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Chap17:FinanceServic
Financial Services
| Term | Definition |
|---|---|
| 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
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