If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the
State Banking Commission.
Federal Deposit Insurance
... [Show More] Corporation. (FDIC).
US Treasury Department.
Federal Reserve Board. - ✔✔US Treasury Department
Safe-deposit boxes are:
Safe and can be accessed only by the owner of the box
Available at all banks
Convenient and accessible at any hour of the day or evening
A free benefit for accounts with deposits starting at $50,000 - ✔✔Safe and can be accessed only by the
owner of the box
The financial institution where Ms. Sanchez has her checking account will continue to pay out
money for the checks she writes as long as:
The financial institution has sufficient funds
There is enough money in Ms. Sanchez's account to cover the amount of the checks
She uses checks from her checkbook
She maintains a good record of deposits and handles her account responsibly - ✔✔There is enough
money in Ms. Sanchez's account to cover the amount of the checks
"The Fed" is short for:
FBI
The Federal Reserve System
The Federal Deposit Insurance Corporation
Congress - ✔✔The Federal Reserve SystemMargaret wants to store a valuable coin collection and important papers. Generally, consumers should:
Hand valuables over to their attorney
Rent a safe deposit box for their valuables
Store valuables in locked drawer
Store valuables in a cabinet at home - ✔✔Rent a safe deposit box for their valuables
The phrase used for putting money into a savings account is:
Making a deposit
Verifying the account
Balancing the account
Making a withdrawal - ✔✔Making a deposit
Banks use savings account deposits to:
Improve the quality of life in low-income communities
Give loans to consumers and businesses
Make their services and products attractive for
new depositors
Pay for employee special projects - ✔✔Give loans to consumers and businesses
Which financial product typically pays the highest rate of interest?
Money market account
Certificate of deposit
Savings account
Common stock - ✔✔Certificate of deposit
(Common stock= no interest but all the other ones have interest. Savings account= lowest interest)
Financial services and products generally offered by banks and credit unions include:Legal services
Savings and loans
Business plans
Real estate listings - ✔✔Savings and loans
The best reason for depositing money in a bank or credit union savings account instead of keeping your
money "under the mattress" is that:
Money deposited in savings accounts are F.D.I.C. insured
Most savings accounts earn a guaranteed rate of interest
Money in a savings account can be accessed any time during the day or night
Most savings accounts come with a free credit [Show Less]