Chapter 17 Flashcards
Most common bank; wide range of services
Commercial bank
A user-owned, not-for-profit, cooperative financial institution
Credit union
Regulates banks and other institutions
FDIC
Storing of valuables at bank
Safe-deposit box
A fee a bank charges for handling a checking account
Service charge
ATM transactions, use money in your account, not borrowing from bank
Debit card; point of sale transaction
Written evidence that you received payment or that you transferred your right of receiving payment to someone else
Endorsement
Endorsement that consists of only a name
Blank endorsement
The person to whom the check is written
Payee
A written notice that tells a bank not to pay a certain check
Stop payment order
Report on status of your bank account
Bank statement
Document created to show how the two balances were brought into agreement
Bank reconciliation
Checks that have not been cleared of deducted from the bank statement balance
Outstanding check
Supervise and regulate member banks and helps thanks serve the public efficiently
Federal reserve system
