Banking definitions beginning with G

Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor's property (such as wages or bank accounts) held by the third party.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Decedent, Escheat, Estate account, Frozen account, Overdraft

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An extension of credit from a financial institution that is guaranteed by a Federal or State government entity to assist with tuition and other educational expenses. The government entity is responsible for paying the interest on the loan and paying the lender to manage it. The government entity also is responsible for the loan if the student defaults.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Home Equity Loan, Loan contract, Loan fee, Loan modification provision, Loan proceeds, Loan-to-value ratio (LTV), Payday Loans, Private Mortgage Insurance (PMI), Redlining, Renewal, Right of rescission, Student loan

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