A debit may be an account entry representing money you owe a lender or money that has been taken from your deposit account.
A debit may be an account entry representing money you owe a lender or money that has been taken from your deposit account.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Automatically Protected, Availability policy, Available Balance, Debit, Decedent, Deposit slip, Frozen Account, Garnishment, Garnishment/Garnish, Not Automatically Protected, Offset, Right of, Passbook, Right of offset, Uncollected funds
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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.
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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- 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
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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.
- Browse Related Terms: bankruptcy, business opportunity, consumer collection agency, debt adjuster, field of membership, member, sales finance company, service mark, small loan company, trademark
Any person who regularly collects debts owed to others.
Any person who regularly collects debts owed to others.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: amortization, Charge-off, Collection agency, Consumer Credit Counseling Service, Credit Repair Organization, Debt collector, Debtor, Deferred payment, Guarantor, Pre-payment, Prepayment, Prepayment Clause, Principal Balance
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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.
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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Closing Costs, Credit application, Credit Report, Debt Elimination Scheme, Derogatory Information, Embezzlement, Equal Credit Opportunity Act (ECOA), interest, Lease, Manufactured (mobile) home, mortgage broker, mortgage loan originator, Preferred Risk Policy (PRP)
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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.
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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Annual percentage yield (APY), Debt-to-income ratio (DTI), Interest rate index, Payoff statement, Periodic rate, Regular Program Community, Special Flood Hazard Area (SFHA), Terms, Usury, Variable rate, Home Price Appreciation (HPA), Investment Grade, Tranche
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Someone who owes monies to another party.
Someone who owes monies to another party.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: amortization, Charge-off, Collection agency, Consumer Credit Counseling Service, Credit Repair Organization, Debt collector, Debtor, Deferred payment, Guarantor, Pre-payment, Prepayment, Prepayment Clause, Principal Balance
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A deceased person, ordinarily used with respect to one who has died recently.
A deceased person, ordinarily used with respect to one who has died recently.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Automatically Protected, Availability policy, Available Balance, Debit, Decedent, Deposit slip, Frozen Account, Garnishment, Garnishment/Garnish, Not Automatically Protected, Offset, Right of, Passbook, Right of offset, Uncollected funds
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Default occurs when a debtor is unable to meet the legal obligation of debt repayment, one form of which is the failure to promptly pay interest or principal when due.
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The annualized rate at which the loans underlying a security have defaulted. Also known as the Conditional Default Rate, or CDR.
- Browse Related Terms: 30 Days Delinquent, 60 Days Delinquent, Bankrupt, Default Rate, Excess Spread, 90 Days Delinquent, Underlying Security (-ies), Prepayment Speed, Underlying Loans
A payment postponed until a future date.
A payment postponed until a future date.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: amortization, Charge-off, Collection agency, Consumer Credit Counseling Service, Credit Repair Organization, Debt collector, Debtor, Deferred payment, Guarantor, Pre-payment, Prepayment, Prepayment Clause, Principal Balance
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A debt that was not paid when due.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA debt that was not paid when due.
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A deposit of funds that can be withdrawn without any advance notice.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA deposit of funds that can be withdrawn without any advance notice.
- 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 itemized memorandum of the cash and other funds that a customer presents to the bank for credit to his or her account.
An itemized memorandum of the cash and other funds that a customer presents to the bank for credit to his or her account.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Automatically Protected, Availability policy, Available Balance, Debit, Decedent, Deposit slip, Frozen Account, Garnishment, Garnishment/Garnish, Not Automatically Protected, Offset, Right of, Passbook, Right of offset, Uncollected funds
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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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionData received by a creditor indicating that a credit applicant has not paid his or her accounts with other creditors according to the required terms.
- Browse Related Terms: Closing Costs, Credit application, Credit Report, Debt Elimination Scheme, Derogatory Information, Embezzlement, Equal Credit Opportunity Act (ECOA), interest, Lease, Manufactured (mobile) home, mortgage broker, mortgage loan originator, Preferred Risk Policy (PRP)
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A payment that is electronically deposited into an individual's account at a depository institution.
A payment that is electronically deposited into an individual's account at a depository institution.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Automated Clearing House (ACH), Automated Teller Machine (ATM), Automatic Bill Payment, Credit card issuer, Direct Deposit, Electronic Check Conversion, Error Resolution, Lender, Point of Sale (POS), Preauthorized Payment, Reconciliation
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A dispute submitted directly to the furnisher about the accuracy of information in your consumer report that relates to an account or other relationship you have with the furnisher.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Consumer Reporting Agency, Credit bureau, Credit score, Direct Dispute, Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA), Fair and Accurate Credit Transactions Act of 2003 (FACT Act,FACTA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Finance Charge, Fraud Alert, Furnisher
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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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionCertain information that Federal and State laws require creditors to give to borrowers relative to the terms of the credit extended.
- Browse Related Terms: Credit Enhancement, Disclosures, Line of Credit, Loan Contract, Loan Fee, Loan Modification Provision, Loan proceeds, Loan-to-value ratio (LTV), Open-End Credit, Payday Loans, Prepayment penalty, Prime Loans, Private Mortgage Insurance (PMI), Renewal, Revolving Credit, Right of rescission, Student Loan, Truth-In-Lending Act (TILA), Usury Rates, Atl-A Loans, Subprime Loans
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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.
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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Check, Co-Signer, Collection Items, Draft, Drawee, Drawer, Payee, Paying (payor) bank
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The person (or bank) who is expected to pay a check or draft when it is presented for payment.
The person (or bank) who is expected to pay a check or draft when it is presented for payment.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Check, Co-Signer, Collection Items, Draft, Drawee, Drawer, Payee, Paying (payor) bank
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