Banking terms starting with C

52 terms

Canceled Check A check that a bank has paid, charged to the account holder's account, and then endorsed. Once canceled, a check is no longer negotiable.
Cashier's Check A check drawn on the funds of the bank, not against the funds in a depositor's account.
Cease and Desist Letter A letter requesting that a company stops the activity mentioned in the letter.
Certificate of Deposit A negotiable instrument issued by a bank in exchange for funds, usually bearing interest, deposited with the bank.
Certificate of Release A certificate signed by a lender indicating that a mortgage has been fully paid and all debts satisfied.
Certified Check A personal check drawn by an individual that is certified (guaranteed) to be good.
Charge-off The balance on a credit obligation that a lender no longer expects to be repaid and writes off as a bad debt.
Check A written order instructing a financial institution to pay immediately on demand a specified amount of money from the check writer's account to the person…
Check 21 Act Check 21 is a Federal law that is designed to enable banks to handle more checks electronically, which is intended to make check processing faster and…
check cashing service (1) "General facility" means a facility at a fixed location where a licensee may engage in the business of cashing checks, drafts or money orders and…
Check truncation The conversion of data on a check into an electronic image after a check enters the processing system.
Checking account A demand deposit account subject to withdrawal of funds by check.
ChexSystems The ChexSystems, Inc. network is comprised of member financial institutions that regularly contribute information on mishandled checking and savings…
Closed-End Credit Generally, any credit sale agreement in which the amount advanced, plus any finance charges, is expected to be repaid in full by a specified date.
Closed-End Loan Generally, any loan in which the amount advanced, plus any finance charges, is expected to be repaid in full by a specified date.
Closing a Mortgage Loan The consummation of a contractual real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are then…
Closing Costs The expenses incurred by sellers and buyers in transferring ownership in real property.
Co-Maker A person who signs a note to guarantee a loan made to another person and is jointly liable with the maker for repayment of the loan.
Co-Signer An individual who signs the note of another person as support for the credit of the primary signer and who becomes responsible for the obligation.
Collateral Assets that are offered to secure a loan or other credit. For example, if you get a real estate mortgage, the bank's collateral is typically your house.
Collected Funds Cash deposits or checks that have been presented for payment and for which payment has been received.
Collection Agency A company hired by a creditor to collect a debt that is owed. Creditors typically hire a collection agency only after they have made efforts to collect…
Collection Items Items-such as drafts, notes, and acceptances-received for collection and credited to a depositor's account after payment has been received.
Collective Investment Funds (CIFs,CIF) A Collective Investment Fund (CIF) is a trust created and administered by a bank or trust company that commingles assets from multiple clients.
Commercial Mortgage-Backed Securities (CMBS) A type of Mortgage-Backed Security backed by commercial mortgage loans.
community bank Section 36a-70(r)(2) allows the formation of a community bank with $3 million in capital.
community development bank A community development bank is organized to serve the banking needs of a well-defined neighborhood, community, or other geographic area and, typically…
Community Reinvestment Act The Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and…
community reinvestment act (cra) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in…
Conforming Loans Mortgage loans that satisfy agency (i.e. Fannie Mae, Freddie Mac, and Ginnie Mae) underwriting criteria, in terms of maximum loan balance, loan-to-value…
connecticut bank A state-chartered bank.
connecticut credit union A state-chartered credit union.
consumer collection agency Consumer collection agency means any person engaged in the business of collecting or receiving for payment for others of any account, bill or other…
Consumer Credit Counseling Service A service which specializes in working with consumers who are overextended with debts and need to make arrangements with creditors.
Consumer Reporting Agency An agency that regularly collects or evaluates individual consumer credit information or other information about consumers and sells consumer reports for…
Conventional Fixed Rate Mortgage A fixed-rate mortgage offers you a set interest rate and payments that do not change throughout the life, or "term," of the loan.
Coupon Rate The scheduled interest earned on a security, expressed as a percentage of the outstanding balance.
Credit Application A form to be completed by an applicant for a credit account, giving sufficient details (residence, employment, income, and existing debt) to allow the…
Credit Bureau An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans.
Credit Card Account Agreement A written agreement that explains the terms and conditions of the account, credit usage and payment by the cardholder, and duties and responsibilities of…
Credit Card Issuer Any financial institution that issues bank cards to those who apply for them.
Credit Disability Insurance A type of insurance, also known as accident and health insurance, that makes payments on the loan if you become ill or injured and cannot work.
Credit Enhancement A form of guarantee, insurance, or other characteristic (e.g. Overcollateralization) of a security that improves its credit quality.
Credit Life Insurance A type of life insurance that helps repay a loan if you should die before the loan is fully repaid. This is optional coverage.
Credit limit The maximum amount of credit that is available on a credit card or other line of credit account.
Credit Repair Organization A person or organization that sells, provides, performs, or assists in improving a consumer's credit record, credit history or credit rating (or says that…
Credit Report A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.
Credit Score A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICOÃÂ® score.
Credit Union A cooperative, nonprofit association, licensed under for the purposes of encouraging thrift among its members, creating a source of credit at a fair and…
Cumulative Loss Total Realized Losses as of a measurement date. This does not include implied writedowns, which are not recognized as losses.
Custodian Services This is a service whereby a person or entity agrees to hold and manage assets on behalf of another person or entity.
Cut-Off Time A time of day established by a bank for receipt of deposits. After the cut-off time, deposits are considered received on the next banking day.