Basic ecomonic terminology. Искренко Э.В - 12 стр.

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                  SERVICES OF DEPOSITORY
                  FINANCIAL INSTITUTIONS


             À. Types of cards, checks and accounts
      1. Debit card — a plastic card that, when used, immediately
reduces the balance in the user’s bank account.
      2. Credit cards — provide a temporary loan to their users by
allowing them to purchase items and pay for them later.
      3. Checkable deposit — any deposit in a commercial bank or
thrift institution against which a check may be written; it includes
demand deposits, and NOW, or ATS accounts.
      4. Check — a written order for a bank or other financial institution
to pay a stated sum of money to the business or person indicated
on the face of the check.
      5. Open check — a check payable on presentation by the holder
in cash.
      6. Closed (crossed) check — a check that can only be paid into
the bank account of the person presenting it for payment.
      7. Traveller’s checks — checks issued by large financial
institutions and sold through depository institutions such as banks
and credit unions.
      8. Certified check — a check certified by a bank to be cashable.
      9. Cashier’s check — a check of the bank written by the bank’s
cashier.
      10. ATS account — a deposit that can be automatically remitted
to a savings account.
      11. Noncheckable savings account — a savings account against
which a check may not be written, a savings account which is not a
NOW, or ATS.
      12. Negotiable order of withdrawal (NOW) account — an
interest-bearing checking account offered by commercial banks,
savings banks, and savings and loan associations.
      13. Money market account — an account at a financial institution
that pays interest rates comparable to those paid by money market
mutual funds and that permits the depositor to write a limited
number of checks against the account.

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