Economy & Finance

Chapter 17

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1. Jen Ciampi Block 3 2.  FederalReserve System- is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act …
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  • 1. Jen Ciampi Block 3
  • 2.  FederalReserve System- is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act  Federal Reserve Bank of Richmond serves NC
  • 3. A bank was originally formed to invest and lend money to commercial businesses who at a much later time began investing and lending money to regular people through it's retail branches. A credit union is a membership of regular people investing and lending money amongst each other, the regular people, instead of primarily targeting commercial entities.
  • 4.  Wachovia  Bank of America  RBC Bank  SunTrust Banks Inc.
  • 5.  Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically.  Itis useful because it helps people transfer money with less confusion and faster than doing it on paper.
  • 6. A checkless system for paying recurring bills with one authorization statement to a financial institution. For example, the customer would only have to provide one authorization form/letter/document to pay the cable bill each month. The necessary debits and credits are made through an Automated Clearing House (ACH).  This is helpful because it is easier for people to keep track of and more likely for them to follow.
  • 7.  Overdraft Shell Game Fees  Paper Fees  Courtesy-Overdraft Fees  Point-of-Sale Fees  Last-Minute Bill Pay Fees
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    Jul 23, 2017
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