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General accounting course


understand debit and credit and
balance sheet and income statement

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Finance course


understand discounted cash flow analysis

At the bank
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hp  To complete his moving in, François has many things to do.

hp  Among them, he must open a bank account.

hp  He goes to the Wells Fargo bank agency.

hp  F.: Good morning. I would like to open an account, he tells the bank clerk.

hp  C.: Good morning. I need to know what kind you want.

hp  F.: I do not understand what you mean.

hp  C.: Well, there are two main kinds of account: a checking account and a savings account.

hp  F.: What is the difference?

hp  C.: A savings account is one where you deposit your savings.

hp  C.: We keep them for a certain period of time: three months, or six months, or a year, etc.

hp  C.: During this period you cannot withdraw your money.

hp  C.: But, it yields interest.

hp  C.: At the moment, we offer 5% on one year savings accounts.

hp  F.: And what is the other kind?

hp  C.: A checking account is simpler: you deposit money whenever you want. And you also have access to it anytime.

hp  C.: We give you a checkbook.

hp  C.: When you need to pay some expenditure, for a purchase or for any other reason, you write a cheque.

hp  C.: It is drawn from your account. Your account is debited. And the bank account of whoever you paid is credited by the clearinghouse.

hp  C.: It's as simple as that.

hp  C.: Please note that it yields no interest.

hp  F.: OK, I understand, says François. It's a checking account that I need.

hp  C.: Do you want to make an initial deposit?

hp  F.: Yes, I do.

hp  F.: I have 5000 euros in my bank account in France.

hp  F.: I would like to change them into dollars and deposit those in the new checking account at your bank.

hp  C.: Fine. You can wire transfer them to us.

hp  C.: We will exchange them at the rate of 1.30 dollars to a euro. This makes 6500 dollars.

hp  C.: You will get less, however, because of the transfer charge of $50.

hp  C.: So we will credit your account with $6450.

hp  F.: That's fine.

hp  C.: Then, please fill out this form.

hp  F.: There you are.

hp  C.: Thank you. Have a nice day.

hp  F.: You too. Goodbye.


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