azsdgxfh
Collateral is something given to guarantee repayment of a loan.
true
Having a good credit history tells the lender that you pay your bills on time and use credit wisely.
true
any property that may cover a person's liabilities
assets
Many employers offer direct deposit of ______ to a credit union.
payroll
"Not for ________________, not for charity, but for _______________" is a credit union motto.
profit service
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.
Bank Merger
Which financial institutions are owned by stockholders and exist to make a profit?
Commercial banks Savings and loan associations Investment banks
Which type of financial institutions are owned and controlled by the people that use their services?
Credit unions
Overhead fees include fees to cover the costs of processing the ATM records and obtaining the money for the borrower.
False
PIN stands for Personal __________ Number.
Identification
Which of these statements is NOT true?
Monthly commitments are regularly mailed accounts of your bank transactions and financial activity.
If someone has "A" type credit, it mean what?
They have a good, strong credit history.
Why did saving and loan associations originally form?
To help individuals that want to obtain home loans.
A credit union is a ___________ financial institution.
cooperative
A years-long record of how well a person pays their bills and is financially responsible is called a
credit history
A "contribution" is another name for a loan.
false
Semiannual means once every two years.
false
SLAs pay earnings in regular _________ to their members, but continue to finance homes and charge interest.
installments
Charges that your bank must pay if you use an ATM that is "foreign," meaning not owned by your bank are called
intercharge fees
a percentage of the amount in the savings account which is a reward for the bank's use of the money also known as CDs; they may be for various amounts of time a medieval group that guarded valuables, negotiated loans, and transported money between nations a set percentage of the deposited amount that will be given to the depositor the limit on the amount given a deposit that gives a certain amount of interest in a specified amount of time a journal of the interest activity a depositor is earning by keeping his money in the savings account the amount a savings account will earn on interest in the course of a calendar year person who puts his money into a savings account at a bank
interest certificates of deposit knights templars interest rate ceiling time deposit passbook savings account annual return depositor
a bank official who will oversee the approval or denial of a loan
loan officer
stretching one's credit beyond the financial guidelines
overextending
checks which function almost like cash but are replaceable if lost or stolen specific number for the purpose of verification and location in case of theft or misplacement the amount of the traveler's check, such as $10 or $20 the place where you bought the traveler's checks guidelines and regulations that define how and when you get repaid in case of theft or misplacement a detailed list of things on hand or in possession when you make a purchase, the money is removed from your checking account immediately considered a "plastic traveler's check." It is functional at an ATM and as a debit card
traveler's checks serial number denomination information issuing bank or agency refund policy inventory debit card TravelMoney card
It is important that you copy Traveler's Check information down and keep the information in a safe and separate place so if you lose your traveler's checks, you can quickly get replacements.
true
One of the equal parts divided up by a corporation is called a share.
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
There may be fees for cashing traveler's checks.
true
There was once a time when banks were not allowed to merge or even expand outside their county.
true
A home loan is considered a(n) _____________ loan.
secured
repayment of loan is guaranteed by an asset
secured loan
The bank makes a profit by collecting loan fees and the interest the customer pays on the loan, called
servicing fees
Anyone wanting to join should see if their employer __________ a credit union.
sponsors
There is a limit to how much you may withdraw from an ATM; some banks allow you up to $200 to $300 per day.
True
This means paying back the loan is guaranteed by an asset like a piece of real estate.
secure loan
Local banks offer educational loans.
True
The Oxford Provident Building Association was the first ________ to form in America.
Savings and loan association
