Modern Banking
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16 terms
Terms | Definitions |
|---|---|
 Federal Reserve Note | Currency issued by that eventually replaced all others |
| Central Bank | Bank that can lend to other banks in times of need |
| Federal Reserve System | Privately owned, publicly controlled, Central bank of U.S. |
| Run on the Bank | Sudden rush by depositors to withdraw all deposited funds |
| Bank Holiday | Brief period during which all banks or depository are closed |
| Commercial bank | A financial institution that accepts demand deposits and makes loans and provides other services for the public |
| Demand Deposit Account | Account whos funds can be removed by writing a check |
| Thrift Institution | Savings and Loan Associations,mutual savings bank |
| Mutual Savings Bank | Depositor-owned savings institution operated for the benefits of depositors |
| NOW Accounts | Type of checking account that pays interest |
| Savings and Loans Association | Depository institution that invested in home mortgages |
| Credit Union | non profit service cooperative that accepts deposits |
| Savings bank | Publicly held depository institution that competes with other banks |
| Share Draft Account | Checking account offered by a credit union |
| Deregulation | relation or removal of government regulations on business accounts |
| Creditor | person or institution to whom money is earned |
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