Miss Smith 7 th Grade Civics *pgs

 Collateral- _________ used to guarantee __________ of a loan

 Money in a _______ account is called a ______ deposit  The bank must give you your _____ when you _______/______ it  Automated teller machines (____) allow you to withdraw _____ at ___ time of day

 Money deposited in a _______ account earns interest  ____________ of deposits (___)- longer term savings accounts  Money ______ accounts- need to maintain a ________ balance  Earns a higher _______ ____  Negotiable order withdrawal (___)- you can write ______ and receive interest on the _____ in the account

Commercial Banks  Offers a full _____ of ________  Checking, _______, and NOW accounts, _____  Insured by the Federal ________ Insurance Corporation (____)  Will ______ depositors if banks are ______ to give them their money

Savings and Loans Associations (S&Ls)  Banks begun in the mid-_____ to help people purchase _____  Now offers similar services as __________ _____

Credit Unions  Banks established, _____, and __________ by people who work for a single _______ or belong to a single organization  Deposits are also _______ in the credit union  Insured by the National Credit _______ Association (____)

 System established by ________ in 1913 to handle the banking _____ of the federal __________ and provide services to its member ______ while regulating the _____ banking system

 ___ districts in the U.S. with a Federal ________ bank in each one  Act as ________ for the federal gov. and other banks  ___ main purposes  1) Handle the ____ of gov. issued _____  2) Control the _______ system  Discount rate- rate of __________ charged to member banks by the Federal Reserve  Influences _____ available for ____ at other banks

 __ members  Appointed by the __________  Serves one ____ term  Controls the ___________ of currency

 Discounting- _________ the interest on a ____ in _______