Personal finance Chapter 4 terms

Ace your homework & exams now with Quizwiz!

money order

a check issue by a bank, post office, stores to allow you to make a payment

cashiers check

a check issued by a financial institution,

commercial bank FDIC

a full institution that offers a full range of financial services to individuals, business . organized as corporations with investors FDIC to 250,000.00 per

certified check

a personal check with guaranteed payment.

money market accounts

a savings account offered by banks, savings, and loan associations and credit unions that require a minimum balance and has earnings based on market interest rates

CD

a savings plan requiring a certain amount to be left on deposit for a stated time period to earn specific interest

travelers checks

allow you to make payments when you are away from home. It requires that you sign these checks twice.

special endorsement

allows you to transfer a check to someone else with the words," pay to the order of" followed by the name of the person and then your signature

checking accounts

an account that allows you to make payments by transferring money to others for daily business activities. generally called demand deposits

restrictive endorsement

consists of the words For Deposit only followed by your signature

blank endorsement

is just your signature which should be used only when you are actually depositing or cashing the check.

savings account

provides safe storage of funds for future use commonly referred to as time deposits

truth in lending Act

requires disclosure of fees, interest rates and APY

credit union

user owned, non-profit cooperative institution that is organized for the benefits of the members NCUA National Credit Union Association

services provided

Direct deposit- paychecks or other regular income fund transfers-- transfer money from accounts debit card- or cash card a plastic access card used in computerized banking transactions that deducts money directly and immediately from your account ATM--obtain cash, transfer funds or check account balances. some have fees


Related study sets

Marketing Exam 3 Quiz, Marketing Test 2, MKTG 321 Ch 10 Final Exam

View Set

Biology 1201-Newcomer: Chapter 17

View Set

PSYC 312 Exam 3 Connect Questions

View Set

Chapter 1: Field Underwriting Procedure

View Set

Risk management and insurance(test 1)

View Set