FP Obj 2.3 Retail/banking products & services

A guarantee that a check, ATM, wire transfer or debit card transaction will clear if the account balance falls below zero

• lockbox

• overdraft protection

A form of prepaid debit cards preloaded with funds for future use

• credit cards

• gift cards

POS stands for

• Personal Of Standards

• Point of Sale

Funds are electronically transferred from a customer or client’s bank account directly into your bank account through the Federal Reserve Bank’s Automated Clearing House (ACH) system.

• Electronic check

• Point of Sale

APY stands for

• Annual Percentage Yesterday

• Annual Percentage Yield

The federal government insures bank accounts against loss up to

• 10,000

• 250,000 per depositor

What does CD stand for?

• Certified Deposit

• Certificate of Deposit

NCUA is for

• Banks

• Credit Unions

Which depository institution is NOT for profit.

• Credit unions

• Banks

Is the electronic clearing and settlement system used for financial transactions by US commercial banks and other institutions

• Asset Management

• Automated Clearing House (ACH)