Banking definitions beginning with D

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A debit card allows the account owner to access their funds electronically. Debit cards may be used to obtain cash from automated teller machines or purchase goods or services using point-of-sale systems. The use of a debit card involves immediate debiting and crediting of consumers' accounts.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Automated Clearing House (ACH), Automatic bill payment, Debit, Personal Identification Number (PIN), Preauthorized payment, Signature card

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Debt adjusters , according to Sec. 36a-656, must be nonprofit organizations. A bona fide nonprofit organization means an individual, partnership, corporation, limited liability company, association, organization or other person in the operation of which no shareholder, member, director, officer, partner, employee, agent or other affiliated person profits financially other than receiving reasonable salaries if applicable, and which provides debt adjustment services for individuals at no cost or at a cost not exceeding that required to defray necessary, reasonable and bona fide expenses in order to provide such services; and "debt adjustment" means receiving, as agent of a debtor, money or evidences thereof for the purpose of distributing such money or evidences thereof among creditors in full or partial payment of obligations of the debtor.
Connecticut Deptartment of Banking - Cite This Source - This Definition
Browse Related Terms: Authorization, Credit card issuer, issuer

A debt elimination scheme is a plan that is advertised as a way for an individual to eliminate various types of debt simply by paying someone a small fee compared to the amount of debt to be eliminated. These schemes are fraudulent.

As a result of using a fraudulent scheme, individuals will lose money, could lose property, will damage their credit rating, and possibly incur additional debt. In addition, a creditor may take legal action against an individual to resolve a fraudulent attempt to eliminate debt. It is also possible for the victim to have identify theft occur by participating in such a fraudulent scheme.

The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Balance transfer, Credit Disability Insurance, Flood Insurance, Flood Plain, Lease, PITI, Special Flood Hazard Area (SFHA)

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Data received by a creditor indicating that a credit applicant has not paid his or her accounts with other creditors according to the required terms.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Adverse action, Adverse Action Notice, application, Credit application, Credit report, Equal Credit Opportunity Act (ECOA)

A payment that is electronically deposited into an individual's account at a depository institution.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: ChexSystems, Individual account, Lender, Service charge

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Certain information that Federal and State laws require creditors to give to borrowers relative to the terms of the credit extended.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Closing costs, Finance charge, Interest, Truth in Lending Act (TILA)

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A signed, written order by which one party (the drawer) instructs another party (the drawee) to pay a specified sum to a third party (the payee), at sight or at a specific date. Typical bank drafts are negotiable instruments and are similar in many ways to checks.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Drawee, Drawee bank, Drawer, Payee, Paying (payor) bank, Payor