Unit 3 - Financial Institutions

the cost of processing a loan

Pet deposits are sometimes extra, and some apartments limit the size of your pet.

can help you pay off your debt by negotiating more affordable payments with your creditors

special account where monthly payments for the property tax and insurance bills accumulate

Car Loans, Mortgages, Pawn Shop Loans are all . . .

check written for an account with insufficient funds to cover that check

money subtracted from your account

written order (contract) for a bank to pay money

the process of repossessing a home because the loan is not being paid

The memo line is #? in the diagram

A secured loan is much riskier for banks.

person who helps you fill out paperwork for a loan

Type of loan where most of the interest is paid up front

The account number is #? in the diagram

Banks can need up to 5 business days to "clear" your check.

Financial institution that makes loans

the true price (including fees and other charges) paid for credit

for-profit institution that offers checking & savings accounts

record of a person’s financial information, (previous addresses, debt information, and amounts owed)

not-for-profit cooperative that offers bank services and is owned by its members

online-only bank

The place where you write the amount in words is #? in the diagram

"robot" used to withdraw cash or deposit checks

When writing in words the amount a check is for, what does "and" mean?

aggressively pursuing repayment of debts

fee charged when you write a check for more money than you have in your account

a court proceeding involving a person or business that is unable to repay outstanding debts

A rate that fluctuates over time because it is based on an index rate

Creditors have the right to file a lien against your home if you don't pay them

You don't need a really good credit score to get an FHA or VA loan.

The amount of money your revolving, credit card "loan" is for.

Length of time for a loan

paying a portion of the price BEFORE taking out a loan

money that has been put INTO an account; also known as a credit

How much could you be liable for if your credit card is stolen?

electronic way to view bank account activity and pay bills via an institution's website or app