Banking and Financial Institutions

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an organization that provides services related to money

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financial institution

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Examples of these types of banks are Wells Fargo, Chase, and Regions

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commercial banks

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license authorizing a bank to operate usually called national banks

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charter

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an independent agency created by the federal government to protect bank customers by insuring their deposits

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Federal Deposit Insurance Corporation

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Two types includes mutual savings and loan associations and stock savings and loans association. What are they? Options: credit unions, savings and loans associations, commercial banks

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savings and loans associations

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a non profit financial cooperative owned by and operated for the benefit of its members; services offered only to its members

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credit union

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the movement of money electronically from one financial institution to another

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electronic funds transfer

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service offered by most banks and credit unions that requires a Personal Identification Number (PIN) to check account balances, make cash withdrawals and deposits, and move money from one account to another.

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automated teller machine

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also called a check card, allows you to make purchases by swiping your card through a point of sale(POS) terminal that is usually located at the merchant’s checkout counter

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debit card

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a card issued by a bank that allows the holder to check account balances, withdraw and deposit cash, and transfer money from one account to another using an ATM

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ATM card