For Self Test 3

In the text, the example was given about bank balance requirements. IF your balance falls below 100 dollars, the bank charges you a fee of ? a month

$10

Other agencies may sell you the traveler's checks but add on chargers up to ? percent, so be careful to check and see whether you must pay a fee

1.5

ATM owners have started to collect extra fees besides the withdrawal amount. These surcharges are usually around 1 dollar, but they can be as high as $?

10

The idea of banking was well accepted in society among nobles, but it was not until the mid ? that the Riksbank in Sweden and the Bank of England made commercial banking available to the public

1600s

Oxford Provident Building Association, the first SLA in America, was created in ? in Frankfort, Pennsylvania

1831

In ?, savings institutions account for ? percent of all home loans

1987, 59

If Wild Westbank, the ATM owner, levies a 1.50 dollar surcharge, then your 30 dollar withdrawal will appear on your receipt as 21.50 dollars, even though you received $?

20

There is a limit to how much you may withdraw; some banks allow you up to $? a day

200-300

Since the 1960 ? and various antitrust laws were enacted, we do not have to worry about "super banks" monopolizing the market and controlling interest rates

Bank Merger Act

Oxford was starting to fill a need that commercial banks were overlooking; individuals who wanted to ?

Buy a home

In 1980 the Depository Institutions Deregulation and Monetary Control Act loosened many government controls, including the elimination of interest-rate ? on savings and time deposits

Ceilings

A contribution is a financial cooperative that provides loans to its members at lower rates of interest than would be available at other institutions

False

All states have rules to set limits on how much an ATM surcharge can be

False

Semiannual means once every two years

False

Tim can take out a car loan from his SLA

False

When traveling it is best to carry large amounts of cash to pay for items quickly

False

You may have made a purchase with your credit or debit card at a store and were asked by a store clerk if you wish to have cash above the amount of your purchase. If you say Yes, you will be charged a fee for that cash

False

There may be ? for cashing traveler's checks

Fees

If you need to withdraw 20 dollars using an ATM owned by Wild Westbank, your bank, Mountain Bank, is probably going to charge you a fee for using a ? ATM and the fee will show up on your next monthly statement

Foreign

SLAs pay earnings in regular ? to their members, but continue to finance homes and charge interest

Installments

The ? were the medieval group that guarded valuables and negotiate loans as well as transport money between nations

Knights Templar

A ? is a tangible way to see what you are saving

Passbook

PIN stands for ?

Personal Identification Number

Many foreign ATMs may limit your transactions to your ? account and may limit your withdrawal amounts

Primary

Under the ?, your lost or stolen traveler's checks are replaceable when you provide the refund office the serial numbers and exactly which checks you have cashed and lost

Refund policy

Banks normally levy ATM surcharges only on customers of other banks

TRue

The automated telephone banking system is a great help to banking customers. By following simple voice prompts, you can not only check the balances on your deposit accounts, you can also ? funds between your different accounts

Transfer

VISA is using a plastic traveler's check called a

Travel/Money card

A serial association was the second form of a savings and loan, where the end result was to find new ways of financial assistance rather than closing down after a project was completed

Treu

A contribution is another name for a deposit

True

Annual means once a year

True

It is important that you copy the serial numbers of your traveler's checks and keep the list in a safe and separate place so if you lose your traveler's checks, you can quickly get replacement

True

Quarterly means four times a year

True

SLAs are institutions that give fewer products than a bank would, but make up for it by giving better returns on the money put into their accounts

True

The housing industry depends on the SLA for continued growth

True

The serial association SLA was different because the members were not forced to buy a home

True

There was once a time when banks were not allowed to merge or even expand outsdie their country

True

Traveler's checks have the date and location of the issuing bank or agency

True

before a trip, find a well known company that charges no fees and has checks that almost any business would recognize. American Express and ? offer traveler's checks for no fee

VISA

The savings and loan association how had a long life and took members in on a quarterly, semiannual, or ? basis

annual

At first, savings and loan associations were serving a short-term mission, so to speak. As soon as all members in the association received their loan and started on ? payments to pay back the loan, the association pretty much started closing down. It was like a club of would be ?

installment, homebuyers

Oxford provident was such a success that a new form of SLA was created; the ? association

serial

In case of a low balance, many ATMs allow you to ? funds between each and every checking or savings account that you have tied to your bank ATM card

transfer