MGTA02H3 Lecture Notes - Electronic Funds Transfer, Financial Intermediary, Stock Transfer Agent
1
MGTA02H3 Full Course Notes
Verified Note
1 document
Document Summary
Money: any object generally accepted by people as payment for goods and services. Chartered bank: a privately owned, profit-seeking firm that serves individuals, non-business organizations, and businesses as a financial intermediary. Trust services: the management of funds left in the bank"s trust . Letter of credit: a promise by a bank to pay money to a business firm if certain conditions are met. Banker"s acceptance: a promise that the bank will pay a specified amount of money at a future date. Term deposit: money that remains with the bank for a period of time with interest paid to the depositor. Prime rate of interest: the lowest rate charged to borrowers. Reserve requirement: the requirement that banks keep a portion of their chequable deposits in vault cash or as deposits with the bank of canada. Electronic funds transfer: a financial service that combines computer and communication technology to transfer funds or information into, from, with, and among financial institutions.
