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!

Pronunciation Pointer

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)

VOCABULARY