Checking & Savings Basics

This is the central banking system of the United States of America.

• Federal Reserve

• Bank of America

• Central Bank of the USA

• Wells Fargo

Percentages charged for borrowing money

• Borrow rates

• Credit rates

• Interest rates

• Scam rates

This type of bank offers services to the general public and to companies.

(Bank of America, Well Fargo etc.) 

• Investment bank

• Credit union

• Thrift bank

• Commercial bank

A ____ ___ occurs when large groups of depositors withdraw their money from banks at the same time based on fears that the institution will become insolvent.

(answer is two words)

The agency insures deposits up to $250,000 at member banks.

• Checking account insurance

• Money-back guarantee

• Federal Deposit Insurance Corporation (FDIC)

• Internal Revenue Service (IRS)

Account at a bank against which checks can be drawn OR debit made by the account depositor is a ________ _______.

The primary role of banks is to take deposits, make loans and transfer funds.

• TRUE

• FALSE

A _____ ____ is a payment card that deducts money directly

from a consumer's checking account when it is used.

Which of these is a non-profit financial institution that's owned by the people who use its financial products for free, usually through an employer?

• Savings and Loan Institution

• Credit Union

• Thrift Bank

• Commercial Bank

(P)rincipal x (R)ate x (N)umber of years is the formula for calculating what?

• Simple interest

• Bank profitability

• Loan averages

• Bank runs