Banking & Finance - Financial Institution
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| Businesses that offer financial services (Banks, Credit Unions, Savings Associations) | Financial Institutions
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| Money Placed in an account | Deposit
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| Customers who make Deposits | Depositors
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| Owned by investors, called stockholders Approx. 6,500 in the US | Commercial banks
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| One that allows the owner to use it to pay a third party | Transaction Account
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| Deposit Accounts that provide a safe place to store your money, no check writing, receive interest from bank | Savings Account
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| Pays more interest, requires larger initial deposits, a minimum balance, and limited transactions | Money market
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| Originally organized to help people save money, (small deposits were once not accepted, they accepted them), Sometimes called Thrift Institutions, operate for a profit, owned by stockholders | Savings and Loan Associations
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| Provide many of the same services, owned by members, non-profit, close to 8,000 in the US | Credit Unions
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| A business or organization that is owned by its members | Cooperative
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| Savings account at a credit union | Share account
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| Checking accounts at a credit union | Share Draft Account
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| Limited number of deposit accounts, may only offer car loands, no securities or insurance, servce smaller geographic area | Credit Union Limitations
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| Covers the deposits of customers if an institution fails | Deposit Insurance
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| Depository intitutions share their risks and pool money by paying premiums into the _____ | Deposit Insurance Fund (DIF)
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| Independent Federal Agency established in 1933, Created to promote public confidence in the banks, during financial crisis of 2008 coverage was raised to $250,000 | More of FDIC
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| Deposits are insured up to 4250,00 per ownership category per depository institution | FDIC Limits
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| Account Ownership Categories | Single
Joint
Retirement Accounts
Trust Accounts
Employee Benefit Plans
Government Accounts
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| Established in 1970 to insured credit union deposits, administered by the National Credit Uninion Administration (NCUA) | National Credit Union Share Insurance Fund (NCUSIF)
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| Do no accept deposits, accept money from customers to invest in business deals (Investment Banks, Securities, Firms, Finance Companies, Insurance Companies) | Non-Depository Institutions
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| Provide Services for Buinsesses | Investment Bank
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| Financial Instrument that pays interest or gives the investor part ownership of the company | Securities
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| Debt issued by a governement or company | Bonds
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| A security that gives the purchaser part ownership in the company | Stock
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| Payments of profits to stockholders | Dividend
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| Financial Institutions involved in the trading of securities in financial markets (Also called brokerage firms, stockbrokers, or bond brokers) | Securities Firms
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| Advice customers on which securities to buy, assist clients in managing their investments, online services | Full Service Brokerage Firms
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| Place orders for customers, commissions are less and possibly fees, Servcies are limited, most operate only through website | Discount Brokers
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| Make profits by issuing loans to both individuals and businesses | Finance Companies
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| Provide personal loans to individuals, loan money to individuals with poor credit | Consumer Finance Companies
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| Short-term loans designed to cover expenses until the borrowers next payday | Pay-day Lenders
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| Provide loans for businesses, such as retail stores, arrangements are made to provide loans on site to customers | Business Finance Companies
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| Formed by manufacturer to provide loans so the manufacturer can easily sell its goods | Captive Finance Company
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| Profit businesses that primarily sell insurance | Insurance Companies
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| Selling insurance policies, Selling investment products | Two ways insurance companies generate revenue
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| Consumers buy an insurance policy by making periodic payments | Premiums
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| Insurance Contract | Policy
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| Person or thing being covered | Insured
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