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Glossary Chapter 1 Material Type: Notes; Class: PRINCIPLES OF BANKING; Subject: Business Administration; University: SUNY College of Technology at Canton; Term: Spring 2011;
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Glossary Chapter 1 Asset anything of value Automated teller machines (ATMs) fee based mechanism by which bank customers can perform banking transactions without the aid of a bank teller Bank business which sells services to earn money, they manage and market those services in a competitive field Brokers people who execute orders to buy and sell stocks and other securities Central bank government banks that manage, regulate, and protect both the money supply and the banks themselves Commercial bank institutions commonly thought of as banks Commercial banks banks owned by stockholders who expect a profit on their investments Credit unions savings and loan institution owned by depositors who share a common type of association, such as employer Creditworthy customer with a good credit rating, sufficient collateral for loans, and ongoing income Currency exchanges private companies that cash check, sell money orders or perform other exchange services Depositor people who put money into banks Depository intermediaries financial institutions that get funds from the public and use them to finance their business Deregulation loosening of government control Equity represents net assets, or total assets, minus total liabilities
Financial intermediary institution, firm, or individual who mediates between two or more parties in a financial context Identity theft occurs when someone achieves financial gain by using another person's personal information to unlawfully assume the identify of the other person Interest percentage of revenue earned on the principal mover a period of time Liability a cash obligation Liquid asset anything that can readily be exchanged, like cash Loan companies private companies that lend money and make a profit on the interest Medium of exchange an agreed-upon system for measuring the value of goods and services Merger occurs when one or more banks join or acquire another bank or banks Mobile banking allows consumers to execute a variety of banking transactions with mobile phones Mutual savings banks receive deposits from and are owned by the depositors Net interest income difference between what a bank pays in interest and what it receives in interest Niche market targeting particular customers in defined locations or by particular services Nondepositor y intermediaries financial institutions that do not take or hold deposits Online banking allows customers to perform banking transactions from their home computers Payday loans specific form of loan company that offers short-term loans against an expected paycheck