Banking terms starting with A

32 terms

  1. Abusive tax avoidance transaction (ATAT) Is defined as: Tax shelter as defined under Internal Revenue Code (IRC) Section 6662(d)(2)(C), Reportable transaction as defined under IRC Section…
  2. Abusive tax schemes Transactions promoted for the promise of tax benefits with no meaningful change in the taxpayer's control over or benefit from the taxpayer's income or…
  3. Account Agreement The contract governing your open-end credit account, it provides information on changes that may occur to the account.
  4. Account History The payment history of an account over a specific period of time, including the number of times the account was past due or over limit.
  5. Account Holder Any and all persons designated and authorized to transact business on behalf of an account.
  6. Accrued Interest Interest that has been earned but not yet paid.
  7. Acquiring Bank In a merger, the bank that absorbs the bank acquired.
  8. Adjustable-rate mortgages (ARMS) Also known as variable-rate mortgages. The initial interest rate is usually below that of conventional fixed-rate loans.
  9. Adjustable-Rate Mortgages (ARMS,ARM) Also known as variable-rate mortgages. The initial interest rate is usually below that of conventional fixed-rate loans.
  10. Adverse Action Under the Equal Credit Opportunity Act, a creditor's refusal to grant credit on the terms requested, termination of an existing account, or an unfavorable…
  11. Adverse Action Notice The notice required by the Equal Credit Opportunity Act advising a credit applicant or existing debtor of the denial of their request for credit or…
  12. Affidavit A sworn statement in writing before a proper official, such as a notary public.
  13. Agency Mortgage-Backed Security (MBS) A type of Mortgage-Backed Security backed by government guaranteed mortgage loans.
  14. agency, bank An agency bank is a form of organization commonly used by foreign banks to enter the United States' market.
  15. Agent Agent means any individual, other than a broker-dealer, who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales…
  16. agent of issuer An agent of issuer is an individual who represents the issuer in effecting (or attempting o effect) purchases or sales of an issuer's securities.
  17. Alteration Any change involving an erasure or rewriting in the date, amount, or payee of a check or other negotiable instrument.
  18. Amortization The process of reducing debt through regular installment payments of principal and interest that will result in the payoff of a loan at its maturity.
  19. Annual Percentage Rate (APR) The cost of credit on a yearly basis, expressed as a percentage.
  20. Annual Percentage Yield (APY) A percentage rate reflecting the total amount of interest paid on a deposit account based on the interest rate and the frequency of compounding for a…
  21. Annuity A life insurance contract sold by insurance companies, brokers, and other financial institutions. It is usually sold as a retirement investment.
  22. Application Under the Equal Credit Opportunity Act (ECOA), an oral or written request for an extension of credit that is made in accordance with the procedures…
  23. Appraisal The act of evaluating and setting the value of a specific piece of personal or real property.
  24. Authorization The issuance of approval, by a credit card issuer, merchant, or other affiliate, to complete a credit card transaction.
  25. Automated Clearing House (ACH) A computerized facility used by member depository institutions to electronically combine, sort, and distribute inter-bank credits and debits.
  26. Automated Teller Machine (ATM) A machine, activated by a magnetically encoded card or other medium, that can process a variety of banking transactions.
  27. Automatic Bill Payment A checkless system for paying recurring bills with one authorization statement to a financial institution.
  28. Automatically Protected As of May 1, 2011, up to two months of Federal benefits such as Social Security benefits, Supplemental Security Income benefits, Veteran’s benefits…
  29. Availability Date The date on which checks payable at local or non-local banks are considered to be collected and available for customers' withdrawal.
  30. Availability Policy Bank's policy as to when funds deposited into an account will be available for withdrawal.
  31. Available Balance The balance of an account less any hold, uncollected funds, and restrictions against the account.
  32. Available Credit The difference between the credit limit assigned to a cardholder account and the present balance of the account.