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Chapter 17 BM

BM

TermDefinition
Bank A financial institution 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 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 the check.
Unsecured Loan A loan that is not backed up by collateral.
Secured Loan A loan backed up by something of value owned by the borrower.
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 (CD) A time deposit account that requires a specified minimum deposit for a fixed period at a fixed interest rate.
Prime Rate The lowest rate
Created by: Jimel35
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