chapter 25
mutual savings bank
a bank owned by depositors that mainly handles savings accounts and makes loans to home buyers
commercial bank
a bank that offers a full range of financial services
electronic funds transfer
a system through which funds are moved electronically from one account to another and from one bank to another
trust companies
businesses that manage people's money and property for them
FDIC
federal deposit insurance corporation- federal agency that helps to regulate banks and other financial institutions
savings and loan
specialized in savings accounts and making loans for home mortgages
consumer finance company
specializes in making loans for long-lasting or durable goods.
federal reserve system
supervises and regulates member banks in order to help the banks serve the public efficiently
interest
the amount paid for the use of money
credit union
user owned, not-for-profit, cooperative financial institution
safe-deposit boxes
where you can store valuables