Principles of Business 9e Chapter 17

State banks may not join the Federal Reserve System.

• True

• False

Savings and loan associations traditionally specialized in making loans for home mortgages.

• True

• False

Clearing refers to the process of making payments among different banks.

• True

• False

Stored-value cards allow you to use money that is in your checking account.

• True

• False

Only you or the bank has the right to open your safe-deposit box.

• True

• False

An interest-earning checking account is probably the best choice for people who write only a few checks each month.

• True

• False

A commercial bank often is called a full-service bank.

• True

• False

Sometimes two or more people have a checking account together, called a joint account.

• True

• False

The owner of the account who signs the check is the drawer.

• True

• False

A signature card is a written notice that tells the bank not to pay a certain check.

• True

• False