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Banking Flashcards

(24 cards)

1
Q

Interest

A

Is a fee paid for the opportunity to use someone’s else’s money for a period of time

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2
Q

Commercial banks

A

Are financial institutions owned by shareholders and operated for their own profit

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3
Q

Mutual savings banks

A

Are stats charted financial institutions operated by trustees for the benefit of depositors

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4
Q

Saving and Loans

A

Are financial institutions that originally specialized in providing funds to home buyers

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5
Q

Credit union

A

A non profit financial institution owned by its members

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6
Q

Internet banking

A

Is a financial institution that operates exclusively over the internet using online banking

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7
Q

FDIC(Federal Deposit Insurance Corporation)

A

is a United States government corporation providing deposit insurance to depositors in US banks

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8
Q

EFT

A

The movement of funds by electronic means

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9
Q

ATM

A

a machine that you use to get cash from using your credit card

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10
Q

PIN(Personal Identification number)

A

Is a secret code that protects the security of your accounts, allowing you alone to access them

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11
Q

Debit card

A

a card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder’s bank account

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12
Q

Payee

A

Can take the check to his or her own bank and cash or deposit it.

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13
Q

Overdraft

A

A check written for more money than your account contains

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14
Q

Endorsement

A

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

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15
Q

Reconcile

A

verifying that information on a bank statement and a checkbook are in agreement

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16
Q

Certified check

A

Is a check from a personal checking account that has been stamped by the bank to guarantee that there are sufficient funds in the account to cover it.

17
Q

Cashier’s check

A

Is a check issued and guaranteed by a bank.

18
Q

Money order

A

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

19
Q

Travelers check

A

Are documents that function as cash, but can replaced if lost or stolen

20
Q

Prepaid cards

A

Cards sold in specified dollar amounts that can be used to purchase products or services. Looks like a credit but is preloaded with cash.

21
Q

Outstanding transaction

A

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

22
Q

Cancelled check

A

Checks that are paid by the bank, deducted from the depositor’s account, and returned with the bank statement.

23
Q

Money transfer service

A

generally refers to one of the following cashless modes of payment or payment systems

24
Q

Wire Transfer

A

An electronic communication that moves funds from an account in one bank to an account in a different bank instantly.