MCS 2100 Chapter 4-7: MCS2100 Chapter 4-7.docx

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: Jian Zhao

Document Summary

4 - the banking services of financial institutions. Types of financial services: savings- safe storage of funds, time deposits (savings acct, investment certificates) referred to as time deposits, payment service- transfer money referred to as demand deposits, borrowing, other services. Trust - legal agreement that provides for the management. and control of assets by one party for the benefit of another. Atm- a computer terminal used to conduct banking transactions. Smart cards stores prepaid amounts, also stores data about account balances transaction records, insurance information, and medical history. Electronic cash payment solution that enables you to safely pay for a web purchase using your credit card. Deposit types institutions- chartered bank, trust company, credit union. Non-deposit institutions- life insurance company, investment company, mortgage and loans, pawnshops, cheque cashing outlets. Chartered bank - a financial institution that offers a full range of financial services to individuals, businesses, and gov"t agencies.