12.1 Money and Banks

Monetary System

A System in which goods and services are directly exchanged using money.

EFT - Electronic Funds Transfer

A Framework that banks use to transfer money from a bank to another, electronically through a network of computers.

Direct Deposit

The electronic transfer of a payment directly from the payer's bank to that of the party being paid

Direct Deposit

an asset that a lender accepts as security for a loan. Collateral may take the form of real estate or other kinds of assets, depending on the purpose of the loan.

Safe Deposit Box

an asset that a lender accepts as security for a loan. Collateral may take the form of real estate or other kinds of assets, depending on the purpose of the loan.