Modern Banking
About this set
Created by:
cassie2010 on March 9, 2010
Subjects:
Log in to favorite or report as inappropriate.
Order by
16 terms
Terms | Definitions |
|---|---|
 Federal Reserve System | Nations first true central bank |
| Central Banks | A bank that can lend other banks money when needed |
| Federal Reserve Note | Paper currency issued by the FED |
| Run on the bank | A rush by depositors to withdraw their funds from a bank when failed |
| Bank Holiday | Brief period during which every bank in the country was required to close |
| Commercial Banks | Banks that catered to the interests of business and commerce |
| DDA | Accounts whose funds could be removed by writing a check without approval of the depository institutions |
| Thrift Institutions | Accepted the deposits of small investors |
| MSB | Depository owned financial organization operated only for the benefits of the depositors |
| Savings Banks | MSB's instituitons that sold stocks |
| NOW Accounts | A type of checking account that pays interest |
| Savings & Loan Association | Depository Institution that invests the majority of its funds in home mortgages |
| Credit Union | Nonprofit service cooperative that is owned by, and operated for the benefit of its members |
| Share Draft Account | Interest earning checking accounts to compete with the NOW accounts |
| Deregulation | Removal or relaxation of government restrictions on business |
| Creditor | A person or institution to whom money is owed and sue the banks owners to recover the rest |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.