chapter 2 definition

travelers checks

A medium of exchange that can be used in place of hard currency. Travelers' checks are often used by individuals who are traveling on vacation to foreign countries

cashiers check

Cashier's check (cashier's cheque, banker's cheque, bank cheque, official cheque, teller's cheque, banker's draft or treasurer's cheque) is a check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier.

endorsing checks

Only sign it when you're ready to cash it or deposit the money into your account. Once the check is signed on the back (endorsed), someone else could get your money if you lose the check

mutual savings banks

a bank without shareholders in which the depositors are technically the owners

certified checks

a check that is guaranteed by a bank.

money order

a printed order for payment of a specified sum, issued by a bank or post office.

bank statement

a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.

checking accounts

an account at a bank against which checks can be drawn by the account depositor

community banks

community bank is a depository institution that is typically locally owned and operated. Community banks tend to focus on the needs of the businesses and families where the bank holds branches and offices. Lending decisions are made by people who understand the local needs of families, businesses and farmers.

postdated check

is a check on which the issuer has stated a date later than the current date. A post dated check is used in the following situations: Deliberate payment delay.

credit unions

is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit

commercial banks

is a type of Bank / Financial Institution that provides services such as accepting deposits, making business loans, and offering basic investment products

federal deposit insurance corporation

is an independent agency of the United States (U.S.) federal government that preserves public confidence in the banking system by insuring deposits.

electronic funds transfer

of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems and without the direct intervention of bank staff.

bank teller

teller is an employee of a bank who deals directly with most customers. In some places, this employee is known as a cashier or customer representative

savings and loans associations

1.an institution that accepts savings at interest and lends money to savers chiefly for home mortgage loans and may offer checking accounts and other services.