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Bank Terms

Across
A written instrument which authorizes one person to act as another's agent or attorney
network is comprised of member financial institutions that regularly contribute information on mishandled checking and savings accounts to a central location.this information among member institutions to help them assess the risk of opening new accounts.
When the amount of money withdrawn from a bank account is greater than the amount actually available in the account, the excess is known as an overdraft, and the account is said to be overdrawn.
Used to indicate that a certain amount of a customer's balance may not be withdrawn until an item has been collected, or until a specific check or debit is posted.
Assets that are offered to secure a loan or other credit. For example, if you get a real estate mortgage, the bank's collateral is typically your house. Collateral becomes subject to seizure on default.
The percentage of a consumer's monthly gross income that goes toward paying debts. Generally, the higher the ratio, the higher the perceived risk. Loans with higher risk are generally priced at a higher interest rate
A negotiable instrument issued by a bank in exchange for funds, usually bearing interest, deposited with the bank.
Any interest rate or dividend that changes on a periodic basis.
A legal process that allows a creditor to remove funds from your bank account to satisfy a debt that you have not paid. If you owe money to a person or company, they can obtain a court order directing your bank to take money out of your account to pay off your debt.
The activity of defrauding an online account holder of financial information by posing as a legitimate entity.
move money electronically from one bank account to another. They can be domestic (between two U.S. accounts) or between a U.S. and international account.
An account held in the name of a decedent that is administered by an executor or administrator of the estate.
DO NOT REOPEN
The balance on a credit obligation that a lender no longer expects to be repaid and writes off as a bad debt.
A debit may be an account entry representing money you owe a lender or money that has been taken from your deposit account.
Down
The person or organization to whom a check, draft, or note is made payable. See related question about Endorsing Checks.
person or entity that you legally designate to receive the benefits from your financial products.
Under the Equal Credit Opportunity Act (ECOA), an oral or written request for an extension of credit that is made in accordance with the procedures established by a creditor for the type of credit requested.
A party who agrees to be responsible for the payment of another party's debts should that party default.
The custodian of the account controls how money in it is invested and spent. The custodian must manage the account, can invest in most types of assets, and must use the funds in the beneficiary's best interest until the beneficiary reaches the age of majority – age 18, 21 or even 25, depending on the state.
The act of evaluating and setting the value of a specific piece of personal or real property.
The outstanding balance on a loan, excluding interest and fees.
The ratio of the loan principal (amount borrowed) to the appraised value (selling price). For example, on a $100,000 home, with a mortgage loan principal of $80,000, the loan-to-value ratio is 80 percent. The LTV will affect programs available to the borrower; generally, the lower the LTV, the more favorable the program terms offered by lenders.
A debt that was not paid when due.
A computerized facility used by member depository institutions to electronically combine, sort, and distribute inter-bank credits and debits. ACHs process electronic transfers of government securities and provided customer services, such as direct deposit of customers' salaries and government benefit payments (i.e., social security, welfare, and veterans' entitlements), and preauthorized transfers.
Writing a check in an amount that will overdraw the account but making up the deficiency by depositing another check on another bank. For example, mailing a check for the mortgage when your checking account has insufficient funds to cover the check, but counting on receiving and depositing your paycheck before the mortgage company presents the check for payment.
Legal claim against a property. Once the property is sold, the lien holder is then paid the amount that is owed.
The complete repayment of a loan, including principal, interest, and any other amounts due. Payoff occurs either over the full term of the loan or through prepayments.
A retirement savings program for individuals to which yearly tax-deductible contributions up to a specified limit can be made. The amount contributed is not taxed until withdrawn. Withdrawal is not permitted without penalty until the individual reaches age 59 1/2.