Consumer Ed (Chapter 10)

Front 1

Interest

Back 1

A fee pause for the opportunity to use someone else's money over a period of time.

Front 2

Commercial Bank

Back 2

Financial institutions owned by shareholders and operated for their profit.

Front 3

Mutual Savings Banks

Back 3

State charted financial institutions operated by trustees for the benefit of depositors.

Front 4

Savings and Loans

Back 4

Financial institutions that originally specialized in providing funds to home buyers, but now provide a variety of financial services.

Front 5

Credit Union

Back 5

A nonprofit financial institution owned by its members.

Front 6

Internet Bank

Back 6

Financial institution that operates exclusively over the Internet using online banking.

Front 7

FDIC

Back 7

Federal Deposit Insurance Corporation. For member bank depositors.

Front 8

NCUA

Back 8

National Credit Union Association. For credit union depositors.

Front 9

Rates and Fees

Back 9

Compare interest rates, fees, and special account requirements.

Front 10

Commercial Banks

Back 10

Owned by shareholders and operates for their profits.

Front 11

Mutual Savings Banks

Back 11

State chartered financial institutions operates by trustees for the benefit of depositors.

Front 12

Savings and Loans

Back 12

Originally specialized in providing funds to home buyers but offer a variety of services.

Front 13

Internet Bank

Back 13

Operates exclusively over the Internet using online banking.

Front 14

Credit Bank(Pt.2)

Back 14

Full services, for profit, pays lower rates and charge higher rates.

Front 15

Mutual Savings Bank(Pt.2)

Back 15

Profits paid to depositors or held in reserve.

Front 16

Savings and Loans(Pt.2)

Back 16

Operate for profit.

Front 17

Credit Union(Pt.2)

Back 17

Nonprofit.

Front 18

Internet Bank(Pt.2)

Back 18

May offer higher deposit rates and lower loan rates than traditional brick and mortar banks. No branch offices or bank tellers.

Front 19

Electronic Funds Transfer

Back 19

The movement of funds by electronic means.

Front 20

Atm

Back 20

Automated teller machine, a computer terminal that gives bank customers electronic access to their accounts at any time through the use of a speciality coded card.

Front 21

PIN

Back 21

Personal Identification Number. The secret code that protects the security of your accounts, allowing you alone to access them.

Front 22

Point of Sale Transaction

Back 22

Paying for a item by making an electronic funds transfer at the place of purchase.

Front 23

Debt Card

Back 23

A card that allows the user to subtract money from a bank account in order to obtain cash or make a purchase.

Front 24

Financial Services Modernization Acts

Back 24

In acted in 1999

Front 25

Electronic Funds Act

Back 25

Passed in 1978. Protects consumers using some forms of electronics banking.

Front 26

Lost your ATM card?

Back 26

You have 2 days to report a lost or stolen Atm card, and are liable for no more than 50$.

Front 27

Payee

Back 27

The one whom a check is made out. Can take the check to his or her own bank and cash deposit.

Front 28

Canceled Check

Back 28

A check that is stamped and sometimes perforated to show that its been paid.

Front 29

Overdraft

Back 29

Lack of sufficient funds to cover the full amount of a check.

Front 30

Endorsement

Back 30

A signature on the back of the check that entitles the payee to either receive payment or transfer it to either receive payment or transfer it to someone else.

Front 31

Outstanding Transactions

Back 31

Ones that were received by the bank after the closing date of your statement.

Front 32

Reconcile-

Back 32

A bank account means to bring the bank statements and your own record of transactions into agreement.

Front 33

Advantages of checks?

Back 33

Safer than cash, and can be documented.

Front 34

When Choosing a checking account?

Back 34

Consider minimum balance, fees, transaction limits, and interest.

Front 35

Overdraft Protection

Back 35

Money will automatically be transferred from your savings to your checking account.

Front 36

Blank Endorsement

Back 36

Consist of only the endorsers name, as written on the front of the check, and makes check payable to anyone holding the check.

Front 37

Special Endorsement

Back 37

Limits payment to a particular payee. Write "Pay to the order of So and So" followed by your signature.

Front 38

Restrictive Endorsement

Back 38

Limits the use of the check "for deposit only".

Front 39

Certified Check

Back 39

Check from a personal checking account that has been stamped by the bank to guarantee that there are sufficient funds in the account at the time the check is certified.

Front 40

Cashier's Check

Back 40

A check used and guaranteed by a bank.

Front 41

Money order

Back 41

A purchased certificate used to pay a specified amount to a particular payee.

Front 42

Traveler's Check

Back 42

Documents that function as cash but can be replaced if lost or stolen.

Front 43

Prepaid Cards

Back 43

Cards sold in specified dollar amounts that can be used to purchase products or services.

Front 44

Wire Transfer

Back 44

Financial transaction that electronically moves funds from one bank to another.

Front 45

Postal Money Orders

Back 45

Purchased and guaranteed by postal service( Domestic or International) with fees attached. Private companies also sell money orders.

Front 46

ETT

Back 46

Electronic Funds Transfer.

Front 47

Calculate Adjusted Balance

Back 47

1. Put a check mark in the column with heading next to all the transactions that match in the bank statement and your check register.

2. Next, look for transactions listed on bank statement you have not recorded in your check register. Add any automatic deposits or interest to your check book.

3. Any transactions in your check register that are not on the bank statement are outstanding. Record any outstanding deposits to the reconciliation form. Add outstanding checks. Record total. Subtract total from balance. The total should agree with your checkbook.

Front 48

Outstanding Check

Back 48

A check that has not been cleared, or paid, therefore not deducted form your bank account.