A check drawn on a bank and signed by an authorized bank official. (Also known as a cashier's check.)
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA check drawn on a bank and signed by an authorized bank official. (Also known as a cashier's check.)
- Browse Related Terms: affidavit, Cashier's Check, Certified check, Drawee bank, Float, Forged Check, Insufficient funds, Official Check, Outstanding check, Signature card
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Banks' legal right to seize funds that a guarantor or debtor may have on deposit to cover a loan in default. It is also known as right of setoff.
Banks' legal right to seize funds that a guarantor or debtor may have on deposit to cover a loan in default. It is also known as right of setoff
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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This term, when used in this context, and when referring to a country, means a jurisdiction that offers financial secrecy laws in an effort to attract investment from outside its borders. When referring to a financial institution, "offshore" refers to a financial institution that primarily offers its services to persons domiciled outside the jurisdiction of the country in which the financial institution is organized.
- 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
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Any transaction designed to avoid or evade California income or franchise tax through the use of: (a) offshore payment cards, including credit, debit, or charge cards issued by banks in foreign jurisdictions, or (b) foreign banks, financial institutions, corporations, partnerships, trusts, or other entities.
- Browse Related Terms: Abusive tax schemes, Large entity, Listed transaction, Noneconomic substance transaction, Offshore financial arrangement (OFA), Reportable transaction, Tax Benefit, Tax Haven, Tax Shelter
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Often an IBC's offshore address is nothing more than a mail drop (P.O. Box) assigned to the IBC. Bank and brokerage statements and any other type of company mail may be sent to this address. The mail will typically be picked up twice monthly by the offshore facilitator. The IBC's mail will be put into a plain, brown envelope and mailed to the address of the beneficial owner's choice. Only the domestic return address and the recipient's address appear on the envelope. Thus, the discrete envelope arrives with the offshore IBC's mail inside. Using offshore mail forwarding insures that the wrong eyes will never view sensitive offshore mail.
- 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
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An offshore promoter is a person or entity who markets offshore arrangements to the public. The promoter can be a financial institution, lawyer, accountant, broker, financial planner, or other individual.
- 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
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A trustee has a fiduciary duty to manage and conserve the assets of a trust over which he or she has control. The offshore trustee has an additional duty to maintain the financial privacy of the beneficial owner of the trust assets.
- 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 service that allows an account holder to obtain account information and manage certain banking transactions through a personal computer via the financial institution's web site on the Internet. (This is also known as Internet or electronic banking.)
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA service that allows an account holder to obtain account information and manage certain banking transactions through a personal computer via the financial institution's web site on the Internet. (This is also known as Internet or electronic banking.)
- Browse Related Terms: Account holder, ChexSystems, Electronic banking, Escrow, Foreign transaction fees, Joint Account, Online Banking, Payment Due Date, Service Charge, Trust administrator
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A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.)
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.)
- 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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National banks conduct some of their banking activities through companies called operating subsidiaries. These subsidiaries are companies that are owned or controlled by a national bank and that, among other things, offer banking products and services such as loans, mortgages, and leases.
The Office of the Comptroller of the Currency supervises and regulates the activities of many of these operating subsidiaries.
National banks conduct some of their banking activities through companies called operating subsidiaries. These subsidiaries are companies that are owned or controlled by a national bank and that, among other things, offer banking products and services such as loans, mortgages, and leases. The Office of the Comptroller of the Currency supervises and regulates the activities of many of these operating subsidiaries.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Bank, branch, foreign bank, connecticut bank, connecticut credit union, Credit Union, Enforcement Action, Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Financial Regulatory Agency, foreign banks with state branches, Freedom of Information Act (FOIA), Insured Deposits, National Bank, National Bank Examiner, National Credit Union Administration (NCUA), Operating Subsidiary, uninsured bank
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Any person who discovers, creates, investigates, or initiates the tax shelter investment, devises the business or financial plans for the investment or carries out those plans through negotiations or transactions with others. This also includes, any other person who participates in the organization, sale, or management of the tax shelter.
- Browse Related Terms: Abusive tax avoidance transaction (ATAT), Material Advisor, Organizer, Potentially abusive tax shelter, promoter, Red Cross Scheme, Seller, transaction
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A check written by a depositor that has not yet been presented for payment to or paid by the depositor's bank.
A check written by a depositor that has not yet been presented for payment to or paid by the depositor's bank.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: affidavit, Cashier's Check, Certified check, Drawee bank, Float, Forged Check, Insufficient funds, Official Check, Outstanding check, Signature card
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The amount, if any, by which the aggregate outstanding principal balance of collateral exceeds the aggregate outstanding principal balance of the securities backed by such collateral. Overcollateralization is used as a form of Credit Enhancement in certain asset- and mortgage-backed security transactions.
- Browse Related Terms: Conforming Loans, Loan-to-Value (LTV), Maturity, Maturity Date, Overcollateralization, Par (Face) Value, Parity Payment, Payoff, Weighted Average Coupon, Non-Agency RMBS, Principal Paydown, Note Principal Balance (Unpaid), Weighted Average Life
When the amount of money withdrawn from a bank account is greater than the amount actually available in the account, the excess is known as an overdraft, and the account is said to be overdrawn.
When the amount of money withdrawn from a bank account is greater than the amount actually available in the account, the excess is known as an overdraft, and the account is said to be overdrawn.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition
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To write a check for an amount that exceeds the amount on deposit in the account.
To write a check for an amount that exceeds the amount on deposit in the account.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- 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
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An open-end credit account in which the assigned dollar limit has been exceeded.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionAn open-end credit account in which the assigned dollar limit has been exceeded.
- 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