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Federal Reserve System

Nations First True Central Bank

Central Bank

Bank that can lend to other banks in time of need

Federal Reserve Note

Paper currency issued by the Feds that eventually replaced all other types of federal currency

Run on the bank

A rush by depositors to withdraw their funds before the bank failed

Bank Holiday

Brief period of time where every bank in country is required to close

Commercial Bank

Banks that catered to the interests of business and commerce

Demand Deposit Account

Accounts whose funds could be removed by simply writing a check without approval

Thrift Institution

aka Thrifts or financial institutions, accepted deposits of small investors

Mutual Savings Bank

Depositor owned financial organization operated only for benefit of depositors

Savings Bank

Not owned by depositors

NOW accounts

Type of checking account that pays interest

Savings & Loan Association

Depository institution that invests majority of funds in home mortgages

Credit Union

Nonprofit service cooperative that's owned & operated for benefit of the members

Share Draft Account

Interest bearing accounts

Deregulation

The removal or relaxation of government restrictions on business

Creditor

A person or institution to whom money is owed.

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