PPT Slide
What happens when I want my back?
Bet you’re wondering why the bank would pay you money for leaving it with them?!
- When you have decided how much you want to spend and are ready to get your money back, you will make a “withdrawal.”
- A withdrawal is just a formal request to the bank, asking them to return your money. Like a deposit slip, this tells the bank who you are, what your account number is and how much you are removing.
- The bank keeps track of how much money you have saved and pays you what is called “interest.”
- Interest is like a bonus the bank gives you for keeping your money with them. (How much interest a bank will pay you for keeping your money at their bank is different so check with your bank to be sure.)
- Your new balance will be the money you’ve saved, plus the amount of interest you’ve earned, less the money you’ve taken out.
- The teller will then give you the amount of money you’ve asked for and subtract that much money from your account.