Term
| Reasons why individuals use a depository institution? |
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Definition
1.To keep money safe
2.To recieve advantages of intererst earning accounts
3.To have the opportunity to recieve lower cost loan. |
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Term
| Reasons why individuals may not use a depository institution? |
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Definition
1.Fees to high
2.Minimum balances required are too high
3. They wish to keep their financial information private |
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Term
| What is Federal Reserve Bank? |
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Definition
| Part of the central banking system in the United States. |
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Term
| What does the Federal Reserve Bank do? |
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Definition
1. Collecting checks
2.Electronically transferring funds
3. Distributing and receiving cash and coin |
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Term
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Definition
| Are usually the largest depository institution considered full-service depository institution. |
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Term
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Definition
| Non-profit cooperative depository institution owned by members who usually share a common bond. |
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Term
| What is a savings and loan Association? |
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Definition
| Focus on providing Loans and Mortages customers must have savings account with them. |
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Term
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Definition
| Federal Deposit Insurance Corpoation |
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Term
| Why is insurance important? |
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Definition
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Term
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Definition
| National Credit Union Administration |
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Term
| Depositors are insured for up to what amount? |
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Definition
$100,000 - Regular Account
$250,000 - Retirement Account |
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Term
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Definition
| The amount of money that is either gained or lost when accessing services offered by a depositroy instituion. |
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Term
| What is Interest earning accounts? |
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Definition
| Money earned from an investment instrument. |
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Term
| What is Interest Bearing Account? |
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Definition
| The charge for money that a consumer borrows froma depository institution. |
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Term
| What is a checking Account? |
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Definition
| Paper checks or debit cards that are used to withdraw money. |
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Term
| What are checking accounts called at credit unions? |
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Definition
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Term
| What is a savings account? |
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Definition
| An account in which money is typically deposited to earn interest. |
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Term
| At credit unions a savings account is called? |
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Definition
|
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Term
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Definition
| Ownership, represented by shares in a corporation |
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Term
| What is certificate of deposit? |
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Definition
| An insured interest earning savings instrument with restricted access to the funds |
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Term
| What is a money market account? |
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Definition
| An account which offers high interest rates than a savings account and may offer limited check writing privlages |
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Term
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Definition
| A debt instrument issued by an organization, such as business or the government |
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Term
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Definition
| A card used to make a purchase now and repay later |
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Term
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Definition
| Money borrowed and paid back with interest |
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Term
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Definition
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Term
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Definition
| Interest rates vary depending on type of loan |
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Term
| What is a safe deposit box? |
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Definition
| A secured box in a bank to be used for valuable and personal items |
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Term
| What is Financial Counseling? |
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Definition
| Information and advice is given to consumers to help make financial decisions |
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