personal finance- part 1

The next topic in my "everyday English" series is personal finance, so that you don't find yourself lost for words about money and transactions if you were to live or stay in an English speaking country.

Sam has gone to the bank with his friend Jim to get a statement.

Sam: Oh, Christ! No! I'm overdrawn again. Do you know how much they charge? Sixteen per cent!

Jim: Haven't you got an overdraft?

Sam: I had one last year for a while. But the next one will knock me back 25 quid. And that's just the arrangement fee.

Jim: Well, shall I lend you something?

Sam: No, it's OK, thanks. The joke is that I've got money in a savings account, but I cannot get at it.

Jim: That's not much help, is it?

Sam: Well, you cannot do partial withdrawals. You know, just the whole lot. But the interest rate's brilliant.

Jim: So what are you going to do now?

Sam: I don't know. I'll think of something.

Explanations:

bank statement-a printed record of the money put into and removed from a bank account

be overdrawn; overdraw-having taken more money out of your bank account than the account contained, or (of a bank account) having had more money taken from it than was originally in it:

They were overdrawn by £150, so they couldn't write any cheques.

overdraft-an amount of money that a customer with a bank account is temporarily allowed to owe to the bank, or the agreement which allows this:to run up/pay off an overdraft

knock someone back-informal-cost someone a lot of money

quid- informal- pound or pounds

savings account-an account in a bank or similar financial organization which earns interest

p.s. You can withdraw money at any time from a current account, but not from a savings account.