Active Vocabulary. accept a bill (v) - акцептовать вексельaccept a bill (v) - акцептовать вексель bank draft - банковская тратта bank money order - банковский денежный перевод bank note, note, bill (US) - банкнота bearеr - предъявитель, держатель bill of exchange - переводной вексель cash (v) - получать наличные cashiеr’s check (US) - кассирский чек certificate - сертификат, свидетельство ccrtified check - удостоверенный чек certify (v) - заверять, удостоверять chequе, check (US) - чек travellеr's cheque - дорожный чек coin - монета creditor - кредитор credit standing - кредитоспособность currency - денежное обращение, деньги, валюта denomination - достоинство, ценность, деноминация discount a bill (v) - дисконтировать вексель endorse/indorse (v) - индонсировать, делать передаточную надпись forms of exchangе - формы обмена honour a bill (v) - акцептовать вексель identification - идентификация ценных бумаг in lieu of - вместо issue (v) - выпускать в обращение legal tender - законное платёжное средство maturе (v) - наступать (о сроке платежа) negotiable - отчуждаемый, передаваемый payee - ремитент, получатель платежа по кредитным обязательствам payer - плательщик по кредитным обязательствам sight draft - вексель на предъявителя
Dialogue Read the dialogue.
Student: The bank must use just about every form of exchange in a day's work. Cashier: Just about. Of course, we constantly handle coins and bills of every denomination. S.: They're what you call legal tender. C.: Yes. Or currency. A nation's currency is its legal tender. S.: But a check isn't legal tender. C.: No. However checks are a very common form of exchange, and they are generally accepted in lieu of currency. S.: Are traveller's checks currency? C.: Not in a strict sense. But they're immediately negotiable everywhere. For instance, even merchants will cash them under most circumstances. S.: The bearer need only present proper identification. C.: That's right. S.: Well, what's a bank note? Is that currency? C.: Definitely. Bank notes are issued by the banks of the Federal Reserve System, and they're legal tender just as silver certificates are. S.: That's what I thought. But getting back to checks, why are bank drafts sometimes preferred over checks? C.: Well, in the case of a check, the party who signs it is the only one who guarantees payment. But a bank draft is issued and guaranteed by a bank. S.: Is that true of cashier's checks, too? C.: Yes. And also of certified checks and bank money orders S.: What about sight drafts? C.: Now, sight drafts are different. They're a form of request for payment through a bank.
Questions on the dialogue: 1. What forms of exchange are called legal tender? 2. Why are checks a common form of exchange? 3. How are traveller's checks useful? 4. Which banks in the USA may issue bank notes? 5.What is the difference between a check and a bank draft? 6.What do cashier's checks, certified checks and bank drafts have in common? 7.How do sight drafts differ?
Text The work of bank centers around money and financial services. Virtually any activity involving money or advice about financial matters is undertaken by all the commercial banks. The immediate service offered by the bank is the receipt for deposit of coins, notes and cheques and the cashing of cheques, through current accounts. Coins and notes in circulation have the status of “legal tender” that is to say they must be taken in payment of a debt although the extent to which this applies in the case of coins is deliberately restricted for the sake of convenience. The most common means of payment, particularly for significant sums of money, is the cheque since it is both safer and more convenient than using cash. However, it is not legal tender and creditors can refuse to accept it if they wish. Normally both national cheques and traveller's cheques are readily negotiable if the bearer has some means of proving his identity and the creditor can be sure that the cheque will be «honoured». To assist the use of cheques banks now provide their customers with bankers cards which, when used in association with a cheque, will guarantee it up to a stated maximum. If a customer wishes to make payments of large amounts of money by cheque and is not known to the creditor, then he may obtain a «certified cheque» from his bank. Such a cheque is signed by the bank and therefore payment is guaranteed. Those trading overseas, or in conditions where there may be a significant time lapse between sending out goods and their receipt by the customer, may use a Bill of Exchange as a means of payment. This is really a post dated cheque which assures the creditor payment but also gives the buyer opportunity to inspect the goods before the transaction is completed. Those whose credit standing is unknown may have to get the Bill «accepted» before a creditor will take it. Such a process guarantees payment and most work of this kind is undertaken by the merchant banks. Because Bills are post dated creditors may have to wait some time for their money. They can overcome this problem by endorsing the Bill and then either discounting it with a Discount House or a bank or passing it on to another trader in settlement of a debt of their own. By the time it comes to maturity a Bill may have passed through several hands and on each occasion it must be endorsed. The commercial banks participate in this activity in two ways: in part by lending money to the discount houses and in part by discounting bills for their own customers.
Questions on the text: 1. What forms of money are called legal tender? 2. Why are cheques a common form of exchange? 3. What is the main purpose of a banker's card? 4. What is the special feature of a certified cheque? 5. What is the main use of a Bill of Exchange? 6. Why does a Bill sometimes have to be “accepted”? 7. In which two ways might a creditor who needed the money dispose of a Bill?
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