Term
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Definition
| anything that people generally accept as payment for goods and services |
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Term
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Definition
| the direct trading of goods or services for other goods or services |
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Term
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Definition
| the amount of money the Federal Reserve Bank makes available for people to buy goods and services |
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Term
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Definition
| money that can be accessed quickly and easily (coins and paper money, checks, traveler's checks, etc). |
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Term
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Definition
| money included in M-1 plus money that may take a little more time to obtain (savings accounts, money market accounts, mutual funds, certificates of deposit, etc.) |
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Term
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Definition
| M-2 plus big deposits like institutional money market funds |
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Term
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Definition
| a percentage of commercial banks' checking and savings accounts that must be physically kept in the bank |
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Term
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Definition
| the buying and selling of U.S. government bonds by the Fed with the goal of regulating the money supply |
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Term
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Definition
| the interest rate that the Fed charges for loans to member banks |
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Term
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Definition
| a profit-seeking organization that receives deposits from individuals and corporations in the form of checking and savings accounts and then uses some of these funds to make loans |
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Term
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Definition
| the technical name for a checking account; the money in a demand deposit can be withdrawn anytime on demand from the depositor |
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Term
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Definition
| the technical name for a savings account; the bank can require prior notice before the owner withdraws money from a time deposit |
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Term
| Certificate of Deposit (CD) |
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Definition
| a time-deposit (savings) account that earns interest to be delivered at the end of the certificate's maturity date |
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Term
| Savings and Loan Association (S&L) |
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Definition
| a financial institution that accepts both savings and checking deposits and provides home mortgage loans |
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Term
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Definition
| nonprofit, member-owned financial cooperatives that offer the full variety of banking services to their members |
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Term
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Definition
| financial organizations that accept no deposits but offer many of the services provided by regular banks (pension funds, insurance companies, commercial finance companies, consumer finance companies,and brokerage houses) |
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Term
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Definition
| amounts of money put aside by corporations, nonprofit organizations, or unions to cover part of the financial needs of members when they retire |
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Term
| Federal Deposit Insurance Corporation (FDIC) |
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Definition
| an independent agency of the U.S. government that insures bank deposits |
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Term
| Savings Association Insurance Fund (SAIF) |
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Definition
| the part of the FDIC that insures holders of accounts in savings and loan associations |
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Term
| Electronic Funds Transfer (EFT) System |
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Definition
| a computerized system that electronically performs financial transactions such as making purchases, paying bills, and receiving paychecks |
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Term
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Definition
| an electronic funds transfer tool that serves the same function as checks: it withdraws funds from a checking account |
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Term
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Definition
| an electronic funds transfer tool that is a combination credit card, debit card, phone card, driver's license card, and more |
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Term
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Definition
| a promise by the bank to pay the seller a given amount if certain conditions are met |
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Term
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Definition
| a promise that the bank will pay some specified amount at a particular time |
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Term
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Definition
| the bank primarily responsible for financing economic development; also known as the International Bank for Reconstruction and Development |
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