Principles of Business 9e Chapter 17

State banks may not join the Federal Reserve System.

Savings and loan associations traditionally specialized in making loans for home mortgages.

Clearing refers to the process of making payments among different banks.

Stored-value cards allow you to use money that is in your checking account.

Only you or the bank has the right to open your safe-deposit box.

An interest-earning checking account is probably the best choice for people who write only a few checks each month.

A commercial bank often is called a full-service bank.

Sometimes two or more people have a checking account together, called a joint account.

The owner of the account who signs the check is the drawer.

A signature card is a written notice that tells the bank not to pay a certain check.