banking terms az

banking terms az

banking terms az

11 Lis 2020 No Comment 0 Views

2. Arizona Revised Statutes Three Sections of the Arizona State Revised Statutes provide the basis for regulation of various Financial Institutions and Enterprises. From a banking perspective, annuities are contracts. Escrow: Escrow refers to a third party that temporarily holds on to your money (safely and securely) until a transaction is finalized. Cashier’s check: A form of check that assures that funds are available. (2) The name for a convention used to express the rate of prepayments for an asset-backed security. Prime rate: An interest rate charged by a financial institution for loans made to larger business borrowers. The statement usually includes the balance on an account at the end of the statement period. It protects the money that customers (like you) deposit into FDIC-insured financial institutions for up to $250,000. Appraisal fee: A fee paid for an estimation of value (appraisal) given by an appraiser. Non-bank ATM: An ATM that does not display a bank’s name or logo. Hold: Your bank may place a hold (or freeze) on a certain amount of money in your account until a specific check, deposit, or payment is officially approved. The amount of the check will not be debited from your account, but your bank may charge you a fee for the service. Once the child becomes an adult, they’ll be able to access the money in their trust account. Applications Supported Bank Accounts: ASSOCHAM: Associated Chambers of Commerce and Industry of India. Online banking: Account information and services available online from a person’s banking institution. Maturity: The date when a note or a principal obligation becomes due and payable (its term ends). When RBI provides a loan to the bank for short-term between 1 to 90 days, RBI takes some interest from the bank which is termed as Repo Rate. A terms. Savings account: An account that has the purpose of saving money and accumulating funds. Guarantor: Similar to a cosigner, a guarantor is a person who agrees to be responsible for another person’s debt. Service charge: An institution’s fee for a specific service the institution provides. Bearer: A person who holds or presents for payment a negotiable instrument, such as a check or bank draft. Interest rate: The amount paid by a borrower to a lender over a certain period of time. Disclosure statement: A statement that outlines specific terms and conditions of a loan. Banking Terms & Banking Terminology. Fiduciary: A person who holds property in trust under the terms of a trust agreement. Direct deposit: A method of transferring a payment, such as a salary, electronically from a payer’s bank account into the payee’s bank account. You won’t be able to immediately withdraw $1000, but perhaps only $300. Reverse Repo Rate. It may also be called a late fee, past due fee, or overdue fee. ... Over 7,000 local Arizona businesses bank with OneAZ Credit Union. Thrift institution: Financial institutions, such as mutual savings banks, savings and loan associations and credit unions. Credit card authorization: Verification by a credit card issuer that approves a credit card purchase based on the card holder’s line of credit. Save time and stay safe: Make an appointment or bank from home with the U.S. Bank Mobile App. Online Banking; Private Client. Credit card: A personal credit card or business credit card issued by a financial institution, giving the account holder the ability to borrow funds against the account named on that card. Equity: Interest that a person earns on an asset. Reading recipes can be especially difficult when they’re peppered with jargon. Deed: A written agreement that allows the title of a property, or an asset of some form, to be transferred from one person to another. With a NB|AZ savings account, you can earn interest while maintaining easy access to the money you need for the future. The trustee sells the property at public auction only if the lender defaults on (does not make) the loan payments. Example: You don’t have enough money in your checking account to pay your $1000 rent. BMO Harris Bank N.A. Bankrupt: A person or institution that no longer has the funds to cover debts and has to seek financial assistance. See also inactive account. Joint accounts are often shared by married couples or parents and their young adult children. Treasury bills: A short-term debt obligation backed by the U.S. government with a maturity of less than 1 year. Member FDIC. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. You’ll most likely hear the term with “garnished wages.” Garnishment happens when a person has unpaid debts and the lender goes to court to get their money back. Routing number: A 9-digit number used to identify a financial institution. “Please debit my account” means “Please take the money from my account.”. MFA helps to protect against fraudulent activities online. It is expressed as a percentage. Debit: A debit is any removal of money from your account, including debit card purchases, ATM withdrawals, and bill payments. Services include internet banking, bank accounts, credit cards, home loans, personal loans, travel and international, investment and insurance. Accrued Interest: Interest that has been earned but not yet paid. Direct deposit: A direct deposit is a payment that’s electronically transferred into your account without the need for a paper check. It’s a small difference, and many people use the terms guarantor and cosigner interchangeably. 1 To qualify for mobile deposit: (1) Account open at least 90 days (contact us for exceptions); (2) Deposits made to account totaling $250 or more within last 30 days or $500+ on deposit in account; and (3) Valid address, phone number and SSN/TIN on file. Primary or principal residence: The permanent residence where a person claims to reside. Prepayment penalty: A fee for repaying a loan before it was due. If you have questions or need more information, please call us at 410-750-0020. Usually, the grade AAA is given to the best debt obligation or a security, by a credit rating agency. However, since banking is a significant part of our business and personal life, it is useful for consumers to learn some common banking terms. Revolving account: A specified line of credit that can be used repeatedly. Credit union: An organization that provides financial, insurance and other services for members of that specific group. Federal Reserve System: The central banking system in the United States that issues money and provides services to the federal government and other financial institutions. Choose PNC for checking accounts, credit cards, mortgages, investing, borrowing, asset management and … Health savings account (HSA): An account that people can use to save for medical expenses that are not covered by their health plan. Adjustable-Rate Mortgages (ARMS): Also known as variable-rate mortgages. The borrower gives the lender one or more promissory notes (written agreement that the borrower will pay back the money in regular installments and/or by a certain date). A credit score changes over time, and you can improve it with smart financial decisions. Enhanced login security: Enhanced technology that protects an account from being easily accessed by someone who is unauthorized. Collateralized loan: A loan that is secured by collateral. Preauthorized payment: A payment set up in advance at a bank by an account holder to automatically make payments. Some banks may charge you an inactivity fee or even close your account if you have not made any transactions for a while. The initial interest rate is usually below that of conventional fixed-rate loans. Credit limit: A credit limit is the maximum amount of money that a lender (like a credit card company) will allow you to charge. Forgery: The signing, or altering, of another person’s name in an attempt to be fraudulent. Personal identification number (PIN): A number that allows an account holder to gain access to an ATM or use a debit card or chip-equipped credit card. Transaction limitations: Limits imposed by law on the number of electronic and telephone withdrawals and transfers from a deposit account. Overdraft: Spending more than the available funds in an account, causing a negative balance. See asset-backed security. National bank: National banks are banks that are subject to the supervision of the Office of the Comptroller of the Currency, which is a bureau of the U.S. Treasury Department. When bank deposit it's excess money in RBI then RBI provides some interest to that bank. Bank statement: Your bank statement is a monthly summary of your account that includes your current balance and transactions for the last month: all deposits, debit card purchases, checks, and ATM withdrawals. KTT: A key-tested telex is an old-fashioned form of electronic funds transfer that operates via radio or landline. Banks provide this service as part of broader online banking services. Lien: The lawful right to sell the mortgaged or collateral property of those who fail to meet the obligation of a loan contract. Asset: Anything owned by a person or a business that has commercial or exchange value. It may also be called a bounced-check fee. Foreign transaction fees: Foreign transaction fees are extra charges you may have to pay when you use your debit card or credit card to make purchases or withdraw cash in another country. Start a Holiday Fund Today with N26 Spaces, Banking A-Z: Common Banking Terms to Know, you can receive direct deposits up to two days early. Payee: A person to whom a check or other form of financial obligation is made payable. You may come across a KTT in developing countries. Credit scoring system: A system used to determine whether an institution will grant credit to a person or business. Account statement: A statement of transactions … Service charge: A service charge is a fee that many banks assess for basic functions like processing transactions and maintaining your account. Variable rate: A loan plan in which the interest charged over the life of the loan may vary. Checking account: An account that people or businesses can use to withdraw and deposit funds by check or electronic transfer. 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