Module 8 Banking In a bank

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1 Module 8 Banking Borrowing and lending In a bank Modal verbs of obligation /ɔː/ In a bank 1. Watch the video and put these events in the order you see them. a) Getting change for a 20 note b) Paying a taxi fare c) Borrowing a tenner d) Withdrawing cash e) Making a transfer/payment f) Splashing out money g) Lending money h) Spending money on sweets i) Finding money j) Haggling To lend: when you give something to someone and expect it back Did John lend his car to Bob? John-owner Bob-lender Borrow: when you ask someone to give you something and they expect it back. Mary borrowed 100 from her parents. Parents-owner Mary-lender 2. Fill in the gaps with the words below. Then listen to the bank advert and check your answers. pay in mortgage bank balance saving deals interest current account I always loved Groucho Marx. He was a great comedian. Just like him I never joined any clubs. Till now that is. I decided to join The Club at my local a) I opened a brand new b) with them because they give you more than other banks. I earn 3. Match the words on the left with their definitions on the right. 1) lend Words Definitions a) an account that is used mainly for keeping money 2) borrow b) an account for day-to-day use 3) withdraw c) a loan to purchase property 4) savings account d) let someone use something and expect it back 5) balance e) money paid for savings 6) deposit f) pay money out up to 4% c) on my d) I also get an exclusive 7) current account g) use something with the intention of returning it access to some of their best e) offers, which is great 8) haggle h) pay money into a bank because I m just thinking about buying a house. I can also use one of their 9) mortgage i) the amount of money held in an account f) and start depositing any extra money I have. I get all this free when I g) my salary. Even Groucho would join that club. 10) interest j) negotiate the price S i l v e r L e v e l

2 4. Look at the newspaper headings below. Would the ordinary person-in-the-street be pleased to see them? Mark positive news with (P) and negative with (N). Financial News 1. Pension age raised 2. The third electricity price rise in a year 3. British workers see biggest fall in wages 4. VAT to be reduced 5. Interest rates on savings going up 6. Earnings rise fastest for the low-paid 7. Youth unemployment grows 5. Fill in the gaps with the words from page 75. Customer: Hi there, I would like to a) some money from the bank. Bank assistant: Sure, no problem. Do you hold a b) with us? C: Yes, I do. BA: And do you c) your salary into that account? C: Yes. I also have d) where I e) any extra money I have every month. BA: Perfect. Can I have your debit card for a moment to check your details please. OK, so from your records I can see that you also took a C: Yes, we bought a new house recently. BA: OK, let me just check your g) So there is some money in your current account. I can also see regular payments being made into your account. I can confirm that we could h) some more money, however, because your credit rating is not the best, you ll be paying quite high i) on it. C: That s not great. Have you got any leaflets that I could take home with me and have a good think about it? BA: Of course. Here you go. f) last year? 75 N a j l e p s z e K u r s y A n g i e l s k i e g o

3 Borrowing and lending 1. Look at the borrowing options below and match each paragraph with a title. There are two titles that don t match any of the paragraphs. A. Car loan B. Junior Cash ISA C. Personal Loan D. Credit card If you're paying off personal loans, credit or store cards, we an easy way to combine your debts and manage them all in one place. We call it borrowing well because it puts you in control, with just one monthly payment. If you bank with us you can get a quote with us in minutes online. And if you don't, just give us a call or pop into a branch. E. Debt Consolidation 0% interest on balance transfers for 32 months. 1.4% fee applies on Balance Transfers. 0% interest on purchases for 3 months. No annual fee. F. Overdraft Service G. Mortgage To apply, you have to have a salary of 8500 before tax or more. You also must be the UK resident. You must be over 18 to apply. To enjoy the introductory balance transfer offer, you must transfer your balance within 60 days of account opening. You should always make sure you make you monthly repayments on time. If you change your name, address, telephone number or address you must tell us in writing or by calling us. We will use the most recent details you have given us to send you your monthly statements. It is a simple way to build savings that will come of age with your child. Save up to 4,080 tax-free in this tax year, paying in as often as you like. Earn 2.50% tax free on balances of 1 or more. Keep in mind, no withdrawals can be made until the child is S i l v e r L e v e l Be prepared for life's unexpected costs. It is a fee free service and keeping within your limit is a cost-effective way to manage your account. Your only cost will be the interest you pay. Give yourself the flexibility to cope with unexpected expenses. Get an instant decision when you apply online. You could get from 1,000 to 25,000 (Up to 15,000: 1 to 5 years. Over 15000: 1 to 8 years). There are fixed monthly payments so you always know where you stand. Also, you can make unlimited overpayments free of charge. Repayment holiday options are available although more interest will be payable. Before applying you should make sure you ll be able to pay it off. You should inform the bank of any expected change of circumstances regarding your employment or family situation. You must make the monthly repayments set out in your agreement. If a repayment date is a non-working day you must make the repayment on the next working day. You have to pay all the amounts you owe if you wish to close the loan. If you repay your loan early you ll have to pay a penalty of one month's interest.

4 2. Which options would be best for someone who: a) wishes to save money b) wants to have fewer debts c) is under 18 d) needs small amounts of money now and again e) needs a lump sum for a big purchase f) wants to have money available to him in case he needs it g) already has some debts and wants to pay less interest on them h) wants to be able to stop making payments when they have less money coming in 3. Read the paragraphs again and decide if the statements below are true (T) or (F) false: a) The Credit Card is free to use for the first 32 months. b) You can transfer your debts from your existing credit card to the new one. c) Junior ISA requires you to make one monthly payment. d) If you pay in more than 4,080 into your Junior ISA saving account in a year you will have to pay 2.5% tax. e) Debt Consolidation is a loan that you can only use to pay off your other debts. f) Overdraft Service lets you borrow money without any fees or charges if you have an unexpected cost to cover. g) You can fail to make a monthly repayment of your Personal Loan if you are going on a holiday. h) If you repay your Personal Loan early you have to pay a fine. 4. Which word means: a) the money you borrow from a bank.. b) to give back money c) the money you pay back to a bank.. d) to need to pay or give something to someone.... e) financial punishment.. f) ask for or request something.. g) money you get paid for doing your work.... h) send money across.. i) account of your finances..... j) money you borrowed and need to pay back k) financial estimate l) for free m) charge n) become an adult 5. Fill in the gaps with the words from the text. a) I would like to 100 from my bank account to my son s Junior ISA. b) To open a bank account with us you need to bring your last three bank. c) I took a loan and now I have to it. d) I never borrow any money because I don t like having. e) You can apply for car insurance online and get an instant. f) University are so high nowadays that not many people can afford to pay them. g) What I did was wrong and I you an apology. h) If you buy a new Honda from our dealership you will get it MOTed and serviced i) Please in writing to the address below. 77 N a j l e p s z e K u r s y A n g i e l s k i e g o

5 Modal verbs of obligation 1. Highlight any verbs that express obligation in the text on page 76. Write them below. 2. Which of the highlighted verbs are used to: A. talk about the ideal or best thing to do in a situation Must and have to can sometimes be used interchangeably but not always. Mind you: Must: instruction to yourself Have to: you are forced to do something by someone else or by the circumstances OR/AND give advice and make suggestions B. refer to obligations which come from outside the speaker C. express strong obligation and necessity OR/AND talk about rules and prohibitions 3. Explain why those modal verbs were used in the sentences below. a) Dogs must be kept on lead. b) I must get my hair cut. It looks awful! 4. Fill in the gaps using modal verbs of obligation. a) It s really hot in here. I turn on the air conditioning? b) I really do my homework now mum? c) you make that noise? It s really annoying. d) You be saying things like that. It s not very nice. e) I will tell you about my new boyfriend, but you.. tell anyone. It s a secret. f) You take your shoes off. It s messy anyway. 5. Rewrite the questions then answer them. c) I have to get my hair cut. I ve got an interview tomorrow. d) You shouldn t stay up late if you re working tomorrow. e) You mustn t touch those cables. It s very dangerous! f) This cake is lovely. You should try it. g) You don t have to laugh. I know my jokes aren t funny. a) you / had to / do / when you were at school b) one / mustn t / do / where you work c) people / should / do / to speak better English d) one / must / do / to apply for a credit card e) people / shouldn t / do / at work f) you / must / do / this week 78 S i l v e r L e v e l

6 /ɔː/ 1. Compare the sounds below: 2. or cluster in some words Don Dawn or store oral cod cord for before glory cot caught nor more story what a water poor storm chorus pot port door corn explore fox forks floor sore tortoise spots sports 3. Silent (l) shot short cha(l)k sta(l)k ta(l)k wa(l)k s(w)ord 4. Other words all bald awe autumn board four call salt jaw August hoard your stall halt thaw aurora shore course mall Malta saw taught sure ought soar ward crawl caught poor thought boar toward awful bought pour bought roar reward lawn daughter 79 N a j l e p s z e K u r s y A n g i e l s k i e g o

7 Additional material 1. Put the phrases in the correct groups. f) do well in your exams if you want to go to university g) drink alcohol and drive h) leave for the airport early in case you get stuck in traffic i) rest and drink lots of liquids if you have a cold a) wear a uniform at work b) call an ambulance if you just have a cold c) undergo a credit check to get a loan d) be at least 18 to get a credit card e) use your mobile phone during an exam You mustn t You have to You should 2. Fill in the gaps using lend or borrow. a) Could you me some money, please? b) Can I your pen for a moment? c) Some pupils can books from their school. d) Will you me your umbrella till tomorrow? e) Could I your cup? 80 S i l v e r L e v e l

8 A task for this week As the best way of learning new vocabulary is by using it in practice, this week I ve got another hands-on task for you. Go to any of the offer comparing websites and find: 1. A short term savings account that currently offers the highest interest 2. A long term savings account that currently offers the highest interest (e.g. ISA) 3. A credit card with the longest period of interest free purchases option 4. A current account with the lowest fees and the highest interest paid on your balance 5. A personal loan with the lowest interest 6. A business account with the lowest fees Remember, that loans and saving offers are often not as amazing as they initially seem to be. That s why it is so important to fully understand the offers and potential consequences of the decisions you make. The websites you can use for this task are: or any other offer comparing websites. A task for week 8 On I will practice my functional skills and vocabulary by (exact days and dates) (list the actions you are going to take) Monday Tuesday Wednesday Thursday Friday Saturday Sunday Date: Date: Date: Date: Date: Date: Date: 81 N a j l e p s z e K u r s y A n g i e l s k i e g o