ESL Podcast 657 – Checking Accounts and Writing Checks

Marianne: I don’t understand it. I got a notice from the bank that two of my checks bounced. I’ve never had an overdraft in my life.

Jae: That doesn’t sound like you. You’re always so careful with your money.

Marianne: I am! I don’t understand what happened.

Jae: Let me take a look at your bank statement. Okay, here are your deposits and withdrawals from last month. Did you know that your bank charges you a fee just to have a checking account?

Marianne: It does? I didn’t know that.

Jae: It looks like you also have a minimum balance requirement. If you fall below that, you get charged a fee.

Marianne: I do?

Jae: If it’s like my checking account, you can avoid that by getting direct deposit for your paycheck. Did you also know that you get charged every time you use your ATM card to make a purchase?

Marianne: I didn’t know that!

Jae: Well, that’s what happened. Your bank is charging you fees for all of those things and after those fees were deducted, you were left with less money in your account than you thought.

Marianne: That’s so sneaky! How could they do that?

Jae: They count on you not reading the terms and conditions and not looking closely at your statements.

Marianne: I’ve had it! I’m moving banks. I’m taking my business elsewhere.

Jae: Oh, yeah? I know of a good bank.

Marianne: You do?

Jae: Sure, it’s called the Bank of Jae. No fees – ever.

Marianne: Yes, but would I ever see my money again?

Script by Dr. Lucy Tse