Top 50 Essential Banking Terms You Need to Know For Interview
Association – An organization that protects the interest of its members but does not trade.
Awkward – difficult, inconvenient.
Account Sales – agent’s statement of sales made.
Bill of Exchange – an order in writing from one person to a bank or to another person, to pay on -demand or at a given date, a certain sum to the person named in the bill.
Banker’s transfer – Transfer of money from the bank account of a debtor to the bank account of his creditor by order of the debtor.
Bulk – the goods delivered in a sale by sample.
Banker’s of draft – A draft or cheque drawn by one bank on another.
Current account – The account into which a client pays his trading receipts and on which he draws his cheques.
Cheque – an order in writing from a person to his bank to pay on demand a certain sum to a named person.
Check up – see if everything is all right.
Cope with – manage, but always with some difficulty.
Drop – decrease; fall.
Discretion – judgment.
Draft agreement – written copy of proposed contract.
Dispose of – get rid of; sell.
Deposit account – Surplus funds from the current account are held in this, and receive interest.
Draft – This really means a document used to “draw” money from source, but sometimes it is used to refer to money itself. A bill of Exchange is often referred to in a letter as “the draft”.
Die-stamping – this is used for addresses on private note paper; it is not printed but Embossed and usually coloured.
Executor – Person appointed to carry out the wishes of another person deceased.
Executive – Applied to any director, manager or other head, or person in authority in business firm.
Finish – the completed surface of the article or material.
Holding – the shares are said to be “held” by the owner, who is a shareholder, or stockholder.
Interest – the charges or profit due for lending money.
Item – used only to refer to something in a list, in a catalogue.
Initial – first.
Loan – Money lent.
Letter of credit – (L/C) An arrangement with a bank by means of which a buyer guarantees payment to a seller on fulfilment by the seller of certain agreed conditions. This instruction must be in writing and if marked “irrevocable”, it cannot be cancelled.
Line – the kind of business one deals in.
Manufacturing license – To grant a permit, or license, to a firm in other country, to make the products, using the “Trade Mark” of the first manufacturer but not his name.
Missing – what is not there but should be.
Market potential – sales possibility
Market fluctuations – changes in price, demand etc.
Odd – various; not set design.
Overdraft – A debit balance on a bank customer’s current account.
Proceeds – the results of the sale represented in money.
Pilferage – petty theft.
Price cut – price reduction.
Representative – Anyone representing the firm.
Replacement – in the case of breakage or wrong delivery another consignment of the goods ordered is sent to take the place of the broken, damaged or wrongly delivered goods.
Stipulated – stated as a firm condition.
Seconds – imperfect.
Staff – the employees.
Substantial – big, large.
Sales drive – sales campaign; special effort.
Society – Cultural, Charitable or such organizations.
Security – A document of value given as cover for loan.
Trustee – Person appointed to protect the interests and property of a person unable to do so for himself
To take over – an offer to take over the business of the company concerned; it may be amalgamation or absorption.
Take for granted – presume.
Texture – structure of material, thickness, weave of fabric.
Trade papers – magazine, periodicals devoted to a certain trade.
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