Opening a Bank Account: Key Vocabulary

Watch this video to learn essential vocabulary for opening a bank account.

Understanding the key vocabulary used in banking is essential for anyone looking to open a bank account. In this video, we explore a simple conversation between David and Sophia at a bank, highlighting important terms and phrases.

When David expresses his desire to open a bank account, Sophia asks for his ID, which David provides in the form of his passport. Sophia then inquires if David wants a checking or savings account. David, unsure, mentions he needs the account to pay bills and withdraw money, leading Sophia to recommend a checking account.

Sophia mentions the need for an initial deposit, which she explains means putting some money into the account. David hands over $100, and Sophia confirms that it will work to open his account.

Here's the list of 10 words covered in the video that you may hear when opening a bank account.

• ID (Identification): A document, such as a passport or driver's license, that proves a person's identity.
• Bank Account: An arrangement made with a bank in which a customer can deposit and withdraw money and manage their finances.
• Checking Account: A type of bank account that allows easy access to funds for daily transactions such as paying bills and withdrawing cash.
• Savings Account: A type of bank account designed to hold money that is not needed for daily expenses, often earning interest over time.
• Initial Deposit: The first amount of money placed into a new bank account as a requirement to open it.
• Withdraw: To take money out of a bank account.
• Deposit: To put money into a bank account.
• Bank Clerk: An employee of a bank who assists customers with their banking needs.
• Passport: An official document issued by a government that certifies the holder's identity and citizenship, primarily used for international travel.
• Bills: Statements of money owed for goods or services, such as utilities or rent, that need to be paid regularly.

Understanding these terms will help you navigate the process of opening a bank account with confidence. Watch the video to hear these terms in context and improve your banking vocabulary.