SAVING BANKS
Vocabulary
manager – person who directs or conducts the operation of a bank.
Paycheck – check for salary given by an employer to someone who works for him.
Window – the place where bank customers come to give money to or get money from a teller.
To deposit – to put money into the bank.
To withdraw – to take money out of the bank.
A deposit – money that a customers puts into the bank
A withdrawal – money that a customers takes out of the bank.
A depositor – a customer of a bank who has an account there.
A slip – a bank form used to order a deposit or withdrawal when filled out by the customer.
Teller – the person who receives and gives out money in a bank
To endorse – to write one’s name on the back of a check in order to cash or deposit it.
Passbook – a small book that records a depositor’s account. It shows her deposits, withdrawals and interest payments by the bank.
Account – a statement or record of money that the bank owes a depositor; a record of depositor’s deposits and withdrawals.
A savings account – money left in the bank that draws interest.
A joint account – an account shared by two (or more) depositors.
A term-deposit account – an account in which the depositor agrees not to withdraw his money for a period of time.
To open an account – to begin depositing one’s money in a bank.
To close an account – to withdraw all of one’s money from the bank.
Interest – payment by the bank for the use of a depositor’s money.
Party – one of the people interested in a contract; one of the depositors in a joint account.
Delay – slowness; lateness.
Expansion
To fill out – to write the necessary information.
If you want to deposit money you have to fill out a deposit slip.
If you want to withdraw money you have to fill out a withdrawal slip.
To sign – to write one’s name.
Please sign on the last line of the slip.
Signature – a person’s name written by himself.
The bank requires the depositor’s signature for all withdrawals.
Rate – amount or percentage (%)
“What is the current rate of interest on savings accounts?”
“The bank pays 5 ½% interest a year.”
Term-deposit accounts pay higher interest rates than regular savings accounts.
Computer – an electronic machine that does difficult mathematical operations and that has a memory.
Modern banking depends on computers to perform (=do) complex operations.
To accommodate – to take care of, attend to, help.
There was a delay in accommodating the customers because the computer broke down.
Assets – everything that a company or bank owns and that has value (=worth)
Current assets – assets that can be turned readily into cash.
Fixed assets – land, buildings, equipment.
The assets of our bank are over $10,500,000.
Liabilities – money owed by company or bank.
Balance sheet – a statement of a company’s assets and liabilities.
To owe – to have to pay money.
Solvent – being able to pay all money that you owe.
Since his firm’s assets equal the liabilities, his firm is solvent.

A BANK MANAGER SPEAKS
My name is Jane Carson and I’m the manager of a savings bank in Portland, Oregon. My bank is open every day from 8:30 in the morning until 4:00 in the afternoon. On Fridays the bank remains open until 6:30 in the evening.
Friday is our busiest day. Many people get their paychecks on Fridays and they come in to deposit them. I find that on Fridays I have to keep six windows open all day long. My bank tries very hard to reduce the amount of time that customers have to wait for service. We have many signs to remind people that they need their passbooks for all transactions and that they must fill out their deposit or withdrawal slips completely. If our depositors cooperate with us we can accommodate them with us few delays as possible.
Of course, people do forget. The tellers inform me that many customers still forget to endorse their checks or try to open or close joint accounts with the signature of only one of the parties. But I hope that my program of information for customers will reduce such delays.
Banking has changed a lot in recent years. Computers now do much of the work that the tellers used to do. As computers improve, they are able to accomplish more difficult tasks and they help us serve our customers better.
Another important change in banking, especially for savings bank, are the may different term-deposit accounts that are now available to our customers. Since these certificates of deposit offer very high interest rates they help attract depositors to our bank. I make sure that my staff always has the latest information about these accounts so that they can advise our depositors correctly.
My bank is not a very large bank. The total of our current assets and fixed assets comes to 15,550,000 dollars. I’m proud of our balance sheet. Although some banks across the country are having difficulties, my bank has more assets than liabilities. We are solvent and growing. The number of customers we serve has increased this year and I expect that it will continue to grow in the future.