Checkup 1 Flashcards
demand deposits
checking accounts
safety fund plan
New York
loans
interest
Federal Reserve System
national banks
medium of exchange
money
redemption of notes for specie
Suffolk Bank of Boston
unscrupulous managers
wildcat banks
waiting period before withdrawal
time deposit
commercial banks
creation of money
model public bank
Bank of Venice
Commercial banks are the only financial institutions in the United States that can accept __________________.
demand deposits
Usually, one must present a ____________ or similar instrument when withdrawing from a bank savings account.
passbook
Commercial banking began in _____________ times.
ancient
The first and only central bank of the United States is the ________________________.
Federal Reserve System
A medium of exchange is used as a _______________ in buying and selling.
common denominator
A state that prohibits branch banking is said to be a ________ banking state.
unit
A periodic record of checking account transactions is called a _________________.
bank statement
The ______________ followed many modern banking practices.
goldsmith
A ______________ usually sells traveler’s checks and money orders and is an agency of the government.
commercial bank
_______________ are affected significantly by commercial banks.
Business operations
The Federal Reserve System was established in _________.
1816
_____________ was one of the leading states in promoting bank legislation during the early history of our country.
Louisiana
A bank is prevented by law from rendering financial advice to customers. (True or false?)
False
New York’s free banking law outlawed service charges on checking accounts. (True or false?)
False
