Depository Institutions Review Flashcard

Front

What is one characteristic of a commercial bank?

Back

For Profit

Front

What is NOT a characteristics of a Credit Union?

Back

Offer numerous financial services

Front

How much is each depositor insured per institution? Options: $255,000, $250,000, $225,000, $260,000

Back

$250,000

Front

The price paid for using someone else's money is called ___________.

Back

Interest

Front

The (2) most common banking accounts are: Checking/Bank, Savings/Pensions, Money market/IRA's, Checking/Savings

Back

Checking/Savings

Front

ATM stands for ________.

Back

Automated Teller Machines

Front

What service is NOT offered by depository institutions? Online Banking, Mobile Banking, Debit Cards, Cash App Cards

Back

Cash App Cards

Front

Businesses that provide financial services are called ______.

Back

Depository institution

Front

The ability to borrow money with the promise that you'll repay it in the future, often with interest.

Back

Credit

Front

Apps that many depository institutions have developed that allow online banking access from devices such as cell phones, tablets, and other mobile devices

Back

Mobile Banking