The document discusses the Federal Reserve System and its role in supervising banks to help them serve the public efficiently. It also describes different types of banks like commercial banks, credit unions, and some major North Carolina banks. Additionally, it defines electronic funds transfer (EFT) and some related terms like automatic bill payment and common bank fees.

1. Mitch
Chapter 17

2. Federal reserve system
Supervises and regulates member banks and to help banks
serve the publicefficiency
5 is in NC

3. Banking system
Build homes
Start new businesses
Plant crops
Finance education
Buy goods

4. Banks
Commercial
Full service
Wide range of financial services.
Credit union
User owned
Nonprofit
Cooperative financial institution.

5. banks
Wachovia
Suntrust
Bank of america
BB&T

6. EFT
Electronic funds transfer or EFT refers to the computer-
based systems used to perform financial transactions
electronically.
The term is used for a number of different concepts

7. Automatic bill payment
Is when a bank customer authorizes preset amounts spent
every month

8. Bank fees
unauthorised overdraft fees; ATM usage fees; fees for having
an account balance under the required amount