Show:
Credit
Credit Protection
Neg. Instruments
Checks
Indorsements
100
Open End Credit credit that can be increased by the debtor by continuing to purchase good or services on credit
What is one of the type of credits.
100
Act-ensures that both businesses and consumers are given an equal chance to obtain credit
What is Equal Credit
100
Purpose-allows people to transact business without carrying around large sums of money
What is purpose for Negotiable Instruments
100
Balancing Your Checkbook Writing Checks Parties to a Check Avoiding Negligence Bad Checks-check drawn on an account in which there are insufficient funds Forged Checks-false making or alteration of a writing
What should u do to use a checking account saftly.
100
Endorsement-act of placing one’s signature on an instrument, usually on the back, to transfer it to another
What is Endorsement
200
LIne credit
What is it whenthe maximum amount that can be charged
200
Act-prohibits the abuse of a valuable consumer asset-credit (credit reports)
What is Fair Credit Reporting
200
written document giving special legal rights to the transferee that may be transferred by endorsement or delivery
What is Negotiable Instruments
200
Certified Check-check that is guaranteed by the bank Cashiers Checks-check drawn by a bank upon itself Bank Draft-teller’s check, is a check drawn by a bank against funds the bank has on deposit with another bank Money Orders-draft that substitutes for a check and may be purchased for a fee from banks, post offices, stores, travel offices and auto clubs Travelers Checks-purchase the checks plus pay a service fee
What are othe payment methods
200
Blank Endorsement-signature alone
What is Blank Endorsement
300
Closed End Credit credit
This is given for a specific amount of money and cant be increased by making additional purchases
300
60
How many days does fair Credit act give you to correct a bill?
300
Note-written promise by one person to pay money to another
What are notes for negotiable Instuments
300
Local-2 business days Nonlocal-5 business days Cashiers, Certified, Govt.-1 business day New Accounts-Individual bank ATM-5 business days
What is Availability of Funds
300
Special Endorsement-pay to the order of or pay to followed by the name of the person
What is Special Endorsement
400
Credit
-arrangement through which you may receive cash goods or services now and pay for them in the future is called?
400
Act-it is illegal for debt collectors to threaten consumers with violence, use obscene language, or contact consumers by telephone at inconvenient times or places
What is Fair debt Collection practices
400
Draft-an order to pay money
What is a draft
400
Act-establishes how long before money available
What is Competitive Banking
400
Restrictive Endorsement-words added to signature of transferor (for deposit only)
What is Restrictive Endorsement
500
second party agreeing to pay the loan if necessary
What is Cosignature
500
You make only the minimum payment on credit cards or even that You miss loan payments or pay late You receive 2nd or 3rd payment due notices You borrow to pay off debts You exceed the credit limits on your cards You’ve been denied credit
What are some warning signs of Debt Problems
500
Drawer-person who orders the payment
What is Drawer
500
EFT-Electronic Funds Transfer, uses computers as a substitute for checks
What is Electronic Banking
500
Conditional Endorsement-restrictive indorsement subject to a specific event or condition (when he turns 18)
What is Conditional Endorsement