chapter 25

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

electronic funds transfer

a system through which funds are moved electronically from one account to another and from one bank to another

trust companies

businesses that manage people's money and property for them

FDIC

federal deposit insurance corporation- federal agency that helps to regulate banks and other financial institutions

savings and loan

specialized in savings accounts and making loans for home mortgages

consumer finance company

specializes in making loans for long-lasting or durable goods.

federal reserve system

supervises and regulates member banks in order to help the banks serve the public efficiently

interest

the amount paid for the use of money

credit union

user owned, not-for-profit, cooperative financial institution

safe-deposit boxes

where you can store valuables