The process of moving an outstanding balance from one credit card to another. This is usually done to obtain a lower interest rate on the outstanding balance. Transfers are sometimes subjected to a Balance Transfer Fee.
The process of moving an outstanding balance from one credit card to another. This is usually done to obtain a lower interest rate on the outstanding balance. Transfers are sometimes subjected to a Balance Transfer Fee.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Annual Percentage Rate (APR), Balance Transfer, Coupon Rate, Cumulative Loss, Late Charge, Loss Severity, Principal balance, Realized Loss
Also listed in:
- All > Business > Finance > Personal Finance
- All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
America has a "dual banking system" which means that both states and the federal government issue bank charters for the need and convenience of their citizens. The Office of the Comptroller of the Currency (OCC) charters national banks, while the Office of Thrift Supervision (OTS) charters federal savings banks and savings associations. The words "national," "federal", or "state" in an institution's name indicate the type of charter, not the bank's service area. The Department of Banking charters and supervises Connecticut bank and trust companies, savings banks, savings and loan associations, bankers' bank, uninsured banks, and limited purpose trust companies. In addition, the Department licenses and supervises foreign banks' operating agencies, branches, or representative offices in Connecticut. You may find the primary regulator for a particular institution operating in Connecticut by referring to our bank and limited purpose trust company listings.
Also listed in:
- All > Recreation > Games > Baccarat
- All > Science > Biotechnology and Genetics > Food Biotechnology
- All > Science > Water
- All > Science > Weather
Also known as commercial banks, bank and trust companies historically concentrated on short-term business loans that were funded with demand deposits. Business checking accounts whose balances fluctuate up and down due to customers writing checks are considered demand deposits. In today's more open banking environment, commercial banks tend to offer diversified services to businesses and individuals.
- Browse Related Terms: Availability date, bank and trust company, Checking account, Collected Funds, Kiting, Local check, Minimum balance, Negotiable Order of Withdrawal Account (NOW), Overdraw, Stale-Dated Check, Stop payment
A bank custodian is responsible for maintaining the safety of clients' assets held at one of the custodian's premises, a sub-custodian facility or an outside depository.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: agency, bank, Bank Custodian, Bank examination, bank holding company, bankers' bank, business and industrial development corporation, community development bank, Community Reinvestment Act, community reinvestment act (cra), Media, Payor, representative office, State bank, State Banking Department
Examination of a bank's assets, income, and expenses-as well as operations by representatives of Federal and State bank supervisory authority-to ensure that the bank is solvent and is operating in conformity with banking laws and sound banking principles.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionExamination of a bank's assets, income, and expenses-as well as operations by representatives of Federal and State bank supervisory authority-to ensure that the bank is solvent and is operating in conformity with banking laws and sound banking principles.
- Browse Related Terms: agency, bank, Bank Custodian, Bank examination, bank holding company, bankers' bank, business and industrial development corporation, community development bank, Community Reinvestment Act, community reinvestment act (cra), Media, Payor, representative office, State bank, State Banking Department
A bank holding company controls, directly or indirectly, at least twenty-five percent of any class of voting securities of a bank and meets various other legislative and regulatory criteria. Bank holding companies are not operating entities and are often formed for expanding banking business into new geographical regions or new lines of activity.
- Browse Related Terms: agency, bank, Bank Custodian, Bank examination, bank holding company, bankers' bank, business and industrial development corporation, community development bank, Community Reinvestment Act, community reinvestment act (cra), Media, Payor, representative office, State bank, State Banking Department
Periodically the bank provides a statement of a customer's deposit account. It shows all deposits made, all checks paid, and other debits posted during the period (usually one month), as well as the current balance.
Periodically the bank provides a statement of a customer's deposit account. It shows all deposits made, all checks paid, and other debits posted during the period (usually one month), as well as the current balance.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Account History, Bank Statement, Billing Cycle, Cut-off time, Demand deposit, Escheat, Escrow Analysis, Exception Hold, Hold, Inactive Account, Individual retirement account (IRA), Overdraft, Preauthorized electronic fund transfers, Residual interest, Time deposit
An institution owned exclusively by any combination of banks or credit unions and that is organized to do business solely with other banks or credit unions and their directors, officers, and employees.
- Browse Related Terms: agency, bank, Bank Custodian, Bank examination, bank holding company, bankers' bank, business and industrial development corporation, community development bank, Community Reinvestment Act, community reinvestment act (cra), Media, Payor, representative office, State bank, State Banking Department
A business day during which an office of a bank is open to the public for substantially all of its banking functions.
A business day during which an office of a bank is open to the public for substantially all of its banking functions.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Acquiring bank, Banking day, branch, bank, branch, credit union, Business Day, check cashing service, franchise, limited branch, mobile branch, Safe (or Safety) Deposit Box, Safekeeping
Also listed in:
- All > Business > Finance > Personal Finance
A bankrupt person, firm, or corporation has insufficient assets to cover their debts. The debtor seeks relief through a court proceeding to work out a payment schedule or erase debts. In some cases, the debtor must surrender control of all assets to a court-appointed trustee.
A bankrupt person, firm, or corporation has insufficient assets to cover their debts. The debtor seeks relief through a court proceeding to work out a payment schedule or erase debts. In some cases, the debtor must surrender control of all assets to a court-appointed trustee.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: 30 Days Delinquent, 60 Days Delinquent, Bankrupt, Default Rate, Excess Spread, 90 Days Delinquent, Underlying Security (-ies), Prepayment Speed, Underlying Loans
Also listed in:
- All > Business > Finance > Personal Finance
The legal proceedings by which the affairs of a bankrupt person are turned over to a trustee or receiver for administration under the bankruptcy laws. There are two types of bankruptcy: (1) Involuntary bankruptcy-one or more creditors of an insolvent debtor file a petition having the debtor declared bankrupt. (2) Voluntary bankruptcy-the debtor files a petition claiming inability to meet financial obligations and willingness to be declared bankrupt.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe legal proceedings by which the affairs of a bankrupt person are turned over to a trustee or receiver for administration under the bankruptcy laws. There are two types of bankruptcy:
- Involuntary bankruptcy-one or more creditors of an insolvent debtor file a petition having the debtor declared bankrupt.
- Voluntary bankruptcy-the debtor files a petition claiming inability to meet financial obligations and willingness to be declared bankrupt.
- Browse Related Terms: bankruptcy, business opportunity, consumer collection agency, debt adjuster, field of membership, member, sales finance company, service mark, small loan company, trademark
Also listed in:
- All > Business > Finance > Personal Finance
- All > Business > Real Estate
- All > Law > Bankruptcy
- All > Law > Common Legal Terms
All > Business > Banking > Offshore Banking
Many offshore financial secrecy jurisdictions permit the issuance of bearer shares by corporations chartered in their jurisdiction. The bearer (the holder, or the one with possession of) the share certificate(s) is the owner of the share(s). Only the bearer knows that he/she owns stock in the offshore corporation. Therefore, the ownership of this offshore corporation (IBC) remains private. Bearer shares may be bought, sold, or exchanged in complete privacy.
- Browse Related Terms: Bearer Shares, Beneficial Ownership, Custodian Services, Fictitious Invoices, Financial Secrecy, High net worth individual, International Business Corporation (IBC), Letter of Wishes, Nominee, Nominee Director, Offshore, Offshore Mail Forwarding Address, Offshore Promoter, Offshore Trustee, Personal Investment Corporation (PIC), Private Banking
All > Business > Banking > Offshore Banking
This term refers to the true owner of an entity, asset, or transaction as opposed to any stated ownership provided in documents or oral representations. The beneficial owner is the one that receives or has the right to receive proceeds or other advantages as a result of the ownership. It is common practice in offshore financial secrecy jurisdictions to interpose entities, individuals, or both as stated owners. The beneficial or true owner is contractually acknowledged in side agreements, statements or by other devises.
- Browse Related Terms: Bearer Shares, Beneficial Ownership, Custodian Services, Fictitious Invoices, Financial Secrecy, High net worth individual, International Business Corporation (IBC), Letter of Wishes, Nominee, Nominee Director, Offshore, Offshore Mail Forwarding Address, Offshore Promoter, Offshore Trustee, Personal Investment Corporation (PIC), Private Banking
A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract.
A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition
Also listed in:
The time interval between the dates on which regular periodic statements are issued.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe time interval between the dates on which regular periodic statements are issued.
- Browse Related Terms: Account History, Bank Statement, Billing Cycle, Cut-off time, Demand deposit, Escheat, Escrow Analysis, Exception Hold, Hold, Inactive Account, Individual retirement account (IRA), Overdraft, Preauthorized electronic fund transfers, Residual interest, Time deposit
Also listed in:
- All > Business > Finance > Personal Finance
The month, date, and year when a periodic or monthly statement is generated. Calculations have been performed for appropriate finance charges, minimum payment due, and new balance.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe month, date, and year when a periodic or monthly statement is generated. Calculations have been performed for appropriate finance charges, minimum payment due, and new balance.
- Browse Related Terms: Adjustable-rate mortgages (ARMS), Adjustable-Rate Mortgages (ARMS,ARM), Billing Date, Conventional fixed-rate mortgage, Fixed Rate Loan, fixed-rate mortgage, Periodic statement, PITI, Principal, Interest, Taxes and Insurance (PITI), Refinancing
Also listed in:
- All > Business > Finance > Personal Finance
A charge that appears on a periodic statement associated with an extension of credit (e.g., credit card) that was not authorized by the cardholder or the cardholders' designee, is not properly identified, and was not accepted by the cardholder or the cardholder's designee. A billing error can also be caused by a creditor's failure to credit a payment or other credit to an account as well as accounting and clerical errors.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA charge that appears on a periodic statement associated with an extension of credit (e.g., credit card) that
- was not authorized by the cardholder or the cardholders' designee,
- is not properly identified, and
- was not accepted by the cardholder or the cardholder's designee.
A billing error can also be caused by a creditor's failure to credit a payment or other credit to an account as well as accounting and clerical errors.
- Browse Related Terms: Account Agreement, Adverse Action, Adverse Action Notice, application, authorization, Available Credit, Billing Error, Credit card account agreement, Credit limit, Debit card, Individual Account, Missing payment, Money market deposit account, Overlimit, Personal Identification Number (PIN), Previous Balance, statement
Also listed in:
- All > Business > Finance > Personal Finance
Savings bonds are issued in face value denominations by the U.S. Government in denominations ranging from $50 to $10,000. They are typically long-term, low-risk investment tools.
Savings bonds are issued in face value denominations by the U.S. Government in denominations ranging from $50 to $10,000. They are typically long-term, low-risk investment tools.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Bond, U.S. Savings, community bank, Index-linked Certificate of Deposit, merchant banking, money-market fund, Mutual Fund, Power of attorney, savings and loan association, savings bank, security, Uniform Commercial Code (UCC), Uniform Gift to Minors Account, Security (-ies)
Also listed in:
- All > Business > Finance > Personal Finance
Branch means any office at a fixed location of a bank, other than the main office, at which deposits are received, checks paid, and money lent, and that, at a minimum, is open for banking business Monday through Friday.
- Browse Related Terms: Acquiring bank, Banking day, branch, bank, branch, credit union, Business Day, check cashing service, franchise, limited branch, mobile branch, Safe (or Safety) Deposit Box, Safekeeping
Branch means any office established by a credit union at a fixed location, at which shares or deposits are received, share drafts or checks are paid, or money is lent, including an office operated as a shared service center and not including the main office of the credit union.
- Browse Related Terms: Acquiring bank, Banking day, branch, bank, branch, credit union, Business Day, check cashing service, franchise, limited branch, mobile branch, Safe (or Safety) Deposit Box, Safekeeping