Financial Institutions

Instructions: match each term to its definition.

• Transfer

•  Moving money from one bank account to another using the internet.

• Pre-Authorized Payment

• A money transfer scheduled on a predetermined date to pay a recurring bill. The money is transferred from the individual’s bank account to the person or organization they owe money too (e.g. money is transferred from an individual’s bank account to a phone company to pay a phone bill).

• Cheque

• Is a document that instructs a financial institution to pay a specific amount of money from a person’s account to the person in whose name the document has been issued.

• Deposit

•  Putting money into your bank account using an ATM (automated teller machine) 

Instructions: match each term to its definition.

• Withdrawl

•  Taking money out of your bank account using an ATM (automated teller machine)

• Debit Purchase

•  Using a debit card (also called a bank card) to make a purchase at a store. Your card is swiped or tapped against a machine and money is automatically transferred.

• Pre Authorized Payment

• A money transfer scheduled on a predetermined date to pay a recurring bill

•  Mobile cheque deposit

• Depositing a cheque into your bank account using a smartphone or other mobile device. You take a picture of the cheque from your bank’s financial app, the financial institution will scan the cheque for authenticity and deposit the amount in your bank account.

Which is not an example of a financial institution?

• Chartered Banks

• Trust Companies

• Credit Unions

• Trust Banks

Are regulated by the Bank Act of Canada.

• Trust Companies

• Chartered Banks

• Credit Companies

• Investment Companies

 Offer services similar to banks especially mortgages.

• Mutual Funds

• Credit Unions

• Chartered Banks

• Trust Companies

What are savings and credit groups that were originally begun by groups of people with common interest?

Offer limited services where clients may invest in a money market fund (stocks).

• Chartered Banks

• Trust Companies

• Investment Companies

• Credit Unions