Chapter 4 Vocabulary

Financial services organization that receives most of their funds from public contributions. Commercial banks, credit unions, mutual savings banks, savings and loan associations, and internet banks are different types of depository institutions.

• depository institution

• commercial bank

• credit union

• mutual savings bank

Financial services organization open to all customers organized as a for-profit corporation.

• depository institution

• commercial bank

• credit union

• mutual savings bank

Financial services organization organized as a member-owned nonprofit.

• depository institution

• commercial bank

• credit union

• mutual savings bank

Depository institution chartered by a state or federal agency and owned by their depositors.

• depository institution

• commercial bank

• credit union

• mutual savings bank

Locally controlled depository institution similar to banks in their service offerings.

• savings and loan association

• internet bank

• automated teller machine (ATM)

• Federal Deposit Insurance Corporation

Depository institution organized as a bank without physical branches or service locations.

• savings and loan association

• internet bank

• automated teller machine (ATM)

• Federal Deposit Insurance Corporation

Electronic terminal that allows deposits and withdrawals from a depository institution such as a bank or credit union.

• savings and loan association

• internet bank

• automated teller machine (ATM)

• Federal Deposit Insurance Corporation

Federal agency that insures bank deposits for up to $250,000 per person.

• savings and loan association

• internet bank

• automated teller machine (ATM)

• Federal Deposit Insurance Corporation

Number used to secure log-in to an ATM or other device.

• personal identification number (PIN)

• overdraft protection (ODP)

• electronic funds transfer (EFT)

• money market account

Service that transfers money from a linked account to help avoid a returned check due to non-sufficient funds.

• personal identification number (PIN)

• overdraft protection (ODP)

• electronic funds transfer (EFT)

• money market account