Answer the questions. Give reasons for your answers.
- If you were overdrawn, would you be in a good situation or a bad one?
A bad situation - you would have a negative amount of money in your bank account.
- Why might a person open a savings account as well as a current account?
- Joel’s account is in the red. Why is his bank manager unhappy?
- Why might someone transfer money from a savings account to a current account?
- Why is online banking easier than visiting your branch?
- Why are cash machines so convenient? Are there any risks in using them?
- Zara’s account is in credit. Is she probably happy or unhappy?
- Bob doesn’t have a steady income and his outgoings are very high. Do you think he feels secure or insecure?
- If your bank debited your account for 500 euros, would you feel you had more or less money as a result?
- If you have a good credit rating, what will you find it easier to do?
Possible Answer
- If they want to build up the amount of money they have or they have money they don’t need immediately.
- Because Joel has been spending more than he can afford to spend and he will have to pay interest on the overdraft.
- If they need their money immediately to pay for something.
- You can transfer money into and out of your account online, pay bills, check your account, etc.
- Using a cash machine is usually quicker than going into the bank, but there is a greater risk that someone may watch you and mug you and take your money, or the machine may take your card if you’ve forgotten your PIN (personal identification number).
- Probably happy, because she has a positive amount in her account.
- Probably insecure, because his income may go up and down and he may not be able to match his outgoings.
- Less money - the bank has taken money from your account. If the bank puts money into your account, they credit your account.
- You will find it easier to borrow money from banks, because they will feel confident that you will pay the money back.
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