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Ch 8 Economics
Terms in this set (37)
a record of checks, deposits, and charges on a checking account.
a bank owned by stockholders and organized to receive, transfer, and lend money to individuals, businesses, and governments.
a card that allows customers to withdraw cash from and make deposits to their accounts using a cash machine.
an order for a specific amount of money payable to a specific payee.
national credit union administration (NCUA)
an agency that grants federal charters to qualified groups, supervises credit unions, and insures accounts in all federally chartered and many state chartered credit unions.
checks that can be cashed in most places around the world. they are often used by people who travel and dont want to carry large amounts of cash.
a nonprofit financial cooperative owned by and operated for the benefit of its members. it accepts deposits, makes loans, and provided other services.
federal deposit insurance coroporation (FDIC)
a US government agency that protects bank customers by insuring deposits as well as examining and supervising financial institutions
mutual savings bank
a saving depository owned by the depositors that divides the profits among depositors in the form of dividends.
electronic funds transfer (EFT)
the movement of money electronically from one financial institution to another.
automated teller machine (ATM)
a computer terminal used to transact business with financial institution.
a personal check with a banks guarantee the check will be paid.
to sign ones name on the back of a check in order to cash or deposit the check.
savings and loan association
a for-profit financial institution that receives and pays dividends on depositors' saving, makes mortgage loans, and offers most of the services commercial banks offer.
a check drawn by a bank on its own funds and signed by an authorized officer of the bank.
the primary function of a financial institution is the safekeeping of consumer savings.
when you deposit money in a bank, your money becomes someone elses source of credit.
commercial banks typically offer a wide range of financial services to their customers.
a credit union lends funds to members at higher rates than other financial institutions.
customers using EFT can request recurring bills to be paid automatically
an overdraft is a check that is not included on your bank statement
when you open a checking account, you are asked to sign a signature card, and this will be the only signature the financial institution will honor on your checks.
when you open a checking account, you normally receive personalized checks and a register for recording deposits and checks
you can use a debit card to charge goods and services when you are shopping
a blank endorsement may be used only for the specific purpose stated in the endorsement
financial institutions help keep money in circulation between consumers and businesses
there are different types of checking accounts that meet different needs
a blank statement is a quarterly record of interest earned on savings accounts
a personal checking account will be pretty much the same no matter where you open your account
with overdraft protection, banks will honor the check written even if it exceeds the account balance
a special endorsement is used to transfer a check to another part
destroyed checks should be recorded in the checkbook register as "void"
identifying check numbers are needed to replace lost or stolen travelers checks
a good choice for a consumer who writes a large number of checks and can keep the required minimum amount of money in the account at all times would be a _ checking account
want someone to have access to your account in an emergency
a joint checking account may be a good idea if you _
a bank statement provides a record of all the following except
a financial institution owned by its stockholders and operated for profit is a _
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