Unit 2 Banking Quizlet
Terms in this set (36)
A national banking system, established in 1913, that controls the U.S. money supply and the availability of credit in the country.
Federal Deposit Insurance Corporation that protects the money in a bank account. Insures up to $250K
US Government Savings Bond
Bonds sold by the US Department of the Treasury in order to pay for the governments borrowing needs
A measure of the ease with which an asset can be converted into money without a significant loss of value.
A type of Malware that locates and saves data from users without them knowing about it.
A check written for a larger amount than the balance in a checking account. The check "bounces" and the account is "overdrawn".
A licensed institution that specializes in investing
Online bill pay
allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union, or building society.
Truth in Lending Act
An act which requires lenders to inform borrowers of all direct, indirect and true costs of credit.
Cash management tools
Tools that allow you to keep track of and manage your finances
A government institution that ensures up to $250K in accounts in credit unions.
A card used for payment through credit with interest accruing.
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder. No interest is paid.
When the payee signs the back of a check in order to cash the check
an automatic loan made to you if you write a check for more money than you have in your account
Certificate of deposit
A savings alternative in which money is left on deposit for a stated period of time to earn a specific rate of return.
A financial institution owned by its members that provides savings and checking accounts and other services to its membership at low fees.
An endorsement that transfers the right to cash the check to someone else.
Businesses that offer services to help individuals manage their money
a bank account against which the depositor can drawn checks payable on demand
A share of ownership in a corporation.
Automated Teller machine; used to pick up and deposit cash.
An endorsement that requires the check holders signature and a restitction on how the paper may be used by the bank
The book in which you keep records of checks, deposits, debit card transactions, and ATM withdrawals.
Interest on a Loan
The fee that is paid for borrowing someone else's money
Money market account
A savings account that requires a minimum balance and earns interest
A report that accounts for the difference between the bank statement and a checkbook balance
A for-profit institution that offers a full range of financial services
An account you have at a financial institution that helps you accumulate and save money and earn a small amount of interest at the same time.
Interest on a savings account
A small amount of money you receive, that accumulates over time, for putting your money in a savings account
A way to check your balance and account activity or search your statements and payment history online.
A way to endorse a check through a phone or any other mobile device
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank
An attack that sends an email or displays a Web announcement that falsely claims to be from a legitimate enterprise in an attempt to trick the user into surrendering private information
An amount of money given to the borrower for a set period of time. After the set time has passed, the money must be paid back plus interest
A small written form that is used to deposit funds into your account