Regulations
This federal law is designed to enable banks to handle more checks electronically, making check processing faster and more efficient.
Check 21
The Fed is responsible for
Controlling the supply of money into and out of the U.S. financial system by disbursing and holding funds (i.e., reserve requirements)
This is s the process of identifying customer's deposit (checking, savings, etc.) and time deposit (CD) accounts that are considered abandoned
What is Escheatment
These are the minimum funds that a banks must have on hand each night
Banks earn non interest income by charging customers
What are Fees
This regulation requires depository institutions to provide disclosures to enable consumers to make meaningful comparisons of deposit accounts during consumer deposit account opening,
what is Reg DD
The Fed oversees how many districts and how many branches?
12 districts and 24 branches
What do you call the value of a borrowers property minus the balance
Equity
This is an activity that is used by criminals to process large amounts of cash that are obtained illegally
What is money laundering
Never accept custody of a cash drawer without verifying its contents in
Dual Control
This law encourages banks and savings associations to help meet the needs of borrowers in all segments of their communities
Reg BB
FDIC IS SHORT FOR
Federal Deposit Insurance Corporation
This president is located on the $10 bill
Alexander Hamilton
Any currency transaction over this amount must be reported to the IRS
$10,000
The FDIC insures your money for this amount
$250,000
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 owne
Patriot Act
What is a wire transfer
This president is located on the $100 dollar bill
Benjamin Franklin
This 9 digit number on a check is used to identify the financial institutions and are assigned by the federal reserve
What is the Routing number
Secured lines of credit require the borrower to use this to lessen the financial risk of the bank
An act related to currency transaction reporting.
Bank Secrcey Act
This interest rate doesn't change
This President is located on the $5.00 BILL
Lincoln
This type of interest rate fluctuates and cant be predicted
Variable