To complete his moving in, François has many things to do.
Among them, he must open a bank account.
He goes to the Wells Fargo bank agency.
F.: Good morning. I would like to open an account, he tells the bank clerk.
C.: Good morning. I need to know what kind you want.
F.: I do not understand what you mean.
C.: Well, there are two main kinds of account: a checking account and a savings account.
F.: What is the difference?
C.: A savings account is one where you deposit your savings.
C.: We keep them for a certain period of time: three months, or six months, or a year, etc.
C.: During this period you cannot withdraw your money.
C.: But, it yields interest.
C.: At the moment, we offer 5% on one year savings accounts.
F.: And what is the other kind?
C.: A checking account is simpler: you deposit money whenever you want. And you also have access to it anytime.
C.: We give you a checkbook.
C.: When you need to pay some expenditure, for a purchase or for any other reason, you write a cheque.
C.: It is drawn from your account. Your account is debited. And the bank account of whoever you paid is credited by the clearinghouse.
C.: It's as simple as that.
C.: Please note that it yields no interest.
F.: OK, I understand, says François. It's a checking account that I need.
C.: Do you want to make an initial deposit?
F.: Yes, I do.
F.: I have 5000 euros in my bank account in France.
F.: I would like to change them into dollars and deposit those in the new checking account at your bank.
C.: Fine. You can wire transfer them to us.
C.: We will exchange them at the rate of 1.30 dollars to a euro. This makes 6500 dollars.
C.: You will get less, however, because of the transfer charge of $50.
C.: So we will credit your account with $6450.
F.: That's fine.
C.: Then, please fill out this form.
F.: There you are.
C.: Thank you. Have a nice day.
F.: You too. Goodbye.