Banking terms starting with O

16 terms

  1. Official Check A check drawn on a bank and signed by an authorized bank official. (Also known as a cashier's check.)
  2. Offset, Right of 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.
  3. Offshore 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…
  4. Offshore financial arrangement (OFA) Any transaction designed to avoid or evade California income or franchise tax through the use of: (a) offshore payment cards, including credit, debit, or…
  5. Offshore Mail Forwarding Address Often an IBC's offshore address is nothing more than a mail drop (P.O. Box) assigned to the IBC.
  6. Offshore Promoter An offshore promoter is a person or entity who markets offshore arrangements to the public.
  7. Offshore Trustee A trustee has a fiduciary duty to manage and conserve the assets of a trust over which he or she has control.
  8. Online Banking A service that allows an account holder to obtain account information and manage certain banking transactions through a personal computer via the…
  9. Open-End Credit A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services.
  10. Operating Subsidiary National banks conduct some of their banking activities through companies called operating subsidiaries.
  11. Organizer Any person who discovers, creates, investigates, or initiates the tax shelter investment, devises the business or financial plans for the investment or…
  12. Outstanding Check A check written by a depositor that has not yet been presented for payment to or paid by the depositor's bank.
  13. Overcollateralization ​The amount, if any, by which the aggregate outstanding principal balance of collateral exceeds the aggregate outstanding principal balance of the…
  14. Overdraft When the amount of money withdrawn from a bank account is greater than the amount actually available in the account, the excess is known as an overdraft…
  15. Overdraw To write a check for an amount that exceeds the amount on deposit in the account.
  16. Overlimit An open-end credit account in which the assigned dollar limit has been exceeded.