W!SE Review - Checking and Banking

Offer loans with high finance charges to desperate borrowers. 

• Pawnshops
• Banks
• Savings and loan Companies
• Credit Unions

An automatic loan made to an account if the balance will not cover the checks written, debit card purchases

• Overdraft protection
• Collateralized loan
• Title loan
• Payday loan

Purchases made with your debit card are usually deducted  from your account _______.

• immediately
• within 24  hours
• at midnight
• within 5 business days

What is an ATM used for? 

• Withdraw money
• Apply for a loan
• Make electronic payments
• Reconciling your account

A check that has been cashed and processed by the bank for payment is considered ________. 

• cleared
• outstanding
• forged
• stale

What agency performs central banking functions in the United States? 

• Federal Reserve
• Securities and Exchange Commission
• US Treasury Department
• First National Bank

 Member deposits into credit unions are insured by which of the following organizations? 

• National Credit Union Agency (NCUA)
• Federal Deposit Insurance Corporation (FDIC)
• Federal Reserve (FED)
• US Treasury Department (USTD)

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the ______________. 

• U.S. Treasury Department
• U.S. Mint
• Federal Reserve
• FBI

The best reason for depositing money in a bank or credit union savings account instead of keeping your money “under the mattress” is that ______________.  (EPF 12b)

• Most savings accounts come with a free credit card.
• Most savings accounts earn a guaranteed rate of interest.
• Money in a savings account can be accessed any time during the day or night.
• Money deposited ina savings account is FDIC insured.

The Federal Reserve uses ____________ to regulate the nation’s money supply? 

• monetary policy
• fiscal policy
• proposed legislation
• regulations