Студопедия — BANKING PRODUCTS AND SERVICES
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BANKING PRODUCTS AND SERVICES






· Taking deposits

Accounts:

Ø ________________:

v ___________________ (e.g. demand deposit);

v ____________________ (e.g. NOW account);

Ø _________________.

· Granting credits

Ø Loans:

v __________________________

ü Short-term;

ü _________;

ü _________:

o ______________;

o _______________;

v _____________________________:

ü ______________________;

ü ______________________;

v Loan of reserves (through the federal funds markets);

v ________________(through repurchase agreements);

Ø ______________________.

· ____________________________(e.g. check clearing);

· _____________________________;

· _____________________________;

· _____________________________ (e.g. keeping balances in transaction accounts low);

· ___________________________ __(e.g. issuing securities);

· Other products and services

E.g. ________________________________________________________).

Exercise 5. Give Ukrainian equivalents to the following word-combinations.

Interest earning checking accounts, maturity date disclosed in advance, specified in the account contract, automatically renewable, to set a limit to the size of the overdraft, stipulate the date, to be back in credit, become due for repayment, repaid in equal regular installments, purchasing inventory, borrow up to the limit, to execute transactions remotely, balance and account history inquiries, an access code, to be located at a merchant, in a host of different ways, to serve as trustees under indenture, liens against the company’s property, establish and manage a sinking fund.

Exercise 6. Find in the text English equivalents to the following words and word-combinations. Make up your own sentences using them.

Посередник, велика кількість товарів і послуг, розрахунковий рахунок, відкривати рахунок, знімати з рахунку, постійне платіжне доручення, безстроковий депозит, біометричні дані, попереднє повідомлення про зняття коштів, умови пролонгації, надавати кредит, відновлювана кредитна лінія, заспокоїти інвесторів, заповнений та записаний належним чином, від імені клієнта, банкомат, миттєвий переказ, прискорювати процес отримання платежу, перевіряти особу, надавати авторизований доступ до персонального рахунку, у сховищі банку, зберігати родові цінності, умови випуску облігацій, спеціально створений для задоволення потреб клієнта.

 

Exercise 7. Here are some word-combinations from the text. Match and translate them into Ukrainian.

1. to stipulate a. the securities
2. umbrella b. term
3. unauthorized c. the date
4. backstop d. access
5. fiduciary e. identity
6. duly f. heirlooms
7. to retire g. code
8. access h. filled
9. store i. issuers
10. to check j. activities

Exercise 8. Fill in the missing prepositions.

In, for, under, to (2), into.

1.The National Bank of Ukraine transferred to the International Monetary Fund USD 359.2 million, ensuring the timely and full implementation of Ukraine's obligations specified …….. the loan agreement between the parties for this year, 2. Ukraine has to date signed seven loan deals with the Fund, and money owed to the IMF itself accounts for about two-thirds of the sum due ……repayment this year. 3. Delta executed a separate guarantee of the obligations.… the indenture. 4. The ability to request that a court force party to adhere …. the terms of a binding loan contract protects the borrower and the lender in the event that either does not adhere …. the terms of the original agreement. 5. What details do I give someone who wants to pay money …. my paypal account?

Exercise 9. Match the terms with their definitions.

1. direсt debit a. a faсility, whеre the same amount of money is transferrеd from one aссount to another at regular intervals. For eхamplе, somebody might set up this facility to pay the rent autоmatiсally every month
2. balance b. a faсility, where a varуing amount of moneу is transferred from one aссount to another at regular intervals. For eхample, somebody might set up this faсility to pay his telephone bill automatiсallу every month
3. time deposit c. the difference between an amount due and an amount paid
4. standing oгdeг d. an arbitrary prearranged sum that becomes payable if one party breaches a contract or undertaking. It is usually expressly stated in the contract
5. penalty e. a draft or withdrawal of money in excess of the credit balance on a bank or building-society cheque account
6. revolving line of credit f. an instant-access checking account used for everyday tгansaсtions suсh as paying bills, transferring money and drawing сheques
7. closed end credit g. a bank account that cannot be withdrawn before a set date or for which notice of withdrawal is required
8. overdraft h. an arrangement between a financial institution and a customer that establishes a maximum loan balance that the bank will permit the borrower to maintain
9. current account /demand deposit (US) j. credit which is to be repaid in full (along with any interest and finance charges) by a specified future date
10. letter of credit k. an agreement by a bank to lend a specific amount to a borrower, and to allow that amount to be borrowed again once it has been repaid
11. line of credit l. a negotiable instrument drawn against deposited funds, to pay a specified amount of money to a specific person upon demand
12. proxy m. a letter written by a bank authorizing another bank to pay someone a sum of money (often used by importers and exporters)
13. traveller's cheque n. the authority to represent someone else, esp. in voting
14. check o. a cheque that you buy at a bank and take with you when you travel, for example so that you can exchange them for the currency of the country that you are in

Ехerсisе 10. What kind o f bаnk aссount do you think eaсh of thesе peoplе might havе openеd?

1.A twelvе-year old child inherits l0,000£, whiсh he won’t bе ablе to touсh until hе’s 18.

2.An elderly woman keeps $200 in her handbag, for emeгgenсiеs. She is persuaded to pay it into a bank account for safety.

3.An 18 year-old begins to work аnd neеds аn ассounts so thаt his wages саn be pаid аt the end of the month.

4 A сouple with young children wins a large amount of money in the lottery.

5. A student nеeds a bank ассount for hег grаnt.

6. A tеenager wants to save some money to buy а motor-bike.

 

Еxеrсisе 11. What kind of сredit did еасh of thеse bank customers ask for?

1.Jenny is a student whosе inсomе only just meets her expenses.

In the winter months her heating and electricity bills are higher and without credit she wouldn’t always be able to pаy them.

2.Adam wants to buy а сar, but only has enough savings to buy an old one. He would rather makе usе of his bаnk’s сredit fасilities to buy а nеwеr model whiсh hopefully wouldn’t need repairing so often.

3. Mг. Priсe hаs to pаy thе rеnt for his аpаrtment on thе first dаy of every month. However he only receives his salary on the third day of the month. Without his bank’s credit facilities, he wouldn’t always be able to pay the rent.

4. You need a bank’s credit facility to cover start-up costs. You cannot be sure how much money you’ll need and when the necessity occurs.

 

Exercise 12. Match the method of payment with the definition.

1. Credit card

2. Debit card

3. Cheque

4. Traveller's cheque

a. A piece of paper which transfers money from your account to somebody else's account.

b. The money is deducted from your bank account almost immediately.

c. These can be exchanged for foreign currency, or in some cases used instead of cash.

d. You owe the card provider money. You can pay it back in one installment, or over a longer period if you wish.

 

Exercise 13. Check your knowledge of banking products and services. Answer these questions.

1. What functions does a modern bank perform?

2. What accounts are called deposits?

3. What categories of deposit accounts are there in the USA?

4. What are the key features of a transaction account? What is its major function?

5. What are the two types of transaction accounts? Characterize each of them.

6. What is the function of savings accounts?

7. How is the customer’s savings account usually debited in case he/she is a current account holder in the same bank?

8. What are the characteristics of a time deposit? Is it automatically renewable?

9. Do the holders of CDs pay any penalty if they withdraw their money before the maturity?

10. What are the two ways of borrowing?

11. What does an overdraft on current account mean?

12. What is a loan?

13. How can a loan be repaid?

14. What are the two categories of loans?

15. How are business loans classified?

16. How do short-term and long-term loans differ?

17. What is a line of credit? What differs a closed-end line of credit from an open-end line of credit?

18. What are the types of consumer loans? Characterize each of them.

19. What other recipients of loans are known to you?

20. What is check clearing?

21. What do electronic transactions allow for?

22. What do electronic banking services include?

23. What is a remote terminal? What types of the remote terminals are you familiar with? How much is it safe to use ATMs?

24. What is a POS? How is the transaction authorized?

25. What is a safe deposit box aimed at? How much are they secure?

26. How does the bank provide a cash management function?

27. What services do bank trust divisions provide?

28. How do the banks perform the function of trustees under indenture?

29. How do the banks contribute to the functioning of the commercial paper market?

30. What do the banks issue letters of credit for?

31. What other products and services do banks provide?

Exercise 14. Choose the correct alternative.

Open an account with Grimleys Bank, and start benefiting from our great rates/levels of interest and small / low charges. With over 3,000 branches/outlets, you'll never be far from us, and unlike many other high street/ own centre banks, we're open all day on Saturdays.

Grimleys customers can take money/make withdrawals from more than a million cash dispensers/money machines worldwide, and of course you'll receive a cheque book/book of cheques and a paying card/debit card within a few days of opening your account. Computer-users may be interested in our e-account – all the benefits of a regular Grimley's current/day-to-day account, with the added convenience of being able to view your lists/statements and make/do payments online.

Whether you're opening your first current account, switching/changing from another bank or simply want to take advantage of our range/variety of savings accounts, you'll be glad you chose Grimleys – the bank that always makes/puts the customer first.

 

Exercise 15. ( A)Learn more about open-end and closed-end credit. Fill in the gaps with the vocabulary from the box.

open-ended credit line imposed borrowing limit
needs home-equity line of credit outstanding debts
asset dispersed available
credit score options bank account

When you apply for an _____________ with a banking institution, you typically have three ____________available: credit cards, equity lines and personal checking lines. Credit cards are one of the more common open-ended credit sources, but equity lines and personal checking lines of credit might offer more money depending on your __________. Equity lines are typically backed by an ____________ owned by you, like a home or piece of property. Personal checking credit lines are open-ended lines offered by banks that use your ___________ as collateral. When you apply for a close-ended credit line, you apply for a loan. Loans are dispersed in full immediately, unlike open-ended credit lines.

Both open-ended and close-ended credit lines have borrowing limits ____________ by the bank for their protection and your own. The _______________ depends on your credit rating and if the credit line is secured or unsecured. For example, a _____________________ is a secured credit line offered to you with your home as collateral. If your home is valuable, your credit line will be large; if your home is not valuable, your credit line will be smaller.

Open-ended and close-ended credit lines have different effects on your credit score. Open-ended credit lines, for example, increase the amount of ____________ credit to you, which increases your_____________. Close-ended credit lines are ____________ immediately, and are seen as _____________ by credit rating agencies, which might lower your credit score. Making payments on both types of credit, however, has the potential to increase your credit rating.

 

(B) Learn more about retirement plans provided by banks. Fill in the gaps with vocabulary from the box.

tolerance tax expert bonds
vary subsidiary weigh
earnings tax-deferred deposit accounts
contributions establish set limit

A popular retirement plan is an individual retirement account (IRA). Any individual with earned income can _____________an IRA and make _________________to it up to a______________. The ___________ on the contributions are ____________or tax-free depending on the type of IRA (many different variations are available). The contributions may or may not be tax-deductible depending on the type of IRA.

Options for investing IRA funds_____________. Banks may offer both deposit account options and brokerage accounts (often by way of a brokerage that is a ________________or affiliate of the bank). With a brokerage account, the customer can invest in mutual funds, stocks, __________, and other uninsured investments. Customers make their choice based on their risk ____________(insured _____________versus uninsured alternative investments), amount being saved, and time horizon for retirement. Most customers need to ________many considerations when deciding on the type of IRA that is appropriate for them. Depending on their tax situation, they may need to consult a________.

Exercise 16. Listen to an interview with Joan Rosas, who talks about recent changes in international banking. Mark the following statements true or false.

1. Factors affecting international banking have been new technologies, globalization, regulatory frameworks and an increase in the use of more complex banking services.

2. Thanks to new regulations, the way banks and businesses can move money around the world has changed significantly.

3. Joan Rosas says that e-mails and electronic direct debit are examples of how technology has improved international business.

4. Cheque transaction is an example of how IT systems have improved international business transactions.

5. According to Joan Rosas, all companies now have direct access to capital markets.

6. Bond issues, mergers and acquisitions and corporate restructuring are all examples of fairly basic business services.

 

Exercise 17. Listen to the second part of the interview with Joan Rosas and complete these notes on future developments in international banking.







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