What is a Bank
What are the most common type of banks?
What is Retail and Commercial
When disbursing cash to your customer, what are the 4 steps
Acknowledge, Observe, Listen, and Act,
What is Reg CC?
What are Expedited Funds Availability Act
What is Regulation DD
Truth in Savings Act, requiring depository institutions to provide disclosures to enable consumers to make meaningful comparisons of deposit accounts during consumer deposit
What are the 3 steps of Money laundering ?
What is Placement
layering
integration
What is the Federal Reserve
What is the central bank of the United States.
What is a Wire Transfer?
A wire transfer is an electronic transfer of money from one bank account to another. Wire transfers are transmitted through the Federal Reserve
What is Reg B?
Equal Credit Opportunity Act (ECOA),
What is Regulation Z ?
Truth in Lending Act, this act prescribes uniform methods for computing the cost of credit, for disclosing credit terms, and for resolving errors on certain types of credit accounts.
What is Check 21?
What is gives banks the ability to create electronic image copies of consumer checks.
How many regional districts are in the Federal Reserve?
What Is 12
What does (ACH) stand for?
Automated Clearing House
What is the Office of Foreign Assets Control (OFAC)?
What are list of businesses and individuals prohibited or restricted from doing financial transactions in the U.S. due to economic sanctions imposed on their home countries.
What is the Bank Secrecy Act?
An act related to currency transaction reporting.
What does CTR stand for?
What is a Currency Transaction Report
What is Federal Deposit Insurance Corporation (FDIC)
In June 1933, Congress enacted the Banking Act of 1933, which established the Federal Deposit Insurance Corporation (FDIC) to restore consumer confidence by insuring bank deposits.
What is a Annual Percentage Rate (APR)
The amount of interest a depositor earns on an interest-bearing deposit account without compounding interest.
What is U.S. Patriot Act ?
This act sets the minimum standards for financial institutions and their customers to identify and verify any customer who requests to open a new account or be added as an owner
What is Regulation E ?
Electronic Funds Transfer (EFT), this act establishes the rights, liabilities, and responsibilities of parties in electronic funds
What is a a SAR?
What is a A Suspicious Activity Report
What is the the Fed is responsible for ?
Controlling the supply of money
What is a Annual Percentage Yield (APY)
The amount of interest a depositor earns on an interest-bearing deposit account when the interest paid is compounded over the period of time it remains in the account.
What is check 21?
A federal law designed to enable banks to handle more checks electronically, making check processing faster and more efficient.
What is the Fair Credit Reporting Act ?
An act that ensures accuracy, fairness, and privacy of personal information
What is a MIL?
What is a Monetary Instrument Log ?