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Chpt. 17 GB

Banking and Financial Services

What is FED? The Federal Reserve System-to supervise and regulate member banks and to help banks serve sthe public efficiently.
What are some activities often used for banking services? building homes, planting crops, finance educations, buy goods, pave streets, etc.
What is a commercial bank? The most common way for a bank to be organized and are often called full service banks.
What is a credit union? A user-owned, not for profit, cooperative financial institution.
What are the 4 basic types of banking services? savings accounts, checking and payment accounts, loans and other credit plans, other services such as safe deposit boxes, trusts, and investment advice.
What is a safe deposit box? The storage of valuables in a bank such as jewelry, rare coins, investment certificates, birth records,a list of insurance policies, and other valuable documents.
What is a service charge? A fee a bank charges for handling a checking account.
What is a debit card? Also known as a cash card, is used for ATM transactions.
What is an endorsement? Written evidence that you received payment or that you transferred your right of receiving payment to someone else.
What is a check register? A seperate book, usually the same size as the check book, on which the depositer keeps a record of deposits and checks.
Created by: main92
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