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Chaper 17
| Question | Answer |
|---|---|
| What is the Federal Reserve System? | The (FED) supervises and regulates member banks and helps banks serve the public more efficiently. |
| What is a Commercial Bank? | Commercial banks also refered to as full service banks because they offer a wide range of financial services. |
| What is a credit Union? | A user owned not for profit cooperative financial institution/ |
| What are some of the services banks offer? | Savings account, Checking and payment accounts, loans and other credit plans, and other services such as safe deposit boxes, trusts, and investment advice. |
| What is a safe deposit box? | Well guarded vaults, keep any valuables that you have very safe. |
| What is a service charge? | A fee a bank charges for handling a checking account. |
| What should you evaluate when selecting a checking account? | Minimum balance, Interest rate earned, Monthly service charge, fees for other services, such as printing checks and stopping payment orders. |
| what is a debit card? | Used for ATM transactions, money transactions come from your bank account. |
| What is an endorsement? | Written evidence that you received payment or that you transferred your right of receiving payment to someone else. |
| What is a check register? | A seperate book, usually the same size as the checkbook. |
| What is a stop payment order? | A written notice that tells the bank not to pay a certain check. |
| What is a bank statement? | A report the bank sends monthly, telling you the status of your account. |
Created by:
stephhansen
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