Banking Institutions
This type of depository financial institution is owned by stockholders and offers a wide range of services to individuals and businesses.
Commercial Bank
This system allows an employer to transfer your paycheck directly into your bank account electronically.
Direct Deposit
A strategy for using money to reach important goals and to advance financial security.
Savings Plan
The Federal Deposit Insurance Corporation (FDIC) typically insures bank deposits up to ________ per depositor, per bank.
$250,000
This is the most common form of business ownership, where one person owns the business and is personally responsible for all its debts.
Sole Proprietorship
Unlike banks, these are member-owned, not-for-profit cooperatives that often offer lower fees and better interest rates.
Credit Union
What is the common abbreviation for the electronic system that moves money between accounts without paper documents?
EFT (Electronic Funds Transfer)
Payment order for a specific amount of money payable to a specific payee.
Money order
Which agency provides insurance for deposits held specifically at Credit Unions?
NCUA (National Credit Union Administration)
In this type of business, two or more people share ownership, profits, and the legal liabilities of the company.
Partnership
This term refers to the primary central banking system of the United States, which regulates the money supply.
The Federal Reserve (The Fed)
To access your funds at an ATM or make a purchase with a debit card, you usually must enter this secret code.
PIN
A signature on the back of a check.
Endorsement
A personal check that the bank signs and guarantees that funds are available is called a ________ check.
Certified Check
This legal entity is owned by stockholders and is treated as a "separate person" under the law, protecting owners from personal liability.
Corporation