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Miss Loveless Unit-4
Banking Services
| Question | Answer |
|---|---|
| Banking in America started when? | 1791 |
| Who started the first bank in america? | the congress |
| How many branches did the first bank have? | 8 |
| how many banks are there today? | 11,000 |
| There are many options to pay for your short term cash needs. List FOUR! | ATM, credit card, cash, & check |
| Depending on the ATM, it may cost you ____ to use it. | four dollars |
| keep in mind your _____ needs and your ______ needs | short-term and long-term |
| When in need of money, you can....? | use your savings or borrow money |
| What is the downside of using your savings to pay for your needs? | your savings earn the deducted amount your perchase cost |
| what is the negative effect of borrowing money? | it turns into a liability |
| What are your savings defined as? | a safe storage for future needs, wants, or expenses |
| what is a time deposite? | money that is going to be left in a financial institution for months or years |
| what are payment services? | the monevemnt of money being transfurred from a person's account to a buisiness or individual |
| what is a demand deposite? | money that can be placed in a checking account |
| define borrowing? | borrowing can be used by credit card or by taking out a personal loan |
| what is a mortage/auto loan? | a long period of borrowing such as for a car or house |
| describe what a fiancial institution is | these are institutions that may offer insurance protection, stock, bond, and mutal funds |
| what are direct deposites? | deposites that can be made to an employee's designated bank account |
| what are automatic payments? | utility companies, tenders and other buisinesses that allow customers to use automatic payment systems |
| some banks will ask for permission to...? | withdraw the money needed to pay for the account |
| make sure you have enough money just in case.....why? | to make sure you have enough to pay for your payments and expenses |
| what is an ATM? | a computer that allows you to draw out cash or pay for purchases from your checking or savings account |
| what cna debit cards be defined as? | they are cards that allow you to draw out cash from your checking or savings account without going into a deficit |
| debit cards are a positive because...? | they only hav a limited amount of money (your savings) unlike credit cards |
| debit cards are a negative because...? | they deduct from your savings |
| what should you do to save money with ATM's? | compare ATM's before opening an account, use YOUR banks ATM to save money |
| what are point of sales transactions? | a purchase by a debit card of a good or service |
| there are twqo types of cards...what are they? | online and offline |
| what is online? (part 2 of question above) | online-where you must put in your PIN number, money is transfurred from your account immediately |
| what is offline? (part 3 of question before) | offline-you do not need to enter your PIN number and the funds to cover teh charge are deducted from within your account |
| what are stored value cards? | prepaid cards such as gift cards (some can be reloaded, other cannot) |
| what is the FDIC? (federal deposite insurance corporation) | a federal program to protect deposite in the banks |
| FDIC insures cash amount in a federally charted bank up to _____ per account. | $100,000 |
| they also administer SAIF (savings association insurance fund) which allows you to deposite ______ as your total deposite amount. | $100,000 |
| all federally charted banks must participate in the....? | FDIC |
| those who do not participate in the FDIC have the choice to ______. | enroll |
| what are commercial banks? | a 4-profit institute that offers a full range of financial services (checking, saving & loaning) |
| what are saving and loan assosiations? | a financial institution that specializes in saving accounts and mortage loans, but offer the samen as commercial banks |
| S & L's either are state charted or _____ | federally charted |
| what are mutual saving banks? | these specialize in savings and accounts and mortage loans (some offer personal and auto loans, interst rates tend to be lower than at a CB, but often pay higher interest rate on saving accounts |
| whta is a credit union? | a nonprofitable financial institution that is owed by it's members and organizations for their benefits |
| credit union fees may be _____ than most commercial banks | lower |
| what are some non-deposite institutions? | life institution companies, investment companies, financial companies, and mortage companies |
| define life institution companies. | a prgram to provide financial security for depandants |
| what are investment companies? | this combines your money with funds from other investors in oder to buy stocks, bonds, and other securites |
| what is a good definition of financial companies? | high-interest rate loans to consumers and small buisinesses that cannot borrow elsewhere cuz of high credit |
| what are mortage companies? | these specialize in loans for the purchase of homes. |
Created by:
JenniferChan
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