retail banking/federal reserve
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9 Terms
1
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deposits
individuals can deposit their money in a savings or checking account. having money in a bank account has three advantages
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secured loan
there is collateral
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collateral
is the tangible item that is being bought with the money obtained in the loan.
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unsecured loan
there is no collateral, the lender does not pay the bank the money back for the loan.
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members appointed by the president
7 members
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how long is the term
14 years
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how many district banks
12 m
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member banks
all chartered banks are required to join the federal reserve system
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federal open market committee
controls the interest rate, federal funds rate
Note 
Flashcards (117)