economic unit 5 pt. 2
profit; service
"Not for _____, not to clarify, but for _____" is credit union motto
debit card
A card that acts like a check at a purchase; the money is removed from your account immediately
deposit
A contribution is another name for a
true
A cooperative means, in effect, that the people cooperate in order to make the institution a success
cooperative
A credit union is a ______ financial institution
true
A credit union's charter gives the definition of its "field of membership"
sponsors
Anyone wanting to join should see if employer _____ a credit union
installment; home
At first, savings and loan association were serving a short-term mission, so to speak. As soon as all members in the association received their loan and started on _______ payments to pay back the loan, the association pretty much started closing down. It was like a club of would be ______ buyers
true
Banks and SLAs exist to make a profit
visa
Before a trip, find a well known company which charges no fees and which has checks that almost any business would recognize. American Express and ____ offer traveler's checks for no fee
Travel Money Card
Considered a "plastic traveler's check". It is functional at an ATM and as a debit card.
false
Contribution is a financial cooperative that provides loans to its members at lower rates of interest than would be available at other institutions
profit
Credit unions are not-for-____ and are closely regulated
serial
Each check has a ____ number
59
In 1987, savings institutions accounted for __ percent of all home loans
members
In a credit union, people are not only borrowers and depositors, they are ____
true
It is important that you copy this information down and keep it in a safe and separate place so if anything should you lose your traveler's checks, you can quickly get replacements
payroll
Many employers offer direct deposit of _____ to credit union
true
Other agencies may sell you the traveler's checks but add on charges up to 1.5 percent, so be careful to check and see whether you must pay a fee
true
Oxford Provident Building Association was the first SLA in America, was created in 1831 in Frankfort, Pennsylvania
serial
Oxford Provident was such a success that a new form of SLA was created the ____ association
home
Oxford was started to fill a need that commercial banks were overlooking individuals who wanted to buy a
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
installments
SLAs pay earnings in regular _____ to their members but continue to finance homes and charge interest
true
The National Credit Union Share Insurance Fund is an agency of the federal government and insures deposits of credit union members up to $100,000.
true
The house industry depends on the SLA for continued growth
annual
The savings and loan association now had a long life and took members in on a quarterly, semiannual, or ___ basis
true
There are more than 12,000 federal chartered and state chartered credit unions nationwide
fees
There may be ___ for cashing traveler's checks
false
Tim can take out a car loan from his SLA
refund policy
Under the ____, your lost or stolen traveler's checks are replaceable when you provide the refund office the serial numbers and exactly which checks you have cashed and lost
travel money card
Visa is using a "plastic traveler's check" called a
inventory
a detailed list of things on hand or in possession
cooperative
a joint economic activity that is owned and operated by those who uses its services
traveler's check
checks which function almost like cash but are replaceable if lost or stolen
false
credit unions exist for one year, then shut down after everyone pays of their loans
annual
once a year
share
one of the equal parts divided up by a corporation
sponsor
overseer who approves, condones, and assists in formation and continuation of a credit union
direct deposit
paycheck electronically transferred into depositor's account
federal chartered
registered with the United States government
refund policy
regulations that define how and when you get repaid in case of theft or misplacement
serial number
specific number for the purpose of verification and location in case of theft or misplacement
denomination information
the amount of the traveler's check, such as $10 or $20
payroll
the amount of wages due to a worker
false
the first credit union in the United States was formed in Manchester, New Hampshire, in 1969
issuing bank or agency
the place where you bought the traveler's checks
field of membership
the range of eligibility for a credit union, such as a teacher's credit union or brick layer's credit union
true
traveler's checks are easy to use; they are broken down into denominations such as $20, $50 and $1000
false
traveler's checks cannot be exchanged for cash
true
traveler's checks function almost like cash but are replaceable if lost or stolen
true
traveler's checks have the date and location of the issuing bank or agency
semi annual
twice a year
false
when traveling, it is best to carry large amounts of cash in order to pay for items quickly
