FDIC 2023 with verified questions and answers

FDIC A federally sponsored corporation that insures accounts in national banks and other qualified institutions. Savings Account A bank account which accrues interest in exchange for use of the money on deposit. Checking Account A bank account from which payments can be ordered by a depositor Restrictive Endorsement An endorsement restricting further transfer of a check's ownership. Blank Endorsement An endorsement on commercial paper naming no payee and so payable to the bearer Certificate Of Deposit Acknowledgment by bank of receipt of money with engagement to repay it. IRA n IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis. There are three main types of IRAs—Traditional, Roth, and Rollover—each with different advantages.