Cards, banks and apps Lesson 7 of the adult life course of Mova's primary school: 19 sentences, each with its syntax tree and pragmatics. The lessons are written for Mova, and their agreed trees are part of Mova corpus 0.4 (CC BY-SA 4.0). How Mova does on its tests: the lesson at school .
0 Most grown-ups keep their money in a bank account, and most of it is never seen as notes and coins. 1 It moves as numbers when a card is tapped, a bill goes out or pay comes in. 2 A debit card spends money already in the account; a credit card borrows money that must be paid back later. 3 A PIN is the secret number that proves the card is yours. 4 Banks pay interest on savings, and they charge interest when you borrow. 5 Interest that grows on interest is called compound interest. 6 Example: in a café in Toronto, Mum taps her phone on the reader and the coffee is paid in a second. 7 That night she opens her banking app and groans: "The app says we've spent eighty dollars on takeaways this month." 9 Contactless means paying by touching a card or phone to a reader, and real money leaves the account even though no notes change hands. 10 A PIN is a secret four-digit number that proves a card is yours, and banks never ask for it on the phone. 11 A debit card spends money already in the account; a credit card borrows money from the card company to be paid back later. 12 An overdraft lets you spend below zero, which is borrowing, and banks charge high interest on it. 13 A savings account pays interest, a little extra money each year for every pound kept there, because the bank lends your money to others. 14 Compound interest means you earn interest on the interest, so savings grow faster over many years, and unpaid debts grow the same way. 16 A bank statement lists everything that went in and out of an account, and grown-ups check it for mistakes and fraud. 17 A subscription keeps taking money every month until it is cancelled, and free trials often turn into payments. 18 Some cash machines charge a fee for taking out money, while most bank ones are free. 19 Banks offer children's accounts to keep savings safe and teach how banks work. 20 Cashback at a shop means taking your own money out as cash while paying by card; it is not a gift. ← previous Paying for a home and the billsnext → Borrowing and debt↑ back to Adult life This page in Markdown → https://md.mova.elamur.ai/free/en/corpora/school/adult-life/7-cards-banks-and-apps/