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Chap17:FinanceServic

Financial Services

TermDefinition
Bank A financial institution that must accept demand deposits, make consumer and commercial loans, and buy and sell currency and government securities
Commercial Loan a loan made to a business
Consumer loan a loan made to an individual for personal use
Nonbank if the primary purpose of an institution is to offer financial products and services other than deposits and loans
Check a written order requiring the financial institution to pay previously deposited money to a third party on demand
Endorsement the payee's signature on the back of a check
Unsecured Loan a loan that is not backed by collateral
Secured Loan a loan backed by something of value owned by the borrower
Prime Rate the rate at which large banks lend large sums to the best-qualified borrowers
Electronic Funds Transfer (EFT) transferring money by computer rather than by check
Direct Deposit the electronic transfer of a paycheck directly from the employer's bank account into the employee's bank account
Savings Account a time deposit account that allows customers to make deposits, earn interest, and make withdrawals at any time without financial penalties
Certificate of Deposit a time deposit account that requires a specified minimum deposit for a fixed period at a fixed interest rate
Created by: rachel.smith