Question

Bank deposits and other liabilities
categorization to identify

whether transaction and nontransaction accounts.

1.NOW Accounts

2.Demand Deposits

3.Savings, or Passbook Accounts

4.Certificates of Deposit, CD

5.Money Market Deposit Accounts

Mr. Smith had been a customer at the Worcester Five Cent Savings Bank in Massachusetts since 1957. In 1968, he saw the name of the bank change to Consumers Savings Bank. What else did Mr. Smith discover about his bank at that time?

A.A new service that allows depositors to withdraw funds by telephone

B.An unusually high interest rate on saving accounts

C.The introduction of money market deposit accounts

D.A new type of a savings account that pay interest

Bank regulation in the United States

Which of the following is an accurate description of bank charter?

A.Government permission is needed to establish and operate a depository institution.

B.Society cannot allow just anyone to open a bank because banks have a lot of proprietary information.

C.Government protection from losses may occur if a bank becomes insolvent or fails.

D.There exists a system in which bank charters are granted by both the government and private licensing organizations.

Which of the following most accurately explains the need for bank charters?

A.Government permission is needed to establish and operate a depository institution.

B.The government grants charters to banks.

C.Banks do not disclose to whom they have made loans and for how much.

D.Society cannot allow just anyone to open a bank because banks have a lot of proprietary information.

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