Banking/Financial Services
Cashier's check:
A check from a financial institution you get by paying the face amount plus a fee.
NOW account:
A checking account that pays interest.
FDIC provides:
Deposit insurance for commercial banks.
ATM access:
Electronic banking service.
Check register:
Form used to keep track of checking account transactions.
Deposit Slip:
If you want to add money to your bank account, must fill out.
Truth in Savings law:
Law that requires disclosure of fees on deposit accounts, disclosure of the interest rate, sets formulas for computing the annual percentage yield, and establishes rules for advertising accounts.
Certified check:
Personal check with guaranteed payment.
The FDIC provides
deposit insurance for bank customers.
Lower returns on savings will usually result
in more liquidity.
A credit union and commercial bank would both offer many
of the *same services.*
A certificate of deposit is *not* considered to be liquid because
you have to wait to get your money.
A direct deposit should be
*added* to the check register balance.
A credit union is owned by
*customers.*
An investment company is not a
*deposit-type* financial institution.
Direct deposit is an example of an
*electronic banking service*.
When considering the convenience of financial service, you should also consider
*fees* of that service.
Insurance is considered to be a
*financial service.*
Deposits in credit union and banks are
*insured* up to $250,000.
A common mistake in managing cash is not having enough
*liquid assets* to pay current bills.
A regular (passbook) savings account is the most
*liquid type* of savings plan.
A regular savings account usually offers a
*lower rate of return* to savers than other savings plans.
Checks should always be written in
*pen.*
A debit card transaction should be
*subtracted* from the check register balance.
An ATM withdrawal should be
*subtracted* from the check register balance.