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Eight things you can do in the bank

Nigerian News Update » Nigerian Newspapers
Punch Newspaper
A bank customer can walk into the bank and do any or all the following eight transactions at his comfort, according to

*Open an account: You can open a current account, a savings account and other types of investment accounts.

 A current account is where you can keep your money and write cheques to make payments. It is usually used for the day-to-day spending.

A savings account is for keeping money for a long time. You can save money for a car or a house. Savings accounts usually earn small interest.

An investment is where you can keep your money to earn some interest. Every month, you receive a statement (a piece of paper in the mail with a list of all the activities in your account) in the mail or online.

*Make a deposit or withdrawal: You can make a deposit or withdrawal inside the bank or at the ATM (cash machine).

*Take out a loan: When you take out a loan, the bank gives you a large amount of money – usually to buy a house or open a business – and you have to pay the money back to the bank over time with interest (a small percentage of the money). The bank lends you the money; you borrow the money from the bank.

*Deposit or cash a cheque: You can write a cheque to pay someone else. When a cheque bounces, it means that the person who wrote the cheque does not have enough money in the account to pay the value written on the cheque.

*Talk with the teller: The person who helps customers at the bank is called a bank teller or teller. Other people who work at the bank are the manager (the person responsible for other workers) and the security guards (the people who keep the bank safe).

*Apply for a credit card: When you begin the process of getting a credit card, this is called applying for a credit card. A few important things on the credit card are the number, the expiration date, and the security code or the CCV.

*Pay bills: Bills are the pieces of paper with the amount of money you need to pay for services like electricity, phone, water, heat, and Internet. You can pay your bills online, by mail, or at the bank. After you pay, you will receive a receipt — a small piece of paper that confirms your payment.

*Go through the drive-thru: The drive-through or drive-thru is a service that lets you use the bank without leaving your car.
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