An account that allows transactions to occur without restrictions on the frequency or the volume of transactions.
What is transaction account?
100
It offers a few simple services for minimal cost.
What is a basic checking account?
100
it provides a ledger of an activity that the teller updated when the customer made deposit or withdraws.
What is a Passbook savings account?
100
offer a higher rate of interest than savings accounts, but they usually required a higher initinal deposit to open an account.
What is MMDAs?
100
its a certificates issued by banks that guarantee the payment of a fixed interest rate until the maturity date, which is a specified date in the future.
What is CDs
200
The most common form of a transaction accounts
What is checking accounts?
200
May charge for ATMs withdarwls, has no other services fees and no minimum balance.
What is No servive Charge?
200
It provides a monthly or quaterly computerized statement detailing all account activity, including interest credited and fees charged.
What is statement savings account?
200
insures MMDAs for amounts up to $100,000 per depositor
What is FDIC
200
It offers both transaction aacounts and time deposits
What is Credit Union Products
300
It offers costumers quick accesss to their money, provide a convenient way to pay bills, and facilite transferring funds to other institutions.
What is a checking account?
300
They do pay interest on the balance deposit in the account, but usually only if the deposited balance ic maintained at or above a required level.
What is Interest-Bearing?
300
$100,000 per bank
what is the amount of FDIC insurance?
300
Similar accounts invest the money in mutual funds.
What is moneymarket mutual fund accounts
300
its much like a checking account
What is share draft
400
began replacing checks and offers direct deposit and auto debit.
What is Electronic Funds Transfer (EFT)?
400
This account's low minimum deposit and balance requirements as well as monthly fees-from zero $3, depending on the bank- are attractive to low-income bank custemers.
What is a Lifeline?
400
By mail, in person, eletronically, direct deposit
What is transaction
400
......of these accounts is not as high as savings accounts
What is Liquidity
400
its an essentially like a saving account
What is share account
500
Incorporates elestronic checking, provides an assortment of streamlined account management services.
What is Online banking?
500
Many banks offer special checking deals if you are 55 or over or are a student.
What is No-Frills?
500
passbook and statement
what is the two types of saving accounts?
500
Only three of them may be............ , and you may have to wait up to three days to get your money.