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16 terms

Modern Banking

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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