Consumer Ed- Banking System and Financial Services

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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?


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