Banking

Question 1

Which institutions are insured by NUSIF

Answer 1

credit unions

Question 2

FDIC

Answer 2

federal deposit insurance corporation

Question 3

Examples of financial institutions

Answer 3

Banks credit unions and insurance companies

Question 4

Pay day loan service /check cashing services

Answer 4

Non bank institutions

Question 5

What is the main issue with not having a bank account

Answer 5

Keeping income safe

Question 6

Costs for services

Answer 6

ATM fees
Late fees
Minimum balance fees
Returned check fees

Question 7

Automatic clearing house

Answer 7

Processes electric money transactions

Question 8

Reconciliation

Answer 8

Process of bringing the checkbook register Into agreement with the bank statement

Question 9

Costs of traditional banking

Answer 9

Limited access
More paper to file
Possible acc fees

Question 10

Benefits of traditional banking

Answer 10

Familiar
Privacy and security
Expert advice &customer service

Question 11

Costs of online banking

Answer 11

New system
Concern about security &privacy
Reduced relationship with the bank
Possible acc fees

Question 12

Benefits of online banking

Answer 12

Convenience
24/7 availability
Easy to update transaction records

Question 13

Event that lead to the banking system

Answer 13

Industrial revolution

Question 14

1791

Answer 14

First bank

Question 15

Credit union

Answer 15

Member owned

Question 16

Checking account

Answer 16

Account u use to pay for things on a daily basis

Question 17

Check book register

Answer 17

Records deposits and checks

Question 18

Overdraft

Answer 18

When you don’t have enough money from what you wrote on a check to sb

Question 19

Overdraft protection

Answer 19

This service will pay the check if u overdraft but from a loan u have with the bank