Types of Services Flashcards

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What are financial institutions?

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Companies engaged in the business of dealing with monetary transactions of individual and commercial clients, such as deposits, loans, investments, and currency exchange.

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What role do financial institutions play in the economy?

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They facilitate the flow of cash through the economy among consumers, businesses, and government.

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How are financial institutions regulated?

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They are regulated by federal and state laws and monitored through the Federal Reserve System, the central bank of the United States.

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What types of organizations are included as financial institutions?

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Banks, savings and loan associations, trust companies, credit unions, and investment firms.

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What is the purpose of financial institutions?

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To help individuals and businesses meet current and future financial goals by offering information, tools, strategies, and more.

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What services and products do financial institutions offer?

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Checking accounts, savings accounts, personal loans, business loans, other loans, debit cards, credit cards, trust accounts, and financial counseling.

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What are checking accounts?

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Secure means of storing money, allowing deposits and withdrawals, with features like debit cards, checks, direct deposits, and online access.

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What are the features of checking accounts?

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Debit cards, personal or business checks, direct deposits, money transfers, online banking, monthly statements, routing and account numbers.

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What types of checking accounts are available?

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Standard, online, joint, business, premium, student, and senior accounts.

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What are savings accounts?

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Secure means of storing money while earning interest, not intended for daily expenses, with possible withdrawal limits and fees.