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| Who is on the back side of a penny? |
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| Who is on the back side of a nickel? |
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| Who is on the back side of a dime? |
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| Who is on the back side of a quarter? |
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| Who is on the back side of a half-dollar? |
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| Who is on the back side of a silver-dollar coin? |
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| Who else has been on the back side of a dollar coin? |
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| Dwight Eisenhower, Sacajawea, Susan B. Anthony |
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| Who is on the back side of a $1 bill? |
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| Who is on the back side of a $2 bill? |
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| Who is on the back side of a $5 bill? |
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| Who is on the back side of a $10 bill? |
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| Who is on the back side of a $20 bill? |
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| Who is on the back side of a $50 bill? |
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| Who is on the back side of a $100 bill? |
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Concentrate on business/commerce
Control the largest amount of money and offer the widest range of services. ex: investment/underwriting
Accepts deposits, transfers, $, makes loans
Ex: Citibank, Bank of America, JP Morgan, Chase |
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| Thrifts, aka Savings + Loans |
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Created with the purpose of providing consumer loans
ex-- mortgages/auto/personal
Middlesex Savings/Clinton Savings/Fitchburg Savings |
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Created by employer of large businesses and labor unions-owned and operated by its members
ex. Digital Credit Union, Wachusett Collection
Offer higher rates on accounts, lower rates on loans |
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| Durability, divisibility, portability, acceptability, stability |
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Medium of exchange- used in transactions btwn buyers and sellers
Unit of account- expresses the price of a g/s
Store of value- can save it for use in the future |
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Any commodity or token that is generally accepted as a means of payment
ex- cash, check, debit card |
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| A written order calling for the payment of money or transfer of funds, aka demand deposit |
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written (drawn) by you and guaranteed by your banks
Used for contracts (real estate/autos) $5 charge
The bank has liability |
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not from your bank
You give a bank the cash and fee ($20)
Written/drawn by the bank |
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| Serves a a "personal check" for people w/o checking accts - purchase at post office or convenience store for a fee ($3) |
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| drawn by US treasury or state/local treasury for tax refund, social security check, new economic stimulus plan |
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combines convenience of cash for you with certainty of payment for merchant
Cost is face value and 1% fee. Sign them when you purchase and again when you use them. Replaced if lost and used if you don't want to carry cash. Get them at bank/AAA/American Express |
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The equivalent of a paper check
Not yet widely used but will become the standard |
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Automated Teller Machine
Allowed 24/7 banking
note: saying ATM machine is redundant! The redundancy monster will eat you in your sleep if you ever say ATM machine. |
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| Automated Cleaning House Services - System that transfers money from customer account to creditor (ex. direct deposit) |
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| Point Of Sale Terminal: first located at gas stations; use your debit card to allow immediate withdrawal of money (now everywhere) |
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| Electronic Home Banking - links your personal computer with bank's computer. Provides at-home convenience |
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Personal Identification Number
note: saying PIN number is redundant! The redundancy monster will eat you in your sleep if you ever say PIN number. |
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| Era I of the 4 eras of US Money & Banking - 1780s - 1860s |
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Time of experimentation and debate
Struggle for federalists (A. Hamilton)--> strong central govt
and anti-federalists (T. Jefferson) -->strong state govt |
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| Era II of the 4 eras of US Money & Banking - 1860-1913 |
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| Initially dominated by civil war. Eventually a new "National banking System" created. Brings uniformity and stability |
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| Era III of the 4 eras of US Money & Banking - 1913-1980 |
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Pres Woodrow Wilson signs the Federal Reserve System Act (1913)
The Fed becomes the nation's central bank. Administers the national banking system through 12 district banks and 25 branch banks
early success - Helps finance US in WWI
early failure - inability to control credit in the 1920s |
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Federal Depository Insurance Corporation
created by the Banking act of 1933/Glass Steagall Act--govt insured bank accts up to $100,000 |
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| Era IV of the 4 eras of US Money & Banking - 1980-Present |
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| Characterized by trends/changes |
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| Trends in Contemporary Banking |
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Banking deregulation
Automation
Bank failures
Internet Banking |
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| Money that we carry in our wallets |
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| Where is US paper currency printed |
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| Bureau of Printing + Engraving in Washington DC |
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| fractional reserve system |
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| a financial system where the bank uses a fraction of its deposits to finance borrowers |
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| a bank regulation that sets the minimum reserves each bank must hold |
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M1: liquid
M2: short-term investments
M3: long-term investments |
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Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco |
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# Philadelphia
Denver
San Francisco
West Point |
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