The Banking System
The government insurance entity that protects your deposits up to $100,000.
What is the FDIC
This is an account that you can easily demand to get your money paid out.
What is a demand deposit account?
The person who is getting the money
Who is the payee
A card that is kind of like a plastic check you can use over and over
What is a debit card?
Another name for a home loan.
What is a mortgage?
FDIC stands for this.
What is the Federal Deposit Insurance Corporation?
This is an account where you put money to build up for a short- mid length term purchase like a car, vacation etc.
What is a regular savings?
The person giving the check and the money
Who is the payor
You can get money here when a bank is closed or not convenient using your debit card
What is an ATM?
All loans have the same interest rate
What is "false'?
This type of institution has all types of accounts and services, drive-ups, and ATM machines.
What is a full service (or commercial) bank ?
What is a type of checking account that pays you interest at the market rate? Usually requires a minimum deposit to open and few transactions.
What is a money market checking?
An endorsement where all person has to do is sign the name.
Blank endorsement
This is the transfer of money fro one account to another
What is an EFT - electronic funds transfer
The money the bank loans you comes from ...
What is other peoples deposits
This type of institution loans money but does not have demand deposit accounts.
What is a non-deposit financial institution.
This is a way to save money and earn interest in a longer term. You receive a certificate for the amount you put in the account and you must leave it for a length of time or you get a penalty.
What is a "CD"?
A type of endorsement that restricts where the money can go
What is a restrictive endorsement?
True or false - all online transfers are automatic
What is "false"
A savings account is a good place to put all your money for retirement
What is "false".
The money you pay to borrow money
What is interest?
This is an account where you have to leave your money over a long period of time to see the interest build. It is usually handled in the Wealth Management department of the bank
What is an investment account?
What is the bank number that is listed on the bottom of your check?
What is the routing number?
Name 3 quick pay services
What are
venmo, apple wallet, chase quick pay, paypal, etc.
When you pay on your home mortgage you are paying the amount borrowed and the amount the bank charges you to use the money which is called.
What is "interest"