Consumer Ed- Banking System and Financial Services
true
TRUE OR FALSE: a bank is a business as much as a clothing shop is.
false
TRUE OR FALSE: a customer of a bank is called a borrower
true
TRUE OR FALSE: a life insurance company is a nondeposit financial institution
false
TRUE OR FALSE: a mortgage company is an example of a deposit-type institution
false
TRUE OR FALSE: all banks must join the federal reserve bank
false
TRUE OR FALSE: any depositor can bank with the Federal Reserve Bank.
false
TRUE OR FALSE: if you change your mind about a purchase, it is okay to stop-payment on the check.
false
TRUE OR FALSE: investment companies are insured by the FDIC
true
TRUE OR FALSE: many savings and loan associations are beginning to call themselves savings banks
true
TRUE OR FALSE: most checking accounts have the ability to use EFT
true
TRUE OR FALSE: overdraft and bouncing a check are the same thing
false
TRUE OR FALSE: safe-deposit boxes can be legally opened by anyone at the bank without your knowledge
true
TRUE OR FALSE: the FED has 12 districts, 2 being located in the state of Missouri
false
TRUE OR FALSE: the Federal Reserve Bank insures depositors up to $250,000 per single account.
false
TRUE OR FALSE: trusts for people are set up by investment companies
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
financial institution
a business that deals with money
Federal Deposit Insurance Corporation
a federal agency that protects depositors' money in case of the failure of a bank or financial institution
consumer finance company
a financial institution that specializes in making loans for long-lasting or durable goods and financial emergencies
savings and loan association
a financial institution that specializes in savings accounts and loans for mortgages
safe-deposit box
a good place to keep your birth certificate and social security card
Federal Reserve System
a nationwide banking plan set up by our federal government to supervise and regulate member banks
credit union
a not-for-profit financial institution formed by people who have like occupations or live in the same community and that serves only its members
depositor
a person who puts money in a bank is called a __________________.
EFT
a system through which funds are moved electronically from one account to another
FED
all national banks are required to join the _ _ _.
interest
an amount of paid for the use of money
electronic funds transfer
an efficient way for a bank to transfer funds immediately from your savings account to another bank is with an ______________ ______________ ___________________.
charge a fee for cashing your checks
cash-checking outlets...
demand deposit accounts
checking accounts are often called ___________ ____________ ______________ in 2022.
1. commercial banks 2. savings and loan associations 3. mutual savings banks 4. credit unions
deposit-type institutions
NCUA
deposits in credit union accounts are insured by the ________ ___________ __________ __________.
trust companies
financial institutions that specialize in managing the money and property of others
automatic payment
if you have your mortgage payment taken out of your bank account each month, you are using ______________ ________________.
1. life insurance companies 2. investment companies 3. consumer finance companies 4. mortgage companies 5. cash-checking outlets 6. pawnshops
non-deposit-type institutions
interest
savings accounts earn _________________.
safe-deposit boxes
secured areas in a bank vault for storing valuables
FDIC
the federal agency that protects depositors' money in case a bank fails
national credit union administration
what does NCUA stand for?
Federal Reserve Bank
what federal agency helps set interest rates for loans?
check number, name of person you wrote the check to, amount of the check, date of the check, and your signature
what five things are required when completing a stop-payment form?
