Combo with "Economics Unit 5 Quiz 2" and 1 other
What is the MOST important quality to have when applying for a loan?
"A" type credit
strong credit history that gives the bank good reason to approve the loan
"A" type credit
If Wild Westbank, the ATM owner, levies a $1.50 surcharge, then your $20 withdrawal will appear on your receipt as _______, even though all you received was _______ .
$21.50, $20.00
The idea of banking was well accepted in society among nobles, but it was not until the mid _____ that the Riksbank in Sweden and the Bank of England made commercial banking available to the public.
1600s
In ____ the Depository Institutions Deregulation and Monetary Control Act loosened many governmental controls including the elimination of interest-rate ______ on savings and time deposits.
1980, ceilings
Since the 1960 _________ Act and various antitrust laws were enacted, we do not have to worry about "super banks" monopolizing the market and controlling interest rates.
Bank Merger
________ serve groups of people that share something in common, such as residing in the same community.
Credit unions
Local banks offer what kind of loans?
Educational, unsecured, residential mortgage, and commercial real estate.
PIN stands for Personal ___________ Number
Identification
a set percentage of the deposited amount that will be given to the depositor
Interest rate
Which financial institutions are owned by stockholders and exist to make a profit?
Investment banks, savings and loan associations, and commercial banks.
a medieval group that guarded valuables and negotiated loans as well as transported money
Knights Templars
The housing industry depends on the ______ for continued growth.
SLA
_____ 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.
SLA
form of savings and loan; found new ways of financial assistance rather than closing
Serial association
If you vacation to foreign countries, it is usually best to purchase traveler's checks in ________.
U.S. Dollars
current balances on checking, savings, and other accounts you may have in your bank
account balance info
once a year
annual
Local banks do not offer _______ loans.
automobile for government
another name for savings and loan association, originally built to assist first-time home-buyers
building and loan association
Oxford was started to fill a need that commercial banks were overlooking: individuals who wanted to ___________
buy a home
Traveler's checks function almost like _____.
cash
the limit on the amount given
ceiling
statement that a sum has been deposited for amounts of time, sometimes at a higher rate of interest
certificate of deposit
something given to guarantee repayment of a loan
collateral
A _________ means, in effect, that the people cooperate in order to make the institution a success.
cooperative
A ___________ is a joint economic activity that is owned and operated by those who use its services.
cooperative
credit union is a __________ financial institution.
cooperative
a years-long record of how well a person pays their bills and is financially responsible
credit history
a financial cooperative that provides loans to its members at lower rates of interest
credit union
The amount of the traveler's check, such as $10 or $20, is the:
denomination info
A paycheck is electronically transferred into the depositor's account without the depositor having to come to the physical location of the credit union office. This is called a:
direct deposit
borrowing money from the bank for college tuition or other higher education expenses
educational loan
What are THREE services provided by ATM's?
favorable exchange out of country, 24/7 access to cash, transfer money between accounts
paying on a regular basis at a set time each month or parts of a year
installment payments
SLAs pay earnings in regular __________ to their members, but continue to finance homes and charge interest
installments
charges that your bank must pay if you use an ATM that is not owned by your bank
intercharge fee
Charges that your bank must pay if you use an ATM that is "foreign," meaning not owned by your bank are called:
intercharge fees
a percentage of the amount in the savings account which is a reward for the bank's use of the money
interest
There was once a time when banks were not allowed to _____ or even ______ outside their county.
merge, expand
regular mailed account of your bank transactions and financial activity
monthly statement
What is it called when one stretches their credit beyond the financial guidelines?
overextending
A _______ is a tangible way to see what you are saving.
passbook
Many foreign ATMs may limit your transactions to your ________ account, and may limit your withdrawal amounts.
primary
the job of putting loan applications into official consideration
processing a loan
"Not for _______ , not for charity, but for ______ " is a credit union motto.
profit, service
four times a year
quarterly
loans that are assisting non-commercial purposes; they are helping people buy houses
residential mortgage loan
institutions that give less products than a bank would, but make up for it by giving better returns
savings and loan
The Oxford Provident Building Association was the first ________ to form in America.
savings and loan associations
A car loan is considered a(n) __________ loan.
secured
A(n) ________ loan means your paying back the loan is guaranteed by an asset like a piece of real estate.
secured
twice a year
semi-annual
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.
serial registration
The bank makes a profit by collecting loan fees and the interest the customer pays on the loan; these are called ________ fees.
servicing
one of the equal parts divided up by a corporation
share
Anyone wanting to join should see if their employer _________ a credit union.
sponsors
Banks normally levy ATM ________ only on customers of other banks.
surcharges
added fees for various services
surcharges
a deposit that gives a certain amount of interest in a specified amount of time
time deposit
There may be fees for cashing ______ checks.
traveler's
Credit cards are considered __________ debt.
unsecured
