15.3

Which of the following statements about credit unions is true?

None of the above statements about credit unions is true.

______are large pools of money set aside by corporations, unions, and governments for later use in paying retirement benefits to their employees or members.

Pension funds

Which of the following is an example of nondepository financial institutions?

. commercial finance companies

Which of the following financial institutions is a not-for-profit institution?

. credit union

Thrift institutions:

. were formed specifically to encourage household savings

Insurance policyholders make premium payments to buy financial protection. Insurance companies invest the premiums in:

all of the above

Savings banks:

are a type of thrift institution

National banks:

are accurately described by all of the above

. ATMs let customers of banks make deposits and withdrawals while in a shopping center or supermarket 24 hours a day. The letters ATM stand for:

automated teller machine

. The operating license for a commercial bank is called a(n)

bank charter

A is a nonprofit, member-owned financial cooperative.

credit union

Which of the following services would you expect a depository institution to offer

electronic funds transfer

Thrift institutions were formed specifically to make home mortgage loans and to:

encourage household savings

A bank charter:

is an operating license for a commercial bank

Which of the following services would you NOT expect a depository institution to offer?

loans to individuals with poor credit

Thrift institutions were formed specifically to encourage household savings and to:

make home mortgage loans

A bank chartered by the Comptroller of Currency, a branch of the U.S. Treasury Department, is bank.

national

State banks are:

national

______ are two types of thrift institutions

saving banks and savings and loan associations

About two-thirds of all U.S. commercial banks are chartered by the state in which they are based. The banks are called

state

. What are the broad categories of commercial banks in the United States?

state and national banks