English the American Way: A Fun ESL Guide to Language and Culture in the U.S. » Unit 8: Ooh, Money, Money!
Okay, you’ve found a place to live and a job that will pay the bills. As all the money comes rolling in, you’ll need a safe place to save it. A bank account is important for establishing a credit rating, too. You’ll also need an account if you want direct deposit from your employer. It’s easy to open a bank account, and the people at the bank will be happy to help. (Of course they will; they’ll be holding your money!) Speaking to a representative at the bank is a good idea because there are so many types of accounts. Do you want to share a joint account with someone in your family? Do you want a checking account, so that you can pay for things by check? Do you want a savings account to put aside extra money? You can usually earn a little more interest with a CD, which is short for “certificate of deposit.” To open an account, you’ll need to provide ID and proof of your address. (You got that apartment just in time!)
Here’s another time when you need to watch for hidden fees. Some accounts may require you to maintain a minimum balance. If the funds in the account fall below a certain level, you may have to pay a monthly fee. Some “free checking” accounts can be very expensive! Most banks offer free use of their ATMs, but be careful of the double whammy! If you use a different bank’s ATM, that bank may charge a fee, and your bank may charge another fee. (Are you doing the math with me? That’s two fees!) If your account is overdrawn—you guessed it—a fee! If you bounce a check—say it with me—a fee! I guess there’s a reason banks have enough money to name so many sports arenas . . .
The convenience of having a bank account makes it worthwhile to learn about all the options. Most bank cards can be used at stores (so you don’t have to carry cash), and you can even get cash back from your purchase. Many banks have drive-thru banking, so you don’t even have to get out of your car. Hmm . . . drive thru the bank, and then head to the burger drive-thru for lunch? Lots of Americans love online banking, so you can have fun paying those bills 24-7, even in your PJs!
LIA: I finally did it. I opened a bank account yesterday.
ALAN: It’s about time! Didn’t you hate carrying all that cash around?
LIA: Yeah, it was a hassle. And I want to establish a credit rating, too. Besides, with all the ATMs around, it’s easy to get cash if I want some.
ALAN: Was it easy to open an account?
LIA: It sure was! I guess they’re happy to get my money, ha, ha. Just make sure you have ID with you and proof of residence.
ALAN: Were the people nice?
LIA: Yeah, they were pretty friendly. I felt very comfortable asking questions.
ALAN: So now that you have a bank account, I guess you’ll be buying a new car?
LIA: Don’t get carried away! I’ll be happy if I can pay the electric bill!
| Tip 1 | Banking is big business. Check around. Different banks may offer different interest rates to get your business. There are also Internet-only banks that are sometimes a good deal. |
Was is pronounced differently, depending on the stress. Unstressed, it sounds like wuz and is connected to the words around it: Wuz it easy to open an account? (unstressed)
In its stressed form, it sounds like woz: It sure woz. (stressed)
For past simple questions using the verb to be, the question word comes first (if you are using one). The past form of the verb to be comes next, before the subject. Look at the examples from the dialogue.
Examples:
- Were the people nice? (How were the people?)
- Was it easy to open an account?
Place to live? Check! New job? Check! And now for the best part: the paycheck! The long lines at the bank’s drive-thru will tell you that Friday is the traditional payday. But you can outsmart the people in line. Most companies offer direct deposit of paychecks. This means that your money is automatically transferred into your bank account on payday. Direct deposit has many advantages, but the best one is that you don’t have to wait in line to cash your check. Yay! (You’ve probably noticed that Americans don’t like to wait.) It also gives you extra time for yourself; you don’t have to add a trip to the bank to your list of errands.
Now that you’re bringing home the bacon, you know that American money takes some getting used to. The bills look very similar in size and color. The change comes in a lot of denominations.
You also need to learn the many common slang words that refer to money. Moolah, dough, bread, cabbage, and lettuce are not referring to a meal, but to the money that buys the meal! The slang descriptions of money may leave you thinking you’re learning a third language! One dollar bills are often called singles. Occasionally, a five-dollar bill is called a fin and a ten dollar bill is a ten-spot. The real fun, however, comes with the big bills. A C-note is a one hundred dollar bill. (We’d like several of those, please. ) Although some money nicknames seem to make no sense, this one is logical: the Roman numeral for 100 is C. American Founding Father Benjamin Franklin has made it into the slang world, too. A one hundred dollar bill (featuring Franklin’s picture) is also called a Benjamin. How are your math skills? Ten Benjamins equal a grand. We love those Gs. That’s a lot of smackers!
LIA: I really love my new job! It feels great to be bringing home the bacon!
ALAN: No kidding. Payday is my favorite day. Too bad it only comes twice a month.
LIA: Don’t you get paid every week?
ALAN: No, twice a month. In fact, I think most companies do payroll twice a month; usually on the 15th and the 30th.
LIA: Hey, I think you’re right. But I have direct deposit, so all I care about is that when I pay a bill, there’s money in the bank! And I’m saving for a car, so I like that the money is already in the bank.
ALAN: Wow—a car? Won’t that cost a fortune?
LIA: You’re not kidding. I was looking at used cars, and even they cost at least 5K. It’s crazy!
ALAN: Speaking of crazy . . . I’m still trying to figure out the crazy change here. I know that four quarters equal a dollar. But did you ever notice that a nickel is bigger than a dime? Does that make sense to you?
LIA: Ha! Now that you mention it, a penny is bigger than a dime, too.
ALAN: I learned an interesting fact the other day. Did you know it costs more to make a penny at the mint than it’s worth? Crazy!
LIA: I guess it’s fun to think about change, but I’m glad my paycheck is in big bills!
| Tip 2 | At stores, many people don’t even bother to take their change if it’s only a few pennies. Some stores have a small cup near the cash register where customers can put their pennies. Other customers are welcome to take pennies from the cup if they need them for their purchase. |
| Tip 3 | “Keep the change” is a way of telling a waiter that the change from the restaurant bill is the tip. |
For past simple questions using both regular and irregular verbs, the question word comes first (if you are using one). Did comes next, then the subject and the base form of the verb. Remember: the word did shows that the question is in the past, so the verb does not need to change.
| Correct Example: | Not: |
| What did you notice? | What did you noticed? |
| Did you notice? | Did you noticed? |
| How did you know? | How did you knew? |
| Did you know? | Did you knew? |
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