Banking/Financial Services

Cashier's check:

A check from a financial institution you get by paying the face amount plus a fee.

NOW account:

A checking account that pays interest.

FDIC provides:

Deposit insurance for commercial banks.

ATM access:

Electronic banking service.

Check register:

Form used to keep track of checking account transactions.

Deposit Slip:

If you want to add money to your bank account, must fill out.

Truth in Savings law:

Law that requires disclosure of fees on deposit accounts, disclosure of the interest rate, sets formulas for computing the annual percentage yield, and establishes rules for advertising accounts.

Certified check:

Personal check with guaranteed payment.

The FDIC provides

deposit insurance for bank customers.

Lower returns on savings will usually result

in more liquidity.

A credit union and commercial bank would both offer many

of the *same services.*

A certificate of deposit is *not* considered to be liquid because

you have to wait to get your money.

A direct deposit should be

*added* to the check register balance.

A credit union is owned by

*customers.*

An investment company is not a

*deposit-type* financial institution.

Direct deposit is an example of an

*electronic banking service*.

When considering the convenience of financial service, you should also consider

*fees* of that service.

Insurance is considered to be a

*financial service.*

Deposits in credit union and banks are

*insured* up to $250,000.

A common mistake in managing cash is not having enough

*liquid assets* to pay current bills.

A regular (passbook) savings account is the most

*liquid type* of savings plan.

A regular savings account usually offers a

*lower rate of return* to savers than other savings plans.

Checks should always be written in

*pen.*

A debit card transaction should be

*subtracted* from the check register balance.

An ATM withdrawal should be

*subtracted* from the check register balance.