Economics book 9 unit 3

passbook

A ( ) is a tangible way to see what you are saving.

$10

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

installment, home

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 ( ) buyers.

visa

Before a trip find a well known company which charges no fees and has checks that almost any business would recognize. American express and ( ) offer travelers checks for no fee

foreign

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

ceilings

In 1980 the Depository Institutions Deregulation and Monetary Control Act loosened many governmental controls, including the elimination of interest rate ( ) on savings and time deposits.

59

In 1987 savings institutions accounted for ( ) percent of all home loans.

transfer

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

primary

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

1.5

Other agencies may sell you the travelers checks bud add up to ( ) percent so be careful to check and see whether you must pay a fee

1831

Oxford Provident Building Association, the first SLA in America, was created in ( ) in Frankfort, Pennsylvania.

serial

Oxford Provident was such a success that a new form of SLA was created-- the ( ) association.

buy a home

Oxford was starting to fill a need that commercial banks were overlooking, individuals who wanted to ( )

personal identification number

PIN stands for ( )

monthly statement

Regular mailed account of your bank transactions and financial activity

installments

SLAs pay earnings in regular ( ) to their member, but continue to finance homes and charge interest.

Bank Merger

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

Knights Templar

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

annual return

The amount a savings account will earn on interest in the course of a calendar year

1600's

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.

transfer

The phone-line 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.

annual

The savings and loan association how had a long life and took members in on a quarterly, semi-annual, or ( ) basis.

$200-$300`

There is a limit to how much you may withdraw; some banks allow you up to ( ) per day.

fees

There may be ( ) for cashing traveler's checks.

cash

Traveler's checks function almost like ( ) but are replaceable if lost or stolen

refund policy

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.

Travel money card

Visa is using a "plastic traveler's check" called a ( )

debit card

a card that acts like a check at a purchase; the money is removed from your account immediately

automated teller machine

a computerized device that provides readily accessible cash to those who are eligible

time deposit

a deposit that gives a certain amount of interest in a specified amount of time

inventory

a detailed list of things on had or in possession

Knights Templar

a medieval group that guarded valuables, negotiated loans and transported money

interest rate

a set percentage of the deposited amount that will be given to the depositor

surcharges

added fees for various services

versatile

capable of doing many things at once; multifaceted

interchange fee

charges that your bank must pay if you use an ATM that is "foreign" meaning not owned by your bank

travelers check

checks which function almost like cash but are replaceable if lost or stolen

password

coded word or number used to provide security to the card holder

travel money card

considered a "plastic traveler's check" it is functional at an ATM and as a debit card

passbook savings account

depositor puts money in the bank to draw interest and uses a "passbook" to keep track of its activity

credit unions

financial cooperative that provides loans to members at lower rates of interest

quarterly

four times a year

savings and loans

give less products than a bank would, but better returns on the money put into their accounts

$21.50, $20.00

if Wild Westbank, the ATM owner, levies a $1.50 surcharge, then your $20 withdrawal will appear on your receipt as ( ) even though all you received was ( ).

residential mortgage loans

loans that are assisting non commercial purposes; they help people buy houses

annual

once per year

share

one of the equal parts divided up by a corporation

installemtn payments

paying on a regular basis at a set time each month or parts of a year

interest

percentage of the amount in the savings account which is a reward for the banks use of the money

depositor

person who puts his money into a savings account at a bank

return policy

regulations that define how and when you get repaid in case of theft or misplacement

certificate of deposit

statement that a sum has been deposited for amounts of time, sometimes at a higher rate of interest

denomination information

the amount of the travelers check such as $10 or $20

ceiling

the limit on the amount given

issuing bank or agency

the place where you bought the travelers checks

inquiry

the program to access and find out about you personal account balances

semi annual

twice a year

serial association

would find new ways to financial assistance rather than closing after a completed project