Types of Accounts

Most customers of a bank have current (or cheque) accounts. Interest is not paid on these accounts but withdrawals can be made by cheque. The other type of bank account is the deposit or savings account. Interest is paid on these accounts but notice of ……………… is required. Banks lend …………. money to their customers in two ways. They grant loans or overdrafts. Loans are for a fixed sum and …………… has to be paid on the whole ……….. borrowed. Another name for a loan is an advance. In …………… to loans to businesses, banks also …………. personal loans. By contrast, by means of an overdraft it is possible for cheques to be drawn in ……….. of the sum standing to the customer's ………….. in the current account. Interest is ………….. paid only on the actual amount overdrawn. If customers wish to buy items such as new cars or double glazing for their houses they may ………… the bank manager for a loan or overdraft. Providing they have …………… their accounts satisfactorily in the past and the amounts involved are in keeping with their …………… the manager will normally oblige.

Section С. Complete the table

Verb	Adjective	Noun
to guarantee	guaranteed	guarantor
to apply
	authorised
		overdraft
	requisite
		implication
to specify
	abbreviated
		indorsement
to secure
	confidential
		cancellation
to modify
	prescribed
		beneficiary
to economise
		legality
to accumulate
	completed
		negotiation
to confirm
		negligence
to agree

I’m sorry Mr Merridrew, I can't take your rabbit as security for a loan.

Section D. Write a letter

A customer may have regular payments to make such as a monthly insurance premium or an annual subscription to a sports club. In this case the bank can be given a single instruction to make these payments. An example of a standing order is shown below:

The Willows Glenbarrow Crescent Porchester Wiltshire SW9 8PQ 15th May 199-

The Manager Barclays Bank PLC High Street Porchester SW2 1WR Dear Sir, Please pay to National Westminster, Station Road, Porchester on account of the Porchester Lawn Tennis Club (a/c number 634/541) the sum of ₤50 on the 1st May next and the same amount on the same date each year until further notice. Yours sincerely David Miller

Your task

Play the part of David Miller and write a letter for him to his bank manager. You have been informed by the tennis club that the subscription rate was increased to £60 last year and another £10 is now due.

Section E. Summarising

Give the following passage an appropriate title and summarise it in Russian in about 150 words.