ch.8 keyterms

Bank : a financial institution licensed to receive deposits and provide financial services

• True

• False

National Credit Union Administration (NCUA): independent federal agency that insures

deposits in credit unions up to $250,000​​​​​​​

• true

• or false

unbanked: people who have savings or checking accounts but still use alternative financial

products and services

• true

• false

Credit Unions: nonprofit financial institutions that are owned and operated by their members;

offer deposit accounts and lending services similar to a retail bank but at a lower cost​​​​​​​

• true

• false

Overdraft Protection: an option offered by banks to cover overspending an account and then

charge a fee for it​​​​​​​

• true

• false

reconciling : how quickly you can access the money in an account or the value of an asset without

a penalty or feere

• true

• false

Direct Deposit: option to allow automatic electronic deposit of your payroll checks​​​​​​​

• true

• false

independent federal agency that insures deposits in bank accounts up to $250,000​​​​​​​

• Retail Banks:

• Federal Deposit Insurance Corporation (FDIC):

• Overdraft Protection:

• Liquidity:

people who have savings or checking accounts but still use alternative financial

products and services

• Online Banks:

• Credit Unions:

• Checking Account Register:

• Underbanked:

for-profit financial institutions that accept deposits and offer a variety of deposit

accounts and financial services

• Retail Banks:

• Liquidity:

• Reconciling:

• Bank: