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20 terms

POB 4.02

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Commercial bank
the most common banking organization, offering checking accounts, savings accounts, loans to individuals and businesses, and other services
Credit union
a user-owned, not-for-profit, cooperative financial institution
Bank reconciliation
the document created to show how the two balances (your own record of your checking account and the bank's record of your account) were brought into agreement
Bank statement
a report on the status of a bank account
Check register
a separate book, usually the same size as the checkbook, for recording account activities
Debit card
a card issued by your bank and used for ATM transactions and spending money from your account
Depository institution
Financial institution that obtains its funds mainly through deposits from the public; this includes commercial banks, savings and loan associations, savings banks, and credit unions.
Discount rate
the rate financial institutions are charged to borrow funds from the Federal Reserve banks
Drawee
the bank or other financial institution that pays the check
Drawer
the owner of the account who signs the check
Electronic funds transfer (EFT)
the use of computers and other technology for banking activities, including the use of ATM, point of sale transactions, direct deposit and automatic bill payment
Endorsement
written evidence that a person received payment or transferred the right to receive payment to someone else
Federal Deposit Insurance Corporation (FDIC)
the federal agency that helps to regulate banks and other financial institutions
Federal Reserve System (FED)
a system set up by the federal government to supervise and regulate member banks and to help banks serve the public efficiently
Joint account
when two or more people have a bank account together
Non-depository institutions
financial institutions that do not take or help customer deposits, and they earn their money selling specific services or policies
Outstanding checks
checks that have not been deducted from the bank statement balance
Payee
the person to whom the check is written
Reserve requirement
Percentage of deposits that depository institutions must keep on reserve in their cash vaults or on deposit at a Federal Reserve Bank
Signature card
a document used by your bank to verify your signature