Section 15.2 Banking

5. a type of EFT transaction; money is deposited directly into a customer’s checking account
8. any organization that provides services related to money.
12. a bank account that allows the account owner to make deposits, write checks, and withdraw money
15. a document guaranteeing that a buyer will pay the seller the agreed-upon amount and within the time specified
17. services offered to customers by financial institutions. General banking services offered to all customers.
20. a regular payment made from a customer’s bank account to a vendor or supplier
21. checking accounts are also known as this because money can be withdrawn at any time

1. is a financial institution that does not accept deposits. They generate profits by selling services.
2. a financial institution that provides services for businesses by helping them raise money for expansion or maintenance
3. a financial institution that offers savings and loan services
4. a nonprofit financial institution that is privately owned and provides banking services for its members
6. the movement of money electronically from one financial institution to another
7. a prearranged amount of credit that is available for a business to use as needed
9. a bank account used by depositors to accumulate money for future use
10. a written order for the bank to pay a specific amount to the person or organization to which the check is written
11. a financial institution that makes money by issuing loans; loan company
13. largest category of deposit institution. They service individuals and business customers and offer range of services
14. are for-profit businesses that sell insurance products
16. a financial institution that accepts money from customers and deposits it into the customer’s account.
18. a financial institution that is involved in trading securities in financial markets
19. money placed into an account.