Bank Account Fees

person holding brown leather wallet and banknotes
Type: Vocabulary
Originally published on November 2, 2020 and last updated on July 19, 2023

The topic of bank account fees is valuable for English learners as it equips them with essential financial literacy skills and enhances their ability to manage personal finances effectively. Exploring this topic helps learners expand their vocabulary related to banking and finance, understand the different types of fees associated with bank accounts and learn strategies to minimise or avoid unnecessary charges.

By developing a deeper understanding of bank account fees, learners can make informed decisions, compare banking options and improve their financial well-being, ultimately empowering them to navigate the financial landscape with confidence.

Go through the vocabulary below with your students and ask them to try and use this vocabaulry where possible when discussing the different conversation questions.

Bank Account Fees Review

Bank account fees are an important aspect of personal finance that individuals need to understand. This introduction delves into the topic of bank account fees, which are charges imposed by financial institutions for various services and transactions.

Understanding bank account fees enables individuals to make informed decisions about choosing the right account, managing their finances efficiently and minimising unnecessary expenses. This knowledge empowers individuals to navigate the banking system effectively and maximise their financial well-being.

Useful Vocabulary

Try and use the following vocabulary when answering the question. Click to look up the definition in the dictionary

  • bank (noun)
  • account (noun)
  • withdraw (verb)
  • pay in (phrasal verb)
  • debit card (noun)
  • fee (noun)
  • pay (verb)
  • interest (noun)
  • charge (noun)

Conversation Questions

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  • Do you have a bank account?
  • What services do you receive from the bank for having a bank account?
  • Do you have to pay a fee for your bank account?
  • What are some common types of bank account fees that you are familiar with?
  • Is it fair for banks to charge fees for services that were traditionally free, such as ATM withdrawals or paper statements?
  • Why do you think most banks charge a fee for having a bank account?
  • Have you ever switched banks or accounts to avoid high fees?
  • How do you think bank account fees impact individuals with low incomes or limited financial resources?
  • Are there any alternative banking options or services that offer lower or no fees?
  • Do you think all bank accounts should be free? Why?
This conversation topic was prepared by Gregory

Gregory is a qualified TEFL teacher who has been teaching English as a Foreign Language (ESL) for over a decade. He has taught in-person classes in Spain and to English learners around the world online.