Module 6 - Banking Review (1)

A business or financial institution that stores and manages money for individuals and other businesses.

• Bank

• Bank Account

• Federal Reserve

A card linked to a bank account that you use like cash; there must be enough money in the account to cover your purchases.

• Debit Card

• Credit Card

Non-Profit banks that are owned by the customers.

• Credit Union

• Commercial Banks

• Federal Reserve

Funds transferred from one account to different account using online banking software or a debit card.

• Electronic Funds Transfer (EFT)

• Non Sufficient Funds (NSF)

• Blank Endorsement

The government agency that insures customer deposits if a bank fails.

• Federal Deposit Insurance Corporation (FDIC)

• National Credit Union Association (NCUA)

• Federal Reserve

How many Regional Reserve Banks are there?

• 12

• 7

• 10

• 24

Who regulates and supervises your local banks?

• Regional Banks

• Department of Treasury

• "The Fed" - Federal Reserve

• Board of Governors

Which entity is responsible for setting Monetary Policy?

• Board of Governors

• Federal Reserve

• Federal Open Markets Committee

• Regional Reserve Banks

An account which allows the holder to write checks against deposited funds.

• Checking Account

• Savings Account

• Money Market Account

Lack of money in an account to make a payment.

• Non-sufficient funds

• Overdraft Fees

• Surplus