Life is a road to cross which, one needs a financial cart. Everyone has to search for an income source to meet all the expenses of life. The standards of life carry many bullet points.
Today we are going to discuss some important terms which are important for your personal financial knowledge like wealth, saving, balance, deduction, loan etc.
Banking and Financial Terms Vocabulary
You might use an extensive list of vocabulary given below as a helping hand.
| Account | HELOC | Wealth | Banknote | Share |
| ATM | ARM | Signature card | Cashier | Statement mutual |
| Balance | Payer | Saving account | Petty cash | Deduction |
| Bank | Penalty | Bankrupt | Lend | Save |
| Bounced | Principle | Credit scores | Currency | Consumer |
| Budget | Routing number | Interest | Principle | overdraft |
| Checkbook | Savings number | Collateral | Payment | Finance |
| Credit card | Savings | Credit report | Gross income | Co-sign |
| Debit card | Treasury | Amortization | Sales tax | Annual |
| Deposit | withdraw | Loan free | Property tax | Down payment |
| Dividend | Counterfeit | Mobile banking | Recession | Copay |
| Endorse | Cash | Loan application | Inflation | Compound interest |
| Fees | stocks | Overdraft | Bear market | Premium |
| Investment | Teller | Fore closure | Bull market | Wholesale price |
| Lender | Bank manager | Disclosures | Index | Rebate |
| Loan | Bank account | Net income | Refund | Tax withheld |
| Money Order | Investment banker | Appraisal | Fixed | Insurance |
| Mutual fund | Receptionist | Interest | Register | Deductible |
| Overdraft | Mortgage | Annuity | Policy | Markup |
| Payee | Reward | Manage | Checking | Risk |
So, I hope you get new words and a clear idea of what is the importance of bank and finance in one’s life. Now, it is your turn to put down your thoughts and experiences.
In The Bank Experience
I want to be a banker. Banking is what lead me to my financial cart. By chance, I was blessed with a six-month internship in any bank near me. It was a great chance for me to collect some chunks of experience. It was a sunny day, I was in the bank. It was my first day. The manager advised me to do everything by the book.
That day, my duty was to observe keenly what are the basic functions that a unit bank performs for its customers. My heart was in my mouth when I was in the bank. Suddenly, I saw the first person entering the bank. He took a cheque from his pocket and gave it to the cashier. He counted his money before leaving. Meanwhile, another customer was in, he wanted to open an account. The manager this time dealing with the person.
All the requirements when set, the manager asked the person for the debit card. He agreed to have it. During this happening, a lady entered in the bank, she demanded her chequebook from the manager. The bank manager was dealing with all customers with good ease. This job was far cry from what I expected. After that, an old man entered the bank, he wanted to get a mortgage.
It is a loan that banks give to those who want to have a home for them. During which a boy entered the bank, he was with his income. He wanted to deposit it into his account. He took deposited slip entered all on it and went ahead. He also asked for his account balance. So, all these and other activities like that happened throughout the day. Then I realized bank is the financial unit of any society. I was pleased to have this internship.
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