Banking definitions beginning with A

Account Agreement - permalink - collapse

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The contract governing your open-end credit account, it provides information on changes that may occur to the account.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Available credit, Credit card account agreement, Credit limit, Home Equity Line of Credit (HELOC), Line of credit, Open-end credit, Overlimit, Revolving credit

Account History - permalink - collapse

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The payment history of an account over a specific period of time, including the number of times the account was past due or over limit.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Delinquency, Escrow analysis, Escrow funds, Past-due item, Prepayment clause, Prepayment penalty, Refund

Account holder - permalink - collapse

All > Business > Banking

Any and all persons designated and authorized to transact business on behalf of an account. Each account holder's signature needs to be on file with the bank. The signature authorizes that person to conduct business on behalf of the account.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Electronic banking, Escrow, Foreign transaction fees, Joint account, Online banking, Point of sale (POS), Statement

Accrued interest - permalink - collapse

All > Business > Banking

Interest that has been earned but not yet paid.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Billing cycle, Billing error, Interest rate, Periodic statement, Previous balance, Residual interest

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Acquiring bank - permalink - collapse

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In a merger, the bank that absorbs the bank acquired.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: bank holding company, business opportunity, merchant banking, Safekeeping, sales finance company, service mark, small loan company, trademark

Adjustable-rate mortgages (ARMS) - permalink - collapse

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Also known as variable-rate mortgages. The initial interest rate is usually below that of conventional fixed-rate loans. The interest rate may change over the life of the loan as market conditions change.

There is typically a maximum (or ceiling) and a minimum (or floor) defined in the loan agreement. If interest rates rise, so does the loan payment. If interest rates fall, the loan payment may as well.

The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Annual percentage rate (APR), Annual percentage yield (APY), Conventional fixed-rate mortgage, Debt-to-income ratio (DTI), Fixed-rate loan, Fixed-rate mortgage, Interest rate index, Periodic rate, Refinancing, Terms, Usury, Usury rates, Variable rate

Adverse action - permalink - collapse

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Under the Equal Credit Opportunity Act, a creditor's refusal to grant credit on the terms requested, termination of an existing account, or an unfavorable change in an existing account.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Adverse Action Notice, application, Credit application, Credit report, Derogatory information, Equal Credit Opportunity Act (ECOA)

Adverse Action Notice - permalink - collapse

All > Business > Banking

The notice required by the Equal Credit Opportunity Act advising a credit applicant or existing debtor of the denial of their request for credit or advising of a change in terms considered unfavorable to the account holder.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Adverse action, application, Credit application, Credit report, Derogatory information, Equal Credit Opportunity Act (ECOA)

Affidavit - permalink - collapse

All > Business > Banking

A sworn statement in writing before a proper official, such as a notary public.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: bank and trust company, Cashier's check, Certified check, Check, check cashing service, Checking account, Collected funds, Float, Forged check, Insufficient funds, Kiting, Official check, Outstanding check, Overdraw, Stop payment

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agency, bank - permalink - collapse

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An agency bank is a form of organization commonly used by foreign banks to enter the United States' market. Agency banks act as agent for their parent bank and cannot accept deposits or extend loans in their own names.
Connecticut Deptartment of Banking - Cite This Source - This Definition
Browse Related Terms: branch, foreign bank, business and industrial development corporation, Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Reserve System, foreign banks with state branches, franchise, Freedom of Information Act (FOIA), Insured deposits, representative office, uninsured bank

agent - permalink - collapse

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Agent means any individual, other than a broker-dealer, who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities. A general partner, officer or director of a broker-dealer or issuer, or a person occupying a similar status or performing similar functions, may be an agent if he or she comes within the definition and any compensation that he or she receives is directly or indirectly related to securities purchases or sales.
Connecticut Deptartment of Banking - Cite This Source - This Definition
Browse Related Terms: agent of issuer, broker-dealer, investment adviser, investment adviser agent, registration by coordination, registration by qualification, regulation a, regulation d, small corporate offering registration (scor) (see registration by qualification)

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agent of issuer - permalink - collapse

All > Business > Banking

An agent of issuer is an individual who represents the issuer in effecting (or attempting o effect) purchases or sales of an issuer's securities. An agent of issuer must be a natural person (i.e. an individual) and not a corporation or other business entity.
Connecticut Deptartment of Banking - Cite This Source - This Definition
Browse Related Terms: agent, broker-dealer, investment adviser, investment adviser agent, registration by coordination, registration by qualification, regulation a, regulation d, small corporate offering registration (scor) (see registration by qualification)

Alteration - permalink - collapse

All > Business > Banking

Any change involving an erasure or rewriting in the date, amount, or payee of a check or other negotiable instrument.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Collection items, Forgery, money forwarder [transmitter] and issuer of money orders and travelers checks, Return item

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Amortization - permalink - collapse

All > Business > Banking

The process of reducing debt through regular installment payments of principal and interest that will result in the payoff of a loan at its maturity.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Co-maker, Co-signer, Maturity, Payoff, Payoff statement, Principal balance

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Annual percentage rate (APR) - permalink - collapse

All > Business > Banking

The cost of credit on a yearly basis, expressed as a percentage.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Adjustable-rate mortgages (ARMS), Annual percentage yield (APY), Conventional fixed-rate mortgage, Debt-to-income ratio (DTI), Fixed-rate loan, Fixed-rate mortgage, Interest rate index, Periodic rate, Refinancing, Terms, Usury, Usury rates, Variable rate

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Annual percentage yield (APY) - permalink - collapse

All > Business > Banking

A percentage rate reflecting the total amount of interest paid on a deposit account based on the interest rate and the frequency of compounding for a 365-day year.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Adjustable-rate mortgages (ARMS), Annual percentage rate (APR), Conventional fixed-rate mortgage, Debt-to-income ratio (DTI), Fixed-rate loan, Fixed-rate mortgage, Interest rate index, Periodic rate, Refinancing, Terms, Usury, Usury rates, Variable rate

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Annuity - permalink - collapse

All > Business > Banking

A life insurance contract sold by insurance companies, brokers, and other financial institutions. It is usually sold as a retirement investment. An annuity is a long-term investment and can have steep surrender charges and penalties for withdrawal before the annuity's maturity date. (Annuities are not FDIC insured.)
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Beneficiary, Embezzlement, fiduciary capacity, non-banking corporations acting in a, limited purpose trust company, Trust account, Trust administrator, wholesale banking