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UTemp is the University of Toronto’s short-term staffing service. We pride ourselves on the high number of UTemp employees who are able to make the transition from short-term casual employment to appointed positions within the University of Toronto. The UTemp team handles each project with a unique hands-on approach to ensure we find the best ...
Hermes, 2005. An examination of existing accounting dictionaries on the Internet reveals a general need for a new type of dictionary. In contrast to the dictionaries now accessible, the future accounting dictionaries should be designed as proper Internet dictionaries based on a functional approach so they can be used in communication-oriented and knowledge-oriented situations.
- Md. Shohag
Alpha. Alpha is a coefficient that measures risk-adjusted performance, factoring in the risk due to the specific security rather than the overall market. A high value for alpha implies that the stock or mutual fund has performed better than would have been expected given its beta (volatility).
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Jan 2, 2012 · Summary. “Banking” can be defined as “the business of banking,” a vibrant business that continually evolves to meet the latest financial needs and economic conditions. In order to understand the business of banking, it is useful to understand one of its key elements—financial intermediation. Financial intermediation is an important ...
- What Is a Bank?
- From Barter to Payment Systems
- Bank’s Role in Financial Intermediation
- Satisfying Customers’ Needs—Banking Is a Service Business
- High Tech versus High Touch
- Banking Products and Services
- Deposits
- Transaction Accounts
- Savings Accounts
- Certificate Accounts
- Other Types of Accounts
- Loans and Other Credit Services
- Short-term Business Loans
- Other Products and Services
- Cash Management
- Retirement Plans
- Safe Deposit Boxes
- Check Clearing
- ATMs
- Point-of-Sale Terminals
- Online Access
- Telephone Transactions
- Other Types of Electronic Transactions
- Direct Deposit Flowchart
- Summary
A bank is defined by Merriam-Webster’s online dictionary (www .merriamwebster.com) as ‘‘an establishment for the custody, loan, ex-change, or issue of money, for the extension of credit, and for facilitating the transmission of funds.’’ While they are simple to describe, the roles of banks, bankers, and banking are—for some—not as simple to underst...
Money is the basis of banking. And the basis of money is the need for a substitute for directly bartering for everything we need. ‘‘Barter’’ is de-fined as trading without the use of money—and it can be traced back to the very origin of civilization. Can you imagine how our economy would operate if we didn’t use money? You would either have to be c...
Financial intermediation is an important role in banking. The term ‘‘fi-nancial intermediation’’ means accepting funds from one source (such as savings customers) and using the money to make loans or other invest-ments. Essentially, financial intermediation means acting as a go-between for individuals or businesses that have extra money and individ...
While banks play a critical role in financial intermediation and in the cre-ation of money, banking’s primary focus is the satisfaction of customers’ financial needs. Banking services satisfy financial needs such as: Earning a return on idle funds Borrowing money to achieve goals Preventing losses Managing money conveniently and efficiently To be s...
Banking went through revolutionary changes when computers were in-troduced many years ago. Today, if you are reading this book, it is quite likely that you use a computer to connect to the Internet on a regular basis, so you are already aware of the powerful effect of electronic com-munication in our society. Some people would argue that technology...
Let’s look at these products and services a little closer. To help you under-stand financial intermediation and the role of the bank, we define common bank products and services, including banking deposit accounts and various types of loans and lines of credit. We also discuss various other types of accounts, such as cash management and retirement ...
Traditional banking deposit products can be divided into four categories: Transaction accounts Savings accounts Certificate accounts Other The features of these accounts vary considerably depending on the type of account, its restrictions, and the specific policies of the bank where they are offered. A common characteristic of these accounts is de-...
Transaction accounts are defined as deposit accounts on which custom-ers can write an unlimited number of checks. These types of account include: Interest-earning checking accounts Non-interest-earning checking accounts Customers use transaction accounts for daily expenses because the funds are easily accessed and checks are a widely accepted metho...
Savings accounts are interest-earning deposit accounts that usually have few restrictions on deposits and withdrawals. Two types of savings ac-counts offered most frequently are regular accounts and money market deposit accounts (MMDAs). Regular savings accounts usually pay a low rate of interest and require a minimum balance. Customers often use r...
The third category of deposit accounts is certificate accounts. Certificate accounts are accounts that typically require a higher minimum balance and offer higher interest rates for a fixed period of time or term. Interest rates are often fixed for the term and therefore produce a predictable return. A critical feature of certificates is a monetary...
Banking includes other types of deposit accounts, such as holiday club accounts or vacation club accounts, but these are often variations of the accounts just described.
Loans and other credit services are an important source of income for banks. There are two major categories of loans: business and consumer. Business loans can be secured or unsecured and are primarily classified into three categories: Short term Long term Line of credit Short-term business loans typically have a term of less than one year and may ...
Example A Sep Oct Nov Dec Jan Loan for inventory Sales from inventory Loan—paid in full A business obtains a loan to purchase a large inventory shortly before the end-of-year holiday season. The items are sold during the season, and the loan is repaid in a lump sum. Example B Apr May Jun July Aug Sep Loan for crops Sales from crops Loan—paid in ful...
Banking also includes a great variety of additional products and services that meet customers’ financial needs. A few of these products and services are cash management, retirement plans, and safe deposit boxes.
Banking includes many services provided primarily to businesses under the umbrella term of cash management. Cash management is a package of banking services that help keep funds working, speed up the payment receipt process, and improve profitability. A company can use cash management services in these ways as well as others: Balances in transactio...
Another bank deposit vehicle is in the area of retirement plans. Most re-tirement plans are set up to enable individuals and businesses to save taxes on funds put aside for retirement. Different retirement plans are available, but most allow individuals to defer or reduce taxes on the amounts they save and earn through the plans. An example of a re...
Another banking service that may be available to customers is a safe de-posit box. Customers rent metal boxes (various sizes are available) that are stored in a vault in the bank. In these boxes, customers typically store valuable papers and small objects, such as family heirlooms. The boxes have two locks so that unauthorized access is prevented; ...
Step 3. Todd’s bank Step 2. Todd’s makes a provisional Grocery deposits credit to Todd’s Grocery the check at account and sends the the business’s bank. check to Sarah’s bank for collection. Step 1. Sarah pays for a purchase at Todd’s Grocery by giving the cashier a check. Step 4. Sarah’s bank debits her account and credits Todd’s bank. Note: If Sa...
A popular type of remote terminal is an automated teller machine. ATMs allow customers to conduct a variety of transactions on their accounts, such as withdrawals, deposits, loan and credit card payments, and balance and account history inquiries. ATMs owned by banking institutions usually allow for a wide range of services. ATMs that are owned by ...
Another type of remote terminal is a point-of-sale (POS) terminal. A POS terminal is located at a merchant, and the customer uses the termi-nal to authorize a transfer of funds from his or her deposit account di-rectly to the merchant’s bank account. To authorize the transaction, the customer presents a debit card, which is similar to an ATM card e...
Financial transactions using a personal computer and the Internet are another common type of remote terminal transaction. Financial institu-tions establish web sites with varying degrees of transaction capability. Some web sites provide information only, such as interest rates and product features, and include an e-mail address for communication. O...
Most customers can access their accounts using automated telephone banking systems. These systems are also known as audio response systems or interactive voice response (IVR) systems. Customers call the bank and gain access to their accounts through the use of a PIN password or other identifying information. After the phone system presents a record...
Other types of electronic transactions have been available for decades. While they use electronic communication methods to transfer funds, these systems are not under the direct control of the customer. They are handled completely by the banking system after the customer makes the request. The best-known types of these electronic communication meth...
Receiver (Employee) Authorization Originator (for direct deposit) (Employer) Employer still provides pay stub to Employee RDFI (Receiving ACH Operator sends along processed Depository Financial Institution) In this case, the RDFI is the employee’s bank, which credits the employee’s account with the paycheck amount transaction files to appropriate R...
The banking industry in the United States traces its roots back to the days of barter—trading without the use of money. While banks existed before money (originally coins) was invented, they became even more impor-tant as the notion of financial intermediaries evolved and money was ac-cepted as a superior alternative to barter. Over time, banks evo...
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Aug 31, 2021 · Openlibrary_work OL2619070W Page_number_confidence 100 Page_number_module_version 1.0.5 Pages 550 Pdf_module_version 0.0.15 Ppi 360 Rcs_key 24143 Republisher_date 20210831211946 Republisher_operator associate-mariorenier-teano@archive.org
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Chapter 1: Money, Banking, and Your World. Chapter 2: The Financial System. Chapter 3: Money. Chapter 4: Interest Rates. Chapter 5: The Economics of Interest-Rate Fluctuations. Chapter 6: The Economics of Interest-Rate Spreads and Yield Curves. Chapter 7: Rational Expectations, Efficient Markets, and the Valuation of Corporate Equities.
