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ch.17

financial services

TermDefinition
Bank financial institution must accept demand deposits, make consumer and commercial loans, and but=y and sell currency and government securities.
Commercial loan loan made to a business
Consumer loan load made to an individual for personal use
nonbank Finanial institution whose primary purpose is to offer financial products and services other than deposits and loans
check written order requiring the financial institution to pay previously deposited money to a third party on demand
endorsement payee's signature on the back of the check
unsecured loan loan that is not backed by collateral
secured loan collateral loan, loan backed by something of value owned by the borrower
prime rate lowest rate, which is the rate at which large banks sums to the best-qualified borrowers
Electronic funds transfer (EFT) transferring money by computer rather than by check, has enabled financial institutions to provide faster, improved services.
direct deposit is he electronic transfer of a paychek directly from the employers bank account into the employees bank account.
savings account time deposit account that allows customers to make deposits, earn interest, and make withdrawals at any time without financial penalties
certificate of deposit time deposit account that requires a specified minimum deposit for a fixed period at a fixed interest rate.
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