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