3.2 Read and translate the text Developments in banking

1. Technological innovations and increased competition in the face of deregulation are changing the face of American banking. Banks and other financial institutions are using computer technology now. One of the innovations is the electronic funds transfer which transfers money from individuals to the bank, from bank to bank and from city to city through an electronic system.

2. Large banks install automatic teller machines outside their buildings. A customer can get cash, make loan payments or transfer money from one account to another at any time of the day or night. The key to the automatic teller machine is a debit card which helps to make transfers directly to and from a customer’s checking account. Some large retailers install point-of-sale terminals, which allow a retail customer to transfer funds from his bank account to the merchant’s account. Electronic funds transfer makes it easy for commercial banks to accept deposits outside their home states. Groups of banks are setting up automatic teller machine networks for the customers to use their debit cards to withdraw cash, transfer funds and check balances in other states.

3. Nowadays the banking industry is less regulated. It stimulates the diversification of banks, and service and price competition. Financial supermarkets are appearing all over the United States. These financial institutions are handling all types of financial transactions. They are selling life insurance to their customers, buying and selling their homes and are lending them money in addition to the traditional services of stock and bond transactions.

4. The competition that results from deregulation is urging the banks to offer more and better services to their customers. Some banks are trying to assign each of their major customers to a “personal banker”.

3.3 Answer the questions to the text:

1. What is changing the face of American banking?

2. What kind of technology are banks using now?

3. What is the electronic funds transfer doing with money?

4. What are large banks installing outside their buildings?

5. What new services are the automatic teller machines providing for the customer?

6. What is the key to the automatic teller machine?

7. What are some large retailers installing in their shopping centers?

8. What innovation makes it easy for the customer tо handle all kinds of financial transactions outside his home state?

9. What process in modern banking is urging the banks to diversify?

10. What services are the financial supermarkets providing for their customers?

3.4 Find English equivalents to the following phrases in the text:

компьютерные технологии; электронный перевод денежных средств; при помощи электронной системы; банкомат; выплата ссуд; банковская карта; делать перевод; текущий счёт клиента; переводить средства с…на…; принимать вклады; снимать наличные; проверять счет; ценовая конкуренция; выполнять все виды финансовых сделок.

3.5 Make up ten English sentences using words from the active vocabulary of the lesson

3.6 Which passage of the text contains information on:

1. It is difficult to direct modern banking;

2. Modern trends make banking alter;

3. Modern technologies used by the banking industry.

3.7 Are these statements true, false, or not mentioned in the text?

1. Financial supermarkets are appearing all over the world.

2. Credit cards help customers to withdraw cash, make transfers and check balances.

3. Computer technologies are very popular in the European banking industry.

4. When you use your credit card, the point of sale terminal requires a PIN to complete the transaction.

5. Deregulation in banking results from competition.

6. Only large banks can sell life insurance to their customers.