ch 17 - Foundations

Who has the right to get into a safe deposit box?

• it's open to the public

• only the owners

• the owners and the bank

• just the bank

What % of US banks are a part of the Federal Reserve System?

• 50%

• 75%

• 99%

• 100%

Which of the following is NOT a deposit institution?

• savings and loan assoc

• commercial bank

• check-cashing outlet

• mutual savings

Up to how much does the FDIC insure per person per bank?

• $100,000

• $150,000

• $250,000

• $350,000

A non-deposit financial company that makes loans for long-lasting goods

• consumer finance company

• pawnshop

• investment company

• credit union

When you write "For Deposit Only" on the back of a check

• full endorsement

• restrictive endorsement

• special endorsement

• blank endorsement

When the bank deducts payments from your account and transfers them to the appropriate company every month.

• direct deposit

• credit cards

• automatic teller machines

• automatic bill payment

Typical electronic banking services allow customers to do all EXCEPT

• pay bills online

• print new checks

• transfer funds from savings to checking

• get paid directly from employer

If I want a bank with 24- hour banking services, I want

• convenience

• safety

• fees

• restrictions

An interest earning checking account

• usually pays very high rates

• usually requires a minimum balance

• is good for accounts with lots of transactions

• none of these