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.chapter 17.
Banking and Financial Services
Question | Answer |
---|---|
What is set up to supervise and regulate member banks and to help banks serve the public efficiently? | Federal Reserve System (FED) |
What refers to the paying of checks among different banks in different cities? | Clearing |
What are banks that join the system? | Member Banks |
What is the most common way for a bank to be organized? | Commercial bank |
What is a savings bank that is owned by and operated for the benefit of its depositors? | Mutual savings bank |
What is a user-owned, not for-profit, cooperative financial instituation? | Credit Union |
What is the federal agency that helps to regulate banks and other financial insitutions? | Federal Deposit Insurance Corporation (FDIC) |
What do banks offer for storage of valuables? | Safe-deposit boxes |
What is a fee a bank charges for handling a checking account? | Service Charge |
What is used for ATM transactions? | Debit Card |