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Federal Reserve System

nations first true central bank

Central Bank

bank that can lend to other banks needs

Federal Reserve Note

paper currency issued by the Fed

Run on the Bank

rush by depositors making withdrawels before the bank failed

Bank Holiday

brief period which every in country is required to close

Commercial Bank

banks that catered to intrests of business and commerce

Demand Deposit Account (DDA)

accounts whose funds could be removed

thrift institution

accepted deposits of small investors

Mutual Savings Bank (MSB)

depositor-owned financial organization operated for the benefits of its depositors

Savings Bank

no longer mutually owned

NOW Accounts

type of checkiing accounts that pay intrest

Savings and Loans Association (S&L)

invest majority into mortgages

Credit Union

nonprofit service

Share Draft Account

intrest earning checking accounts

Deregulation

the removal or relaxation of government restriction on business

Creditor

a person or institution to whom money is owed

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