which is the opposite of withdrawal. Lodgement. And this noun means the action of putting money into your bank account. Let's use it in a sentence example. Hello, I would like to make a lodgement please. This is something that you can say at the desk in the bank. And of course, we have a verb for this action as well. Lodge. And this verb describes of course the act of putting the money into your bank account. A sentence example is, I will lodge the money into my bank account tomorrow. We can also use a phrasal verb here, put into. I put some money into my account yesterday. Coming up next, I have a question for you. How much money do you have? To answer this question, you will need to know what the word balance means. In financial terms, this noun means the amount of money held in a bank account. So, to know your balance, you could say, I should check my balance later. If you don't have very much money, you could say, my bank balance is very low. Or if you have lots of money, a nice way to say it is, my account balance is pretty healthy. There are so many banking terms that I couldn't fit them all into this video. So, I've decided to make another video on banking terms. I'm releasing it very soon, so click the link on the screen now to bring you to that video to learn even more banking vocabulary. Here on Learning English Pro, we do lots of vocabulary lessons on lots of interesting topics, like this one on cleaning and household chores. Click the link on screen to bring you to that video now. And coming up on screen are even more video suggestions. And if you want to follow me on social media, you can find the links in the description below. Have a great day and remember, keep learning English like a pro.