English Conversation - AT THE BANK

Reena has been asked by her boss to teach the young trainee in the accounts department of Rama’s store how to deposit money and documents with the bank


Mr.kukreti (Calling Reena on the phone). Good morning, Miss Verma. Could you please come over to my office?
Reena Good morning, Mr.kukreti. I’ll be there in a moment.
Reena enters Mr.kukreti’s office.
Mr.kukreti Ah! there you are. Miss Verma, meet Miss Hansa Mehta. Miss Mehta, this is Miss Verma. She’s been with us for some time and she’ll show you around the bank and explain to how you deal with the bank. Reena, please take Hansa to the bank and introduce her around. Explain to her all the procedures of the bank to be followed about depositing the cash and the export documents, etc

Reena Right Sir, I’ll do that. Come along Hansa. I was just going to the bank myself and I’ll take you along with me. They both leave the room.
Hansa Thank you. I hope I won’t be too much of a nuisance. I really don’t know anything about banking.
Reena Don’t worry. You will learn as you get to handle the work assigned to you. This company banks with the Great National Bank at Central Street. Everyone at the bank is very helpful. Come let’s go. It isn’t too far and we can walk to the bank.
Hansa What do we have to do at the bank?
Reena We deposit cash earned at the store with the bank between twelve and one every day. First you go to the cashier at the store and collect the money to be deposited from the cashier. He also gives you pay – in slip for the bank

Hansa I have a small Saving Bank Account of my own. I know that one hands in the pay- in slip and the cheque to be deposited to the clerk dealing with one’s account. He receives the cheque and stamps one part of the pay- in slip and returns it to you.
Reena That is right. The procedure is the same except that in the case of the Store, where there are so many transactions every day, we have a checking account into which the daily cash collection is deposited. There is another thing you have to remember. The case and cheque deposited are entered on different pay in slips.The cash to be deposited is presented to the cashier and not to the clerk.
Hansa What kinds of documents will be required to be deposited at the bank?
Reena You see, Rama’s Store has a large export business. We send consignments of ready –made garments to a company in Britain. This British company has opened a “letter of credit” in favour of Rama’s store at the Great National Bank. But the money is paid to Rama’s store only when the consignment is actually shipped to Britain. You’ll have to present the shipping documents to the bank from time to time. When shipment are make so that Rama’s store’s account may be credited with the payment for the consignment of readymade clothes ordered by the British firm

Hansa This sounds complicated. And where do I do all this?
Reena There is a separate department in the bank dealing with international trade. Then, there is a Foreign Exchange department too.
Hansa Yes. At times, some of our customers pay us by Traveller’s cheques or with Foreign currency. The store has to deposit this foreign currency, earned by it, with the bank with in twenty four hours.
Hansa I see. This must be the bank.

Reena That’s right. Come along, I’ll show you around the bank. This is the current Account counter at which Rama’s store has an account. We deposit the cheques along with the pay-in slip over here. Now we go to the cashier and deposit the cash.
Hansa Right. I’ve got (understood) this part of it. It would have been so much simpler if both the cash and the cheques could be deposited at the same counter, wouldn’t it?
Reena Some banks do have that procedure too. Keep the stubs of the pay-in slips carefully. You have to file these when you return to Rama’s store. Now I’ll introduce you to Manager or Agent of this branch of the bank. Here is his office.
Manager Oh! Good morning Miss Verma. Is there any problem?
Reena Good morning. Mr.Ramachandran. I’ve brought along a colleague of mine, Hansa Mehta to be introduced to you. From now on. Miss Mehta will be dealing with the day-to-day banking transactions of Rama’s store.
Manager Good morning, Miss Mehta. Welcome to the bank. Will you have tea or coffee?
Hansa No thank you. We must go soon. I hope you’ll help me, Mr.Ramachandran, if I get stuck sometimes. You see, I am new at this job.
Manager Certainly, certainly, I can assure you of our full co-operation. You walk in here if you are stuck anywhere and I will help you out.
Reena Thank you, Mr.Ramachandran. Goodbye.

(B) VOCUBULARY

exports foreign exchange
imports transactions
interest loan

Phrases

borrowing and lending rates of exchange
international transactions unit of currency

Meanings

procedures methods of doing business
assign to allot a task
transaction the act of carrying on business
documents something written
consignment goods handed over to be sent to another place
credit to enter in the plus side of an account.
complicated involved, hard to solve
cashier a person in- charge of cash dealings
stub short remain of a tree. A cigar or a pencil
assure to make certain
co-operation working together
colleague working in the same office

(C) Study the following responses:

1 What is the difference between current account and a saving bank account?
Response -In the case of the checking or current account the bank accepts the customer’s money for safe keeping. The customer can keep depositing in and with drawing money according to his will. In the case of a saving account, the bank accepts the money of the customer and pays interest to the customer, say at 5% per annum. The bank pays this interest to the customer because in turn the bank uses the customer’s money. Normally, the customer is allowed to withdraw only a limited amount of money from his saving bank account.

2 What is letter of credit?
Responses-This term is used for international transaction. Let us assume that the British company ordered 1000 shirts from Rama’s store worth pound.1000. The banker of the British company would be instructed to open a “letter of credit” worth 1000 pound. 1000 with it’s Indian agent bank. The letter of credit is a promise to pay the amount as soon as shipment is made and proof presented to the bank and is verified by it.

3 What is a traveller’s cheque?
Responses- Instead of carrying large amount of notes and currency on one’s person, a traveller who is travelling abroad or from one city to another may take traveller’s cheques. A travellers cheque is issued by a bank, on receipt of money from the customer. The bank at which the traveller deposits the cash makes out a written order to the bank in the other city that so much money be paid to the person presenting this cheque. The signature of the owner of the traveller’s cheque is also verified by the issuing bank.

(D) Makes suitable responses:
1 How many different departments of a bank do you know of?
Response _____________________________________ _______________________________________________
_______________________________________________ _______________________________________________

2 What are the various functions of a bank?
Response ____________________________ ______________________________________ ______________________________________
______________________________________

3 What do you know about the locker or safe/ deposit box system?
Response _____________________________________
________________________________________________ ________________________________________________
________________________________________________