The dollar value of a security stated by the issuer and the total amount to be repaid to the investor as principal.
- 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
Part of the NCUA's guarantee obligation on the NGNs that represents the excess of the unpaid Note Principal Balance (after related payments have been made) over the unpaid Principal Balance of the Underlying Securities adjusted for any Implied Writedowns.
- 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
A community for which the Federal Emergency Management Agency (FEMA) has authorized the sale of flood insurance under the National Flood Insurance Program (NFIP).
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Cease and Desist Letter, Escrow Funds, Federal Emergency Management Agency (FEMA), flood insurance, Flood Plain, Mobile home, National Flood Insurance Program (NFIP), Participating Community, Wire transfer
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A book in ledger form in which are recorded all deposits, withdrawals, and earnings of a customer's savings account.
A book in ledger form in which are recorded all deposits, withdrawals, and earnings of a customer's savings 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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Any note or other time instrument of indebtedness that has not been paid on the due date.
Any note or other time instrument of indebtedness that has not been paid on the due date.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: accrued interest, Delinquency, Home Equity Line of Credit (HELOC), Interest rate, Lien, Minimum Payment, Past Due Item, Refund
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A small-dollar, short-term loan that a borrower promises to repay out of their next paycheck or deposit of funds.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA small-dollar, short-term loan that a borrower promises to repay out of their next paycheck or deposit of funds.
- 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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The person or organization to whom a check, draft, or note is made payable.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe person or organization to whom a check, draft, or note is made payable.
- Browse Related Terms: Check, Co-Signer, Collection Items, Draft, Drawee, Drawer, Payee, Paying (payor) bank
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A bank upon which a check is drawn and that pays a check or other draft.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA bank upon which a check is drawn and that pays a check or other draft.
- Browse Related Terms: Check, Co-Signer, Collection Items, Draft, Drawee, Drawer, Payee, Paying (payor) bank
The date on which a loan or installment payment is due. It is set by a financial institution. Any payment received after this date is considered late; fees and penalties can be assessed.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe date on which a loan or installment payment is due. It is set by a financial institution. Any payment received after this date is considered late; fees and penalties can be assessed.
- 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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The complete repayment of a loan, including principal, interest, and any other amounts due. Payoff occurs either over the full term of the loan or through prepayments.
The complete repayment of a loan, including principal, interest, and any other amounts due. Payoff occurs either over the full term of the loan or through prepayments.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- 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
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A formal statement prepared when a loan payoff is contemplated. It shows the current status of the loan account, all sums due, and the daily rate of interest.
A formal statement prepared when a loan payoff is contemplated. It shows the current status of the loan account, all sums due, and the daily rate of interest.
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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The person or organization who pays.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe person or organization who pays.
- 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
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The interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is the cost of credit per month; the daily periodic rate is the cost of credit per day.
The interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is the cost of credit per month; the daily periodic rate is the cost of credit per day.
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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The billing summary produced and mailed at specified intervals, usually monthly.
The billing summary produced and mailed at specified intervals, usually monthly.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- 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
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Generally a four-character number or word, the PIN is the secret code given to credit or debit cardholders enabling them to access their accounts. The code is either randomly assigned by the bank or selected by the customer. It is intended to prevent unauthorized use of the card while accessing a financial service terminal.
Generally a four-character number or word, the PIN is the secret code given to credit or debit cardholders enabling them to access their accounts. The code is either randomly assigned by the bank or selected by the customer. It is intended to prevent unauthorized use of the card while accessing a financial service terminal.
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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A PIC is a term used in the banking industry to refer to an IBC. PICs are generally created for the private bank's client in order to hold the client's investment assets. A PIC and an IBC are analogous.
- 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
Common acronym for principal, interest, taxes, and insurance—used when describing the monthly charges on a mortgage.
- 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
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1) The location at which a transaction takes place. 2) Systems that allow bank customers to effect transfers of funds from their deposit accounts and other financial transactions at retail establishments.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition1) The location at which a transaction takes place. 2) Systems that allow bank customers to effect transfers of funds from their deposit accounts and other financial transactions at retail establishments.
- 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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Any tax shelter required to be registered under prior federal law or is a reportable transaction under present federal law or state law.
- Browse Related Terms: Abusive tax avoidance transaction (ATAT), Material Advisor, Organizer, Potentially abusive tax shelter, promoter, Red Cross Scheme, Seller, transaction
A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Some institutions require that you use the bank's power of attorney forms. (The bank may refer to this as a Durable Power of Attorney: The principal grants specific rights to the agent.)
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies.
Some institutions require that you use the bank's power of attorney forms. (The bank may refer to this as a Durable Power of Attorney: The principal grants specific rights to the agent.)
- 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)
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