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BAF 101 Test 2

provides safe storage of funds for future use; referred to as time deposits savings
offer an ability to transfer money to others for daily business activities; checking accounts are often called demand deposits payment services
credit alternatives: credit cards and cash loans, long-term borrowing (home mortgage) borrowing
legal agreement that provides for the management of assets by one party for the benefit of another trust
cash management account; provides a complete financial services program for a single fee; offered by investment companies asset management account
a computer terminal used to conduct banking transactions ATM
a plastic access card used in computerized banking transactions; cash card; spending your own funds debit card
What to consider when comparing financial Institutions? safety and rates, convenience and service (the cost of both), earnings you will receive on accounts
serve as intermediaries between savers and users of funds; most common types: banks, credit unions, savings and loan deposit institutions
Where do the profits of a mutual savings bank go? to the depositors through higher rates on savings
offer various financial services such as life insurance companies, investment companies, brokerage firms, etc. nondeposit institutions
a savings-investment plan offered by investment companies, with earnings based on investments money market fund
make loans based on the value of tangible possessions, like jewelry; charge high fees pawnshops
currency exchanges; offer services like electronic tax filing, money orders, private postal boxes, utility bill payment; charge 1-20% of face value of a check check cashing outlets
cash advances, check advance loans, delayed deposit loans; users of these loans are workers in debt; borrowers pay annual interest rate 780% to obtain needed cash payday loans
stores that lease products to consumers who can own the item if they complete a certain number of monthly payments rent-to-own centers
involve a low or no minimum balance and allow you to withdraw money as needed; called share accounts at credit unions; offered at many financial institutions regular savings accounts
a savings plan requiring that a certain amount be left on deposit for a states time period to earn a specified interest rate certificate of deposit
usually pay a low interest rate; checking accounts having a savings feature interest-earning checking accounts
savings account offered by banks, savings and loan, and credit unions that requires a minimum balance and has earnings based on market interest rates money market account
purchased at face value; increase in value every month as interest accrues monthly and compounds semiannually EE bonds
current income bonds; earn interest every six months, which is deposited electronically to bank account; taxed as current income; popular source of retirement income HH Bonds
earns a combined rate consisting of a fixed rate for the life of the bond and an inflation rate that changes twice a year I bonds
a process that calculates interest based on previously earned interest compounding
as this rate increases, the interest rate offered to savers also increase; the rate of return you earn on your savings should be compared with this inflation
reduce interest earned on savings taxes
allows you to withdraw your money on short notice without a loss of value or fees liquidity
Created by: cgb1993