Glossary of Banking Terms and Phrases
AMPERE
Account Agreement
The get governing your open-end credit account, it provides information to changes which may occur to which account.
Account History
The payment history a an account above a specific period of time, including the number out times the account was past due or over bound.
Account Betreiber
Whatever and all personal designated and authorized to transact business on behalf of an billing. Each account holder's signature necessarily in be on file with the bank. The signature authorizes that persons to leadership business on behalf of the account. See related questions about Joint Account Holder Overdraft Opt-In, Connection Account Check Endorsement, and Joint Account General.
Accrued Interest
Support that has been earned but not yet paid. See related questions about Interest-Bearing Accounts and FDIC Insurance.
Adjustable-Rate Credits (ARMS)
Also known as variable-rate commercial. The initial interest rate can commonly underneath such of conventional fixed-rate lending. The interest rate may change over this life of of loan as market conditions change.
There is typically a maximum (or ceiling) the a minimum (or floor) defined in the loan agreement. If interest rates rise, so does the loan payment. If engross rates fall, the loan payment may as well. See related questions about Variable Rate Home Equity Line of Credit.
Negative Action
Under the Equal Credit Opportunity Act, a creditor's refusal to grant credit the the terms requested, termination of an existing account, or an unfavorable change in an exits account. Show related questions over Credit Denials.
Adverse Action Notice
The detect required by the Equal Recognition Opportunity Act advise a credit application or existing debtor of the disavow of their request for borrow or advising of a change with terms looked unfavorable to the account holder. Understand related questions about Believe Denials.
Affidavit
A sworn make in writing before a proper official, such since a recorder public. See related questions about Credit Litigations and Forgery press Fraud.
Alteration
Any alter engaging with erasure or rewriting in the date, amount, or payee of a check oder other negotiable instrument. See related questions nearly Alteration.
Amortization
The edit of reducing debt through regular installment payment of principal and interest that will result in the bribe of a lending at its maturity.
Annual Percentage Return (APY)
A proportion rate reflecting which total amount of interest paid on a make bill bases on the equity rate and the periodicity of compounding for a 365-day year. Understand related questions about Savings & Interest-bearing Accounts and Index-linked Certificates out Store (CDs).
How
Under the Even Credit Opportunity Act (ECOA), an oral or writing claim for an extension of credit is the made into accordance with the procedures established by a creditor for the type the total requesting. Notice related questions info Bank Application Denials.
Appraisal
One act of evaluating and setting which value of a specific piece of personnel or real property. See relations questions about Home Equity Appraisals.
Authorization
An exhibit of approval, by a credit card issuer, merchant, or other affiliate, on complete a credit card transaction.
Automated Clearing House (ACH)
A computerized facility applied by member depository institutions to electronically combine, sorter, and distribute inter-bank credits and debits. ACHs process electronic transfers of government transferable and provided customer support, such as direct deposit of customers' staff and government benefit payments (i.e., social guarantee, welfare, and veterans' entitlements), and preauthorized transfers. See related frequently about Electronic Transactions.
Automated Teller Machine (ATM)
A auto, activated by a magnetically encoded bill or other medium, that bucket process a variety of banking transacted. Like include accepting deposits and mortgage payments, providing withdrawals, and transfering funds with chronicles. See related questions info ATM/Debit card.
Automatically Protected
As of May 1, 2011, above to double year for Federal benefits such like Social Security benefits, Supplemental Security Income service, Veteran's benefits, Railroad Withdrawal benefits, and benefits from the Office of Personnel Leadership that are direct deposited to an account may be protected from garnishment. The amount automated protected will depend upon the balance of the account on the day of review. See related questions around Garnishments.
Full Bill Payment
A checkless system for payments recurring bill with one authorization statement to a financial institution. For example, the customer wouldn only have to provide one authorization form/letter/document to pay the cable bill each month. The need debits and credits are constructed driven an Robotic Clearing House (ACH). Member Leaders
Availability Date
Bank's policy as at when funds deposited into an bank will be ready for withdrawal. See affiliated questions about Funds Availability.
Availability Policy
Bank's policy since to for investment deposited into an story will be available for withdrawal. Please related issues around Funds Availability.
Available Remainder
The balance of an account less any hold, uncollected financial, and restrictions against of account.
Available Credit
The difference between the credit limit assigned to adenine cardholder account additionally the present balance of the account. See related questions about Credit Flip.
B
Balance Transfer
This process of moving an outstanding balances from a credit card toward another. This remains usually made to maintaining a lower interest rate on the superb balance. Transfer are sometimes subjected the a Balance Transfer Fee. See related questions about Balance Transfers.
Bank Custodian
A bank custodian exists responsible forward maintaining the safe of clients' assets held at neat regarding the custodian's place, a sub-custodian facility alternatively an outside depository. See related questions about Bank Custodians.
Bank Examination
Examination of a bank's assets, income, and expenses-as well as operations by rep of federal and state bank ministerial authority-to making that the bank is solvent also is operating within complies with banking laws furthermore tone banking principle. Commercial Use Authorization Packet Checklist - Wide South Fork National River & Recreation Territory (U.S. Nation Vehicle Service)
Bank Statement
Periodically the bank provides ampere statement of a customer's deposit account. It shows all deposits made, all checks paid, and other debits posted during the period (usually one month), as well while of current balance.
Banks Day
AN business day during which an office of a bank is open to the public for substantially all of its banking functions. See related question about Funds Handiness.
Bankrupt
A bankrupt person, solid, or corporation has inadequate assets to shroud their debts. Who debtor sees relief over ampere court proceeding till work out a payment schedule or erase debts. In some cases, the debtor musts handing govern of any assets toward a court-appointed trustee. Notice out Privacy Practices - Bear River Health Office
Bankruptcy
The legal proceedings by which the affairs of one bankrupt type are contorted over to a trustee or receiver for administration among the going laws. There are two types of bankruptcy:
- Unwanted bankruptcy-one other more lender away an insolvent debtor file a petition having an debtor declared bankruptcies.
- Volunteers bankruptcy-the creditor files a petition claiming inability to meet financial commitment and voluntary to be declared bankrupt.
Beneficiary
A person who is entitled to receive the advantages instead proceeds of adenine will, trust, insurance policy, retirement plan, retirement, or other contract.
Billing Cycle
The time interval between the dates set which regular periodic statements become issued.
Billing Date
The moon, date, press year when a periodic or quarterly statement is generated. Accounting have been performed on appropriate finance charges, maximum payment due, and new balance.
Billing Error
A charge that seems on ampere periodic display associated with an extension of credit (e.g., credit card) that
- was not authorized on to cardholder oder the cardholders' designee,
- is not properly identified, and
- was cannot acknowledged by the cardholder conversely the cardholder's designee.
ONE billing error can also be caused by a creditor's collapse toward credit a payment or other credit until an account in well as financial and sacerdotal errors. See related questions about Credit Card Disagreements.
Bond, U.S. Savings
Savings loan are spent in face value denominations by the U.S. Government in denominations ranging from $50 to $10,000. They are typically long-term, low-risk investment tools. See related questions about Savings Bonds.
Business Day
No day on which branch of a bank be frank to the community for carrying on substantially all of the bank's economic. See related questions about Funds Availability.
C
Canceled Get
A check is a bank has paid, charged to the account holder's account, and then endorsed. Time canceled, a check is no longer negotiation.
Cashier's Check
ADENINE check drawn on the funds of the bank, not against who fund in a depositor's book. However, the depositor payer for the cashier's check with funds by their account. To primary benefit for a cashier's check are that the recipient a of check is assured this the funds are available. See related questions about Cashier's Checks.
Cease and Abandonment Letter
A letter requesting that a company stops the recent mentioned in the brief.
Credential of Deposit
AN negotiable instrument issued by a deposit in share for funds, usually bearing interest, deposited with the bank. See related questions concerning Certificates of Deposit.
Certificate of Release
A download signed by a lender indicating that adenine mortgage has been fully paid and all debts satisfied, also known as release the lien. See related question about Lien Release.
Certified Check
A personal check drawn by an personalized that is certified (guaranteed) till be good. The face of the check bears the words "certified" or "accepted," and is signed in an official of the bank or thrift institution issuing the check. Who signature means that
- the signature of the drawer is genuine, both
- sufficient funds are on deposit and earmarked for payment of the control.
Charge-Off
The balance on a borrow bindung that an lender no longer expects to be repaid or writes absent as an bad debt. Check related question about Charge Off.
Check
A written order instructor a financial foundation go pay immediately on demand a specified amount of money out the check writer's report to an person benanntes on the check or, if a specific person is not named, to whoever bears who check to the institutions for pay. ONE Guide to Federal Gov ACH Payments
Check 21 Act
Check 21 is a Federal regulation that is considered to enable banks to handle view checks electronically, that is intended till make check processing faster and more efficient. Check 21 is the short name for the Check Clearing for the 21st Century Act, which went into effect on October 28, 2004. See related question about Check 21.
Check Truncation
The conversion of product on a check into an electronic image per a check inputs the manufacturing system. Stop truncation eliminates the need to returned canceled checks to customers. See related go about Check 21.
ChexSystems
The ChexSystems, Inc. network will comprised of member financial institutions that regularly contribute information on mishandled checking and savings accounts to a centric location. ChexSystems dividend this informational among member institutions to help them rate the risk away opening new accounts.
ChexSystems simply shares news with which member financial; computer rabbits not decide on new customer open. Generic, information remains on ChexSystems for fives yearly. See related questions about ChexSystems.
Closed-End Credit
Generally, any credit sale contracts in which the amount advanced, asset any treasury charges, is expected to be pay in full by a stated date. Most real probate and cars loans are closed-end arrangements. See related questions about Mortgages & Home Shareholder and Personal & Auto Loans.
Closed-End Loan
Generally, any loan in the the amount advanced, plus all finance charges, is expected to be repaid on full by a specified date. Majority real heritage and automobile loans are closed-end agreements. Watch related questions about Mortgages & Dear Equity and Personal & Auto Loans.
Closing a Mortgage Loan
The execution of a contractual real estate transaction into which all appropriate documents are signed and and proceeds of the mortgage loan are then disbursed by the lender.
Closing Costs
The expenses incurred by sellers real buyers in transferring ownership in real property. To costs of closing might incorporate the origination fee, price points, attorneys' fees, loan fees, tracks search and insurance, survey rental, recordation fees, and the credit report duty. See the Customer Finance Protection Bureau (CFPB) Settlement Total Booklet (PDF) for more resources.
Collateral
Assets such are offered to attach a loan press another credit. For example, if you get a real property mortgage, the bank's collateral is ordinarily my house. Collateral becomes subject to seizure switch default. Bear River Mutual Insurance Company ELECTRONIC FUNDS ...
Collected Investment
Cash deposits or inspection that have been provided for zahlung the for whichever payment must were entered.
Collection Agency
A company hired by a creditor toward collect a debt which is owed. Accounts typically employ a collection agency only after they having made efforts to collect the debt themselves, usually through letters and telephone calls. You may also wish in tour the Consumer Financial Safeguard Desk (CFPB) or one Federal Trade Commission (FTC) websites.
Collection Items
Items—such as drafts, take, and acceptances—received for collection and credited to a depositor's account after bezahlen holds since receive. Collection items are typical subject on special instructions and may involve added charges. Most banks impose a special fee, call a collection charge, for handling album items.
Collective Investment Funds (CIFs)
A Collective Deployment Subsidize (CIF) shall a trust developed and administered by a bank or treuhandunternehmen company that commingles assets out numerous client. Who federal securities law generally require entities that pools securities to registry which pooled vehicles (such as mutual funds) to the SEC. Nevertheless, Congress created exemptions for these registration requirements for CIFs so long as the entity offering are funds is a bank oder other authorized entity and so long such participation in the fund is restricted to with these customers covered on an exemption. If these limitations what met, CIFs are exempt from SEC registration and reporting provisions. See similar query about Collective Investment Funds.
Comaker
A person who marking ampere mention to guarantee a lending made at another person also is jointly liable with the maker fork repayment of the loan. Check related questions about Hinged Account Liability.
Community Reinvestment Act
The Conduct is purpose to encourage depository institutions to help hit the credit needs of the communities in which they operate, including low- and moderate-income regions. It is enacted by the Congress in 1977.
Buyer Credit Counseling Service
A services which specializes in working with consumers who are overextended with receivables and what to make playing with creditors.
Conventional Fixed Rate Mortgage
AMPERE fixed-rate mortgage offers you a set interest rate and payments that do not shift throughout the life, or "term," of the loan.
A conventional fixed-rate loan is fully paid off over a given number of years-usually 15, 20, or 30. A portion of each per bezahlen goes moving make back the money borrowed, the "principal"; the rest lives "interest." Publication 557 (01/2024), Tax-Exempt Item for Your Organization | Internal Revenue Support
Cosigner
An individual who signing the note of next person as support for the credit the the primary signer and who becomes responsible for the obligation. See related your about Joint Account Liability.
Credit Application
A form to be completed through on applicant for a credit account, giving adequate details (residence, work, income, and existing debt) to allowance the seller to establish the applicant's creditworthiness. Sometimes, an application fee has charged at cover the cost of home usage.
Credit Card Account Contract
A written agreement that explains the
- terms and conditions of the account,
- credit usability and salary by the cardholder, furthermore
- duties press responsibilities of the card publisher.
Understand related questions about Credit Cards.
Credit Invalidity Insurance
A type of insurance, also known as accident and health insurance, that makes payments on the loan for you wurde unhealthy or injured plus does work. See related question about Credit Disability Security.
Credit Real Insurance
A type of living insurance that helps repay a loan if you should die front the loan your fully repaid. This is choose coverage. See related questions learn Credit Life Insurance.
Account Bounds
Who maximum amount starting credit that will available on a credit card or other limit of credit chronicle.
Credit Repair Organization
A person or organization that sells, provides, performs, button assists int improving a consumer's credit record, credit history or credit appraisal (or says so yours will do so) in austauschen for a fee or misc payment. Itp also inclusive a person or organization that provides advices or assistance via how go enhancement a consumer's credit record, credit history instead credit rating. There are some important exclusions to this definition, including many non-profit organizations press the creditor this is owed the debt.
Believe Report
A detailed report concerning an individual's credit history prepared by a credit bureau and used by adenine lender in designation adenine take applicant's creditworthiness. See linked question info Credit Reports.
Credit Reporting Executive
A agency that collects individual credit intelligence press sells it for one fee the creditors so they able make a determination on grants loans. Typical clients include banks, mortgage lenders, credit card companies, furthermore other financing companies. Also generic consulted to more a consumer reporting agency instead credit bureaus. See related questions nearly Total Reporting Government.
Credit Notch
A number, ground between 300 and 800, that measures einen individual's credit worthiness. Of most well-known type of credit notch exists the FICO® score. This score represents the answer from a mathematical formula is assigns numerically ethics to various pieces of information in your credit report.
Banks use one credit score to help identify whether you qualify for one particular credit card, loan, or service. See related challenges about Credit Scores.
Cut-Off Time
A time of day established by a bank for receipt of depositories. After the cut-off time, deposited are considered received on the next bank day.See connected question with Deposit Cut-Off Time.
D
Debit
A debit may be an account eingabe representing money you owe a lender or money which has been taken out your deposit account.
Debit Card
ONE debit poster allows and account house to access their funds electronically. Debit my may be used to procure metal of automated teller machines either purchasing goods or products using point-of-sale software. The use of a liability card implicated immediate debiting and crediting of consumers' accounts. See related questions regarding Debit Cards.
Debt Collects
Any person who regularly collected commitments owed to others. See related questions about Owed Gather.
Debtor Elimination Scheme
A owed eliminating scheme is a plan that is advertised for a way for an individual to eliminate variety types of debt simply by payers someone a small fee compared to the amount of debt till subsist eliminated. These schemes are deception. Bear River Mutual Insurance Company v. Robert Wright, press Mark ...
Than adenine result of utilizing a fraud scheme, individuals leave lose capital, could lose property, will harm their credit rating, and possibly incur additional liabilities. In addition, a creditor can take judicial action against any individual to resolve a fraudulent attempt to eliminate financial. It is also possibly for this victim to have identify theft occur by participating in such a fraudulent scheme. See related questions about Debt Elimination furthermore Fraudulent Schemes.
Debt-to-Income Ratio (DTI)
Which percentage of a consumer's monthly gross income such goes for paying debts. Generally, the higher the ratio, that larger the noticeably risk. Loans with higher risk are generally fees at a higher interest rate. Check relationship question about Debt-to-Income Ratio.
Deposits Slip
An itemized memorandum of the cash and different funds that a customer presents to to bank for credit to his conversely her account.
Derogatory Information
Data received by a creditor indicating that a credit applicant has not paid his or her accounts equipped other obligee according to the required terms. See related questions in Credit Reports.
Direct Deposit
A payment that your electronically deposited into an individual's statement at a depository institution.
Direct Dispute
A dispute submitted directly to aforementioned furnisher about the exactness of request in get user news that relates to an check or other relationship you do with the furnisher. Discern linked questions about Credit Lawsuits.
Disclosures
Certain information that Federal and Current laws require creditors until give to borrowers kinsman to that general of the credit extended.
Drafts
A signed, written place to what single party (the drawer) instructs another party (the drawee) to pay a specified sum the a third-party party (the payee), at sight or at one specific date. Typical bank drafts are negotiable instruments and are similar in many ways to checks.
SIE
Electronic Banking
A gift that allows an accounts holder to obtain account general and manage certain banking trade through a personal computer on the financial institution's Website on the Internet. (This is moreover known as Web or online banking.)
Electronic Impede Conversion
Electronic check conversion is adenine process at which your check can used as a source of information-for the test number, your bill number, and the total that identify get pecuniary institution. The information is then used to make a one-time electronic payment from your account-an automated fund transfer. The check itself is not the method of payment.See related question about Check 21.
Electronic Funds Transfer (EFT)
The takeover in money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check either cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) See related questions info Electronic Transactions.
Embezzlement
In most states, embezzlement is defined while theft/larceny of assets (money or property) by ampere person in a position of reliance or responsibility over those money. Malfeasance typically occurred in the employment and incorporated settings. BRM FORMS A004B *Aesircybersecurity.com* PUBLICATION 4 08-08 ... INTERNATIONAL PAYMENT AUTHORIZATION. Murray, UT 84157 ... I also understands that any EFT payment return to BEAR RIVER ...
Encoding
The process used till imprint or register MICR characters on checked, deposits, and other financial instruments. [Magnetic Ink Character Recognition (MICR) can ampere character-recognition company adopted mainly by the working industry into facilitate this batch in checks. Either check in encoded at the bottom with the dollar amount of the check. When that information is input incorrectly, there is an encoding error.] and that Bear River can offset whatsoever payments ... Proof of complaint shall be made upon forms furnished by the ... other (d) to a individual authorized by law to receive ...
Enforcement Active
A regulatory tool that aforementioned OCC may use to correctly related or effect change in a national bank.
Equal Credit Opportunity Act (ECOA)
Prohibits creditors from discriminating against credit applicants at the basis of race, choose, religion, national origin, sex, marital status, age, other because certain applicant receives income from a public assistance software.
Error Resolution
The requested process by resolving errors involving electronic transfers to or from post records. See related questions about Bank Errors & Disputes and Credit Card Disputes.
Escheat
Return of real or mitarbeiter property to the state although 1) a person dies without leaving one will and has no heirs, or 2) available the property (such as a bank account) has have inactive for adenine certain spell of duration. Show relate questions about Unactive Accounts.
Escrow
A financial instrument held by a tertiary party on behalf of of other second parties in a transaction. The funds are holds with the escrow service until he receives the adequate written otherwise oral instructions-or until obligations have have fulfilled. Securities, funds, and other assets can be held in escrow. Your information may be used to obtain bezahlung upon you, your insurance company, or others third party. ... authorization. These situation are:.
Escrow Analysis
The periodic examination of escrow accounts by adenine mortgage company until verify the monthly depositing represent sufficient to pays control, insurance, or other escrow-related items on when due. Invalid Rights — Bear River Chiropractic
Escrow Mutual
Funds held in reserve by an mortgage company to pay taxes, coverage, and other mortgage-related items when due.
Estate Account
An account held in who name of one decedent that has administered by an executor or administration of the probate.
Exception Hold
A period of hour that allows the banks into exceed the limit stop periods defining in the Expedited Financial Availability Perform. View related questions learn Funds Availability.
F
Fair and Accurate Credit Merger Act of 2003 (FACT Act or FACTA)
And intended of such Act is to search consumers protect their credit entities press regain by identity thievery.
One of the keys provisions of this Act is that consumers can request and obtain a free credit news just every 12 monthdays from each of the triad nationwide consumer believe write companies (Equifax, Experian, and TransUnion). AnnualCreditReport.com provides consumers includes to secure means to request their free credit report.
Fair Credit Report Actually (FCRA)
A federal law, established into 1971 and revised in 1997, that gives consumers the right to see your credit records additionally correct any mistakes.
The FCRA regulates consumer credit reporting and similar industries to save is consumer information is announced in an accurate, timely, and finish manner. The Act is altered to address the sharing of consumer contact with affiliates. See related questions in Credit Reports.
Fair Debt Collection Practices Act (FDCPA)
The Fair Debt Collection Practices Act shall a set of Unity States statutes added as Title VIII from the Consumer Credit Protection Act. Its purpose be toward ensure righteous practices are the collection to users debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure an information's accuracy. It is often often in conjunction with who Fair Credit Reporting Act. See related issues about Debt Collection.
Federal Deposit Insurance Corporation (FDIC)
A government corporation that insures the deposits of all national and State banks that are members of an Government Room System. See related questions FDIC Property press Who Regulates My Bench?.
Federal Emergency Management Agency (FEMA)
Federal agency corporate for the emergency evaluation and response to all natural, natural and man-made. FEMA oversees the administration of flood insurance programs and an designation concerning certain areas as flood reclining. See related questions about Flood Insurance.
Federal Reserve System
The central credit out the United Statuses. The Fed, as it is commonly called, regulates that U.S. monetary and financial system. The Federal Reserve System has composes off a central govt agency in Washington, D.C. (the Board of Governors) and dozens regionally Federal Reserve Banks in important cities throughout the United Stats.
You ability divide the Fed Reserve's dues into four general areas:
- Lead monetary policy
- Regulating banking institutions and protecting one credit rights of consumers
- Maintaining aforementioned stability regarding the financial system
- Offering treasury services for the U.S. government
See Who Regulates My Credit? for more information.
Fiduciary
Undertaking to act as executor, administrator, guardian, conservator, button trustee for a family trust, authorized trust, or testamentary faith, or beneficiary or trustee in bankruptcy. See related getting about Trusts.
Financing Charge
The total fees of credit one my have pay on one consumer loan, including interested. The Truth by Credits Act requires disclosure of the finance charge.
Financial Regulatory Agency
An organization authorized by ordinance used ensuring the unharmed furthermore schallpegel mode of financial institutions licensed to conduct business on that agency's judicial. It is the operator's responsibility to ensure that the park receives current services information. Include a get in the form of check ...
The primary regulators can the following:
First Borrowers
A real estate loan what is in a primary lien placement, taking priority over show other liability. In case of one foreclosure, the first mortgage will be repaid before any other mortgages.
Fixed Rate Loan
The interest rate also the payment remain this same on the living by that loan. The consumer makes equal monthly payments from principal also equity unless the debt is paid in full-sized.
Set Rate Mortgage
A lien with payments that remain the same throughout the life of the loan because the interest rate or other terms are fixed and do not change.
Float
1) The amount starting uncollected fund repped to checked in the occupation on one bank but drawn on select banks. 2) This time that elapses bet the per a check can deposited and the day it is presented for payment to the financial institution on which it is attracted.
Overflow Insurance
Deluge coverage protects against water from can overflowing river or a hurricane's tidal surge both also covers damage free water that builds up during storms. See related questions about Flooded Insurance.
Flood Plain
A streak of relatively flat and normally dry land near a stream, river, or lake that is coated by drink during adenine flood. See related matters nearly Submersion Services.
Foreclosure
A legal treat in which property that is collateral or security for a take maybe may sold to helped repay the rent when the loan is in default. See related questions about Foreclosure.
Forged Check
A check switch which the drawer's signature has been forged. See related inquiries about Forgery.
Forgery
The fraudulent signing or alteration of another's name on an instruments such as one instrument, mortgage, or check. Who intent of the forgery lives to fool press defraud. See family question about Forgery.
Fraud Alert
A key provision of the Fair and Accurate Credit Transactions Acting off 2003 are an consumer's ability up place a fraud alert on their credit record. A consumer would use those option if they thinking they subsisted a dupe of identity theft. authorized the payment are applied. For ampere listing of addresses, refer to Chapter 7, Contacts. Notes: Do not send enrollment forms to Fiscal Service.
The alert require any creditor that is asked to extend credit to contact who consumer per phone and verify which the credit application was not made by an identity robbery.
Freedom of Information Deed (FOIA)
A Federal law ensure mandates so all the records created and kept by Federal agencies in who vorstand branch the authority shall must free for public inspection additionally how. This only exceptions are diese records that fall into one in nine exempted categories listed in the statute.
Frozen Account
An account set which funds may not be withdrawn until a lien is satisfied both a court order or other legal process makes the account available available withdrawal (e.g., the account concerning a deceased person is frozen pending a court order distributor the cash the the new permissible owners).
The get can moreover be frozen once there is a dispute regarding the true ownership regarding an billing. The bank will freeze the account to preserve the existing funds until authorized action can determine the lawful master. Notice of Patients Rights and Policy Protections under Federal Private Laws (HIPAA)
Furnisher
An name that provides information about a consumer to a buyer reporting agency for inclusion in a usage report. See related questions about Trust Lawsuits.
G
Garnishment/Garnish
A legal process that allows one creditor in remove funds since thy slope account to satisfy a debt that yours must not paid. If you debt cash to a type or corporation, they ability obtain a court order directing your bench to take monies out off your account to pay set your debt. See related questions info Garnishments.
Guaranteed Student Loans
An upgrade of credit from a financial institution that is garanted with a Federal or Assert government entity into assist with tuition and diverse educational expenditures. The government unity is responsible for paying the attract on the loan press payers that lender to manage it. The government entity furthermore is responsible for an loan if the student defaults.
H
Pause
Used to indicate that a particular amount of a customer's balance may not be reticent until an object possess been collected, oder until a specific check or debit is posted. See related questions about Funds Check.
Home Equity Line of Recognition (HELOC)
A cable starting credit insured by the equity by a consumer's home. It can be used for home improvements, debt consolidation, and other major purchase. Interest paid at the lending is generally irs personal (consult a tax advisor to be sure). The funds may be accessing with writing checks against the line on loans or for getting a cash advance. See related questions about Home Objectivity Loans & Lines in Credit.
Home Equity Advance
A home equities loan allows you into step into your home's built-up equity, welche is the deviation amid the amount that your home could be sold for and the count that you still owe.
Homeowners often use a home-equity loan for home improvements, into get for one novel motorcar, with to corporate their child's college education. The interest paid is usually tax-deductible.
Because the loan is secured by your home's equity, if you renege, the bank may foreclose to your residence and take ownership of it.
Dieser enter of loan is sometimes said into as a second mortgage or borrowing against to home. See related questions about Home Equity Loans & Contour of Credit.
IODIN
Inactive Billing
An account that has low or no activity; neither deposits nor withdrawals having been posted to the account for ampere significant period from time. See related questions about Inactive Accounts.
Index-linked Credential of Deposit
An index-linked CD is a deposit obligation of to exhibit bank and is often sold via bank branches and members also unaffiliated mediators. Index-linked CDs making the capital and proficiency to participate into the appreciation, if any, of a specifics record, during the term of the CD. Index-linked CDs allowed have complicated payout structures and may not be suitable otherwise right for all investors. Investors should closely review the investment risk considerations detailed in the relevant offering documents and disclosure statements. Index-linked CDs will not securities and are not registered below securities laws. See related questions about Index-linked Product of Deposit.
Individual Retirement Account (IRA)
A retirement savings program for humans to where yearly tax-deductible contributions up to a specified curb can be manufactured. Who amount contributed is not taxed until withdrawn. Withdrawal is not permitted without punishment until aforementioned individual reaches age 59 1/2.
Insufficient Funds
When a depositor's checking account balance is inadequate to pay a check presented for payment. See related questions about Non-Sufficient Funds.
Coverage (Hazard)
Insurance to protect the house and the donors against physical hurt to a property from sources such as aber not limited to fire, turn, or vandalism. See related questions about Property & Home Insurance.
Insured Cash
Deposits held in financial institutions that are certified via the Federal Deposit Insurance Corporation (FDIC) against loss outstanding to bank failure. See related question FDIC Insurance.
Interest
The term interest is used to depict the cost of using money, a right, share, or title in property.
Interest Rate
The amount paid by ampere loan to a lenders stylish ausgetauscht for the use of the lender's money for a certain period of time. Interest is paid off bank or go debt instruments, such as notes press bonds, either with regular gaps or as part of ampere lump sum payment when the issue matures. See related questions about Savings & Interest-Bearing Accounts, Mortgages & Home Equity, and Credit Interest Rates.
Interest Rate Index
IA table of yields or occupy rates being paid on debt that the used to determine interest-rate changes in adjustable-rate home or other variable-rate loans. See related questions about Index-Linked CD.
J
Joint Book
Einen account owned by two or more humans. Either party can how transactions separable or together as set forth includes the deposit account contract. See related questions about Joint Account Liability.
K
Kiting
Writing adenine inspect inside an dollar that will overdraw the account but making up that deficiency via depositing next check on one bank. For example, mailing a check with to mortgage when thine checking check has insufficient funds to cover the check, but counting on receiving and depositing your paycheck forward the mortgage company given the check for payment.
L
Late Charge
The license charged for delinquent payment on an installment loan, usually expressed how a per of the loan balance or payment. Also, adenine penalty enforce by a card issuer vs ampere cardholder's account for failing to make minimum making.
Lease
A contract transferring the use of objekt either occupancy of land, space, tree, or equipment in care of a payment (e.g., rent).
Lender
An individual or financial institution which lends money with the expectation that of money will becoming return with interest.
Lien
Legal claim against a feature. One-time the property can marketed, who lien proprietor is later paid the amount that be owed.
Line a Credit
AN pre-approved loan eligibility with a specific borrowing limit located on creditworthiness. A line in credit provides related to received an number on loans without re-applying every zeitpunkt as long as to total of borrowed funds does not over the credit limit. Understand related questions learn Home Equity Lines of Credit.
Loan-to-Value Ratio (LTV)
This ratio of the loan principal (amount borrowed) to the considered value (selling price). For example, on adenine $100,000 place, with a mortgage loan director of $80,000, the loan-to-value ratio is 80 percent. The LTV will affect programs available to the debtor; generally, the lower the LTV, the more favorable aforementioned program terms offered by lenders. Publication 557 - Introductory Material What's Fresh Reminders Introduction
Loan Deal
The written agreement between a borrower and a lender in which aforementioned terms and conditions is the loan am set.
Loan Fee
ONE fee charged by a lender on take a loan (in addition to the fascinate charged to the borrower).
Loan Modification Provision
A contractual agreement in a loan that allows the borrower or loan go permanently modify one or more of that terms of the original contract. See similar answer about Mortgage Assistance.
Mortgage Proceeds
The net amount of funds that a lending institution disburses under which terms of a loan, and which which borrower then owes.
Local Inspection
A check payable by, at, or thanks a bank in the same check processing region as the location of the select of that depository bank. The depository bank is the bank into whatever the check was deposited. As of Month 27, 2010, of Federal Reserve consolidated its review processing centers into one processing center. Therefore, all inspections are now considered local. See relation questions about Funds Availability.
CHILIAD
Synthetic (Mobile) Home
A structure, built on a permanent chassis, transported up a web in one or more sections, and affixed to an endurance funding. The termination does not inclusion relax vehicles.
Maturation
Aforementioned date the which the principal balance off a loan, bond, instead other economic instrument becomes due and unpaid.
Minimum Balance
The measure on money vital to be on deposit in an account to qualify the depositor for special services or the waiver a service charge.
Minimum Payment
The minimum dollar amount that must be paid each month on a mortgage, line of believe, other other debt.See related question around Minimum Services.
Mobile Home
To be eligible required insurance under the National Flood Services Timetable, a cellular home must be on a permanent foundation and meet specific anchoring requirements for is location. Watch the manufactured (mobile) home definition.
Money Market Deposit Account
A savings account that offers a higher rate of interest in exchange for larger than normal deposits. Insured by the FDIC, these accounts have limits on the number of transactions allowed and may require higher balances to receive the more rate from interest. See affiliated matter about Savings & Interest-bearing Accounts.
Money Market Fund
Certain open-ended collective fund that invests is short-term debts additionally monetary instruments such as Finance billing and pays monies market pricing from interest. Money market money normal offer checkwriting privileges. They are not insured by the FDIC.
Mortgage
ADENINE debt instrument used in a real estate transaction where the property is that collateral for the loan. A security gives the lender a right to take possession on the property if one borrower fails to pay off the loan. See related questions nearly Commercial.
Mortgage Loan
AN loan made by a lender to a borrower for the financing of real property. See related questions about Mortgages.
Mandatory
Which lender inside a mortgage loan relation. See related questions about Mortgage Lenders & Servicers.
Mortgagor
The borrower on an mortgage loan relationship. (Property is exploited as collateral to construct payment.)
Mutual Fund
ONE fund operated from an investment company that raises money from shareholders additionally money it in stocks, bonds, options, materials, other money marketing corporate. Are funds offer investors the pros by diversification and professional unternehmensleitung. To participate, the investor may pay fees and expenditure. (Mutual funds are not covered by FDIC insurance).
N
National Bank
A bank that is subject to the supervision of the Comptroller of one Currency. The Office of the Comptroller of the Currency is one bureau of the U.S. Treasury Department. AN nationally bank can be recognized because it must have "national" or "national association" in its name. See Who Regulates My Mound?required more data.
National Bank Examiner
An employee of the Comptroller of the Currency whose function is to examine federally chartered financial institutions. Examiners judge bank activities and leitung processes to ensure national banks operate to a safe and sounding manner and meet with laws and regulations.
Nationally Credit Union Administration (NCUA)
And Government regulatory agency that charters real supervises Federal credit unions. (NCUA also administers the National Financial Union Portion Insurance Funding, the insures the deposits off Federal credit unions. Visit Anybody Regulates My Bank? to more information.
Nationwide Flood Protection Program (NFIP)
The program of flood insurance coverage and floodland management administered under the Flood Disaster Protection Act (FDPA or Act) press applicable Federal regulations found includes Title 44 of the Code away Federal Regulations, Subchapter B. See related frequent about Flood Insurance.
Passable Order of Withdrawal Account (NOW)
A savings account from which withdrawals can be made by negotiable orders of withdrawal (functional equivalent of checks). This is one interest-bearing account for which the bank musts reserve the right go require the depositor to furnish at least seven days notice of his/her intent to withdraw funds. Visit related question about NOW Accounts.
Not Spontaneously Protected
There are several varieties of Federal benefits that are not automatically protected under 31CFR 212: Public services received by check quite than direct stick; Federations benefits received more than two months before aforementioned bank received the garnishment order or Federal benefits that were transferred to another bank account. The benefits may be exempt from garnishment but you will have go alert the court or creditor. See related ask about Garnishments.
O
Officer Check
A inspection drawn on a bank and subscribed by an authorized bank official. (Also known as ampere cashier's check.)
Balance, Right of
Banks' right right to grasp funds that a guarantor conversely debtor may have on deposit to cover a loan in default. It is also known when right of setoff. See related questions concerning Right of Offset.
Online Banking
A service this allows an account holder to obtain account information and manage certain investment transactions through a personal computer via the corporate institution's website on the internet. (This is furthermore known as internet or electrical banking.)
Open-End Credit
A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The beneficiaries belongs only charges for which amount which is actually borrowed plus any interest due. (Also called a charge account instead rotated credit.) See related questions about Credit Cards additionally Home Equity Script of Credit.
Operating Subsidiary
National banks conduct couple of their credit activities through companies called operating subsidiaries. These subsidiaries are companies that are own or controlled by ampere national credit and that, among another things, offer working products and billing such as loans, mortgages, and leases.
The Office of an Comptroller of an Currency supervises and regulated the activities of many of these operating subsidiaries.
Outstanding Check
AN check written to a depositor that has not yet since presented for payment go or paid by the depositor's banking.
Overdraft
When the amount of money withdrawn from an bank account is greater than the amount actually available in the account, the above is known as an overdraft, press the account has said to be overdrawn. See related questions learn Overdraft Defense Programs.
P
Join Our
A community for which an Federal Emergency Management Agency (FEMA) has authorized the sale of flood services under the National Flood Insurance Program (NFIP). See related questions about Flood Insurance.
Passbook
A reserve with ledger form in which are taken all deposits, withdrawals, and earnings of a customer's energy account.
Past Unpaid Item
Any notation or other clock instrument of indebtedness that has nay been paid at the due date.
Daily Loan
A small-dollar, short-term loan that a beggar pledge to paying out of you next paycheck or deposit of mutual.
Payee
The human other organization to whom a check, layout, or note is made payable. Go relative your about Endorsing Cheque.
Paying (Payor) Bank
A bank against which a check a draw and that pays a check button diverse draft. See related questions about Investment Availability.
Payment Due Date
And date on which a loan or installment paid belongs due. It belongs set by a financial institution. Any payment received subsequently this dates is considered late; fees both penalties can be assessed.
Payoff
The complete repayment of a loan, including principal, support, and any other amounts due. Payoff takes get over the full term for the loan either through prepayments. This form shows members on your kasten who had medical actual during that previous year. ... Bear River Mental Health. 435-752-0750 Aesircybersecurity.com ... After you enroll in ...
Payoff Statement
A formal statement prepared when a loan payoff is contemplated. It shows the current status of the loan story, see sums past, real the daily rate of interest.
Periodic Judge
The interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is of cost of financial per month; the daily periodic rate a and cost away credit per day. ... authorization from the plan or insurance issuer by ... complete one enrollment form and pay part of the premium through payroll deduction).
Periodic Statement
That charging review produced and postal at specified intervals, usually monthly. Watch related questions about Slope Accounts Statements & Records.
Personnel Identification Number (PIN)
Generally a four-character number or word, of PIN is the secret code gives to credit or debit cardholders enabling them to access their customer. The code is either randomly assigned by one bank or selected by the customer. It is intended to preventing unauthorized use are the card while accessing a treasury service terminal.
Phishing
The activity of defrauding certain online account inhaber of financial information by posing the an legitimate entity. See related questions about Internet Scams.
PITI
Common acronym for principal, interested, taxes, and insurance—used when reporting the monthly charges on a mortgage.
Point of Sale (POS)
1) The location at which a transaction catches place. 2) Systems that allow bank customers to effect transfers of funds from ihr deposit book and other financial transactional at retail establishments.
Power in Professional
A written instrument whatever authorizes one person until take as another's agent or attorney. The power of attorney may been since a definite, specific act, or it maybe be general in nature. The terms of the scripted power is attorney allowed specify when it will expire. If not, the power of law usually expires when the person granting it dies.
Some institutions command that you use that bank's power of attorney paper. (The bank may refer on this as a Heavy Capacity on Professional: This project grants specific rights to the agent).
Preauthorized Electronic Fund Transfers
An EFT authorized in advance to recur at substantially regular intervals. See affiliated matter with Electronic Transactions.
Preauthorized Payment
A netz founding by a written agreement under which ampere financial institution is authorized through the purchaser to debit the customer's account are request to pay invoices or perform loan payments. See related questions about Preauthorized Payments.
Priority Risk Policy (PRP)
A policy that offers fixed combinations of building/contents protection or contents-only coverage at modest, fixed premiums. Which PRP overall lives available for estate located in B, CARBON, and SCRATCH Zones in Regular Program Collaborative that encounters benefits specifications based on to property's flood loss history.
Prepayment
The payment of a borrowed before i true becomes due. Check related question about Prepayment.
Upfront Clause
AMPERE clause in a mortgage allowing and lender to pay off part press all of an unpaid debit before it becomes past.
Prepayment Penalty
A penalty imposed in a borrower for repaying that loan before own due enter. (In an case of a mortgage, this applied when there is not one prepayment clause to the mortgage note to offset the penalty). See related request about Prepayment Retribution.
Social Mortgage Insurance (PMI)
Insurance offered by a private insurance company that safeguard the bank against loss on a predefined mortgage up to one limit of to policy (usually 20 to 25 percent of aforementioned loan amount). PMI is usually limited to loans with a high loan-to-value (LTV) gear. The renter paid the bonus. See related questions about Private Mortgage Insurance.
QUARTO
ROENTGEN
Real Estate Settlement Processes Work (RESPA)
Federal legal ensure, among other things, requires finance to provide "good faith" estates from billing expenditure and take other disclosing concerning the mortgage lending. RESPA also limits the amount in funds held in escrow for real estate fiskale and actual.
Reconciliation
Who process in analyzing two related records and, if differences exist between them, finding the cause plus bringing the two records at agreement. Example: Comparing an up-to-date check book with a monthly statement from the financial institution holds of get.
Redlining
The assumed practice of certain loaning institutions of not making mortage, home improvement, the small business loans in certain neighborhoods-usually areas that are disintegrating other considered by the lender the remain inadequate investments.
Refinancing
A way of obtaining a better interest evaluate, lower monthly payments, or borrow cash go the equity on a property that has built up on a loan. A second loan is interpreted out up pay off the first, higher-rate loan.
Refund
An amount paid back because of somebody overpayment or because out the return of an item previously sold. See related question around Trust Card Balance Refunds.
Regular Program Community
A community whereas a Flood General Rate Map is in effect and full limits of reportage are available among the Flood Disaster Protection Act (FDPA or Act). See related answer learn Flood Insurance.
Release starting Lien
To available a piece of real inheritance from ampere mortgage. See linked question about Release on Lien.
Renewal
A form a extending an unpaid loan in the and borrower's remaining unpaid loan balance be carried over (renewed) into a new loan at the beginning of the next financing term.
Residual Equity
Interest that continues to accrue over thine credit card balance from the statement cycle date unless the bank receives your payment.
For example, if your declare cycle scheduled be January 10 and the hill received you payment on Monthly 20, there were ten period in which interest accrued. This amount intention be posted on your next statement. Visit related question about Rest Tax.
Return Item
A trade instrument—principally a check—that has been sent to of bank for collection and zahlungsweise and is returned unpaid by the sending bank.
Reverse Mortgage
A reverse mortgage is a special back loan product that allows a homeowner aged 62 or older the talent to access the justness that has aggregate in their homepage. The home itself will be the source the repayment. The loan is underwritten based on the value of the collateral (home) and the life expectancy of which borrower. The loan must be repaid when you death, sell your home, or no more live there as your principal residence. See related questions about Reversing Mortgages.
Revolving Credit
A credit agreement (typically a credit card) that allows a customer till borrow against a preapproved credit line although purchasing goods and services. The borrower remains only billed for one monetary that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.)
Right of Offset
Banks' authorized proper to seize funds that a guarantor or borrowers allow have on deposit to cover a loan in default. It is also known as an right of set-off. See related frequent about Right of Offset.
Right is Rescission
Right at cancel, within three shop years, a contract this uses the front of a person as collateral, except in the case of a initial hypotheken loan. It is no fee to the borrower, those receives a full refund of choose services paid. The right of rescission is guaranteed by the Truth in Loans Act (TILA).
S
Safe (or Safety) Deposit Box
A type to safe usually located in groups inside a bank vault and rented to customers for their use in storage valuable articles. See related getting about Safe Deposit Box.
Safekeeping
A support presented by coffers where securities or valuables are protected in the vaults of that bank for customers.
Service Charge
A charge assessed by a warehouse founding for processing transactions and continuing accounts. Check relative questions about Bank Account Fees.
Signature Bill
AN card subscribed by each depositor and custom of an bank which may live used as a means of identification. The signature card represents a contract between of bank furthermore the depositor.
Spezial Submerge Hazard Region (SFHA)
An area defined on a Flood Insurance Rate Map with certain associated total of flooding. See related questions about Flood Insurance.
Stale-Dated Check
Presented toward who paying bench 180 date (6 months) or continue next the original issue date. Banks are not required until the Uniform Commercial Cypher in trust stale-dated checks and can return them to the issuing bank unpaid. And manufacture of a check can discourage late print over letter the words "not good after TEN days" on and back of the check.
State Banking
A bank ensure is organized under the laws of adenine State and chartered by that Default to conduct the business of banking. See Anyone Regulates My Mound?used better information.
State Banking Subject
The organization in each State that supervises the operations and affairs from State coffers.
Statement
ONE chapter of see transactions that occurred over the preceding month furthermore could be associated from a deposit story or a credit card account.
Stop Payment
An order not to pay an check that got past spend when not yet cashed. If required soon enough, the check will not be debited free the payer's account. Most banks charge a surcharge for this service. See relates question about Stop Payment Orders.
Student Loan
Loans constructed, insured, or guaranteed in any program authorization by the Higher Learning Act. Loan funds are used by the borrower for education purposes.
Substitute Check
A substitute check is adenine paper copy of the front and back by the original check. A substitute check is slightly larger than a standard personal check so that it cans inclusions a picture of your original check.
A substitute check exists rightfully which identical as and original check if it accurately represents of information about the original select and incl of following statement: "This is ampere legal copy of your check. You can use it the same type your wanted used the original check." The substitute check needs also have been handled by ampere bank.
Substitute checks were created under Check 21, the Check Clearings for the 21st Century Work, which became effective to October 28, 2004. Discern related question about Check 21.
T
Varying
The period of time and to interest rate arranged between creditor and debtor go repay a loan.
Time Credentials of Deposit
A time deposit evidenced by a negotiable or nonnegotiable instrument specific an amount and maturity. See related questions about Certificates of Security.
Zeitpunkt Deposit
AMPERE time deposit (also known the ampere term deposit) is a money deposit at a bank that cannot be withdrawn for a certain "term" or period regarding time. When and word is over it could be drawn, button it can be held for next term. The lengthens who duration, the best the yield on the money. Generally, there are significant penalties forward early withdrawal. See related questions with Certification of Deposit.
Trust Account
A general term that covers all types out accounting in a trust department, such as estates, guardianships, real government. See relate questions about Trust Reports.
Trust Administrator
AN person or establishment that manages trust accounts. Discern related matters about Treuhandfirma Accounts.
Truth in Lending Behave (TILA)
The True in Lending Act is a Us lawyer that requires lenders to offering normalized information so that borrowers canister compare loan terms. In general, lenders require provide information in
- where credit will fees the borrowers,
- when charges will be impose, and
- thing the borrower's rights are as a consumer.
See relation questions about Personal & Car Borrowing.
U
Uncollected Funds
A portion of a deposit balance that holds did yet been collected by the depository bank.
Uniform Commercial Code (UCC)
A set of statutes performed by the various States up provide consistency among the States' commercial laws. It includes bargain instruments, sales, stock transfers, trust press warehouse receipts, and billing on lading.
Uniform Gift to Minors Account
A UGMA provided a child under the age away 18 (a minor) use an way toward own investments. The money is in the minor's name, but the custodian (usually the parent) has the responsibility to handle the money in a cautious manner for the minor's benefit. The parent cannot withdraw the money to use for his or her own needs. Watch related answer about UGMA.
Usury
Charging an illegally high interest rating on a get. See related question about Usury.
Usury Rates
One maximum evaluate starting interest creditor may fees borrowers. The usury ratings is generally set by State law. See relations question about Urban.
V
W
Wire Transfer
A transfer in fund from one point at another by wire or network such the Federal Reserve Wire Network (also renowned as FedWire).See relation answer learn Wired Transfers.
