Glossary Of Banking Terms And Phrases

Banks' legal right to seize funds that a guarantor or debtor may have on deposit to cover a loan in default. A form of extending an unpaid loan in which the borrower's remaining unpaid loan balance is carried over into a new loan at the beginning of the next financing period. An amount paid back because of an overpayment or because of the return of an item previously sold.

Insurance Hazard

Funds held in reserve by a mortgage company to pay taxes, insurance, and other mortgage-related items when due. A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions-or until obligations have been fulfilled. Securities, funds, and other assets can be held in escrow. A regulatory tool that the OCC may use to correct problems or effect change in a national bank.

See related questions about Bank Errors & Disputes and Credit Card Disputes. A payment that is electronically deposited into an individual's account at a depository institution. Any financial institution that issues bank cards to those who apply for them.

See related questions about Mortgage Lenders & Servicers. A loan made by a lender to a borrower for the financing of real property. A payment that has been made but not credited to the appropriate account. The minimum dollar amount that must be paid each month on a loan, line of credit, or other debt.See related question about Minimum Payments. An individual or financial institution that lends money with the expectation that the money will be returned with interest. A real estate loan which is in a first lien position, taking priority over all other liens.

Branchless Banking represents a significant alternative to conventional branch-based banking. Life and living combines flexible life insurance and income protections – so you and ... Range of payment instruments and channels offered by Allied Bank has significantly contributed to ... The discount window is a way for banks to borrow funds to support liquidity and stability. Also, Islamic banks don’t lend to alcohol and gambling businesses.

What Other Factors Go Into Choosing A Bank?

The Bank of England originated the permanent issue of banknotes in 1695. The Royal Bank of Scotland established the first overdraft facility in 1728. By the beginning of the 19th century Lubbock's Bank had established a bankers' clearing house in London to allow multiple banks to clear transactions. The Rothschilds pioneered international finance on a large scale, financing the purchase of shares in the Suez canal for the British government in 1875.

Unlike venture caps, they tend not to invest in new companies. A direct or internet-only bank is a banking operation without any physical bank branches. Transactions are usually accomplished using ATMs and electronic transfers and direct deposits through an online interface.

Popular Banking Solutions

The schedule sets a standard time period since each check cannot be individually traced through the check-clearing process. Every major bank publishes its availability schedule based on its location and on the location of the bank on which the check is drawn. A electronic security agreement between the debtor and the bank that is accepted by the borrower either by downloading the agreement into a personal database or by printing a copy. As an alternative to a security agreement physically signed by the debtor, the 2000 amendments to the UCC provide for an authenticated security agreement.

Need Help Managing Your Money?

Choose a convenient location if you are choosing a bank with a brick-and-mortar location. If you have a financial emergency, you don't want to have to travel a long distance to get cash. We're covered by the Financial Services Compensation Scheme . This means that any money you hold in a TSB account is protected up to a limit of £85,000 - so you won't lose out.

The overall known value of these deals cumulates to around 5,169 bil. In terms of value, there have been two major waves which both peaked at around 460 bil. USD followed by a steep decline (-82% from 2007 until 2018). In the past 20 years, American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions.