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7 Cards in this Set
- Front
- Back
Describe 3 responsibilities of the Federal Reserve
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1)Managing the nation's money
2)Serving as the banker for the U.S. government 3)Supervising and regulating the nation's financial institutions |
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Explain how the Fed serves member banks
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Member banks:
1) deposit some of their reserves at the Fed 2) Turn to the Fed for a loan |
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Describe the 3 types of electronic fund transfers
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1) Direct Deposit - An electronic fund transfer into a checking or savings account
2)Personal Computer Banking- The use of a computer for banking transactions 3)Point-of-Sale - The use of a debit card to pay for purchases |
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How does the Fed regulate and supervise the nation's banks?
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Regulates - it sets the rules for financial institutions
Supervises - sees to it that those rules and federal laws that deal with the banking industry are enforced |
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Check Clearing
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The movement of a check from the bank at which it deposited back to the bank on which the check was written
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Electronic Fund Transfer
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Electronic banking that is initiated through special cards or codes that allow you to access your account
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Direct Deposit
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An electronic transfer of funds into a checking or savings account
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