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If you ever wondered what do compound interest , CD or debt instrument mean, then Banking Terms will answer your questions. compound interest
interest calculated on both the principal and the accrued interest
an itemized statement of money owed for goods shipped or services rendered; "he paid his bill and left"; "send me an account of what I owe" a formal contractual relationship established to provide for regular banking or brokerage or business services; "he asked to see the executive who handled his account
account statement a statement of recent transactions and the resulting balance; "they send me an accounting every month. acknowledge report the receipt of; "The program committee acknowledged the submission of the authors of the paper" agent bank
a bank that acts as an agent for a foreign bank a bank named by a multi-bank lending syndicate to protect their interests
ATM an unattended machine (outside some banks) that dispenses money when a personal coded card is used balance
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equality between the totals of the credit and debit sides of an account the difference between the totals of the credit and debit sides of an account compute credits and debits of an account
a legal holiday in Britain bank note • a piece of paper money (especially one issued by a central bank). "that bank holds the mortgage on my home" put into a bank account. "he peeled off five onethousand-zloty notes" banking • • transacting business with a bank. engaging in the business of banking. "She deposites her paycheck every month" be in the banking business do business with a bank or keep an account at a bank. "the bank is on the corner of Nassau and Witherspoon" a financial institution that accepts deposits and channels the money into lending activities. depositing or withdrawing funds or requesting a loan etc.bank • • • • • • a building in which commercial banking is transacted. . maintaining savings and checking accounts and issuing loans and credit etc. "he cashed a check at the bank". "Where do you bank in this town?" bank discount o interest on an annual basis deducted in advance on a loan bank draft • a draft drawn by a bank against funds deposited in another bank bank examiner an official appointed to audit the accounts of banks in a given jurisdiction bank holding company a holding company owning or controlling one or more banks bank holiday any of several weekdays when banks are closed.
blank check a check that has been signed but with the amount payable left blank blank endorsement • an endorsement on commercial paper naming no payee and so payable to the bearer cashier's check CD a debt instrument issued by a bank. usually pays interest certified check a check containing certification that the person who issued the check has sufficient funds on deposit to cover payment check • • a written order directing a bank to pay money. usually pays interest central bank Government monetary authority that issues currency and regulates the supply of credit and holds the reserves of other banks and sells new issues of securities for the government Certificate of deposit a debt instrument issued by a bank. "he paid all his bills by check" write out a check on a bank account checkbook • a book issued to holders of checking accounts checking account a bank account against which the depositor can drawn checks payable on demand .
"How much do you make a month in your new job?". "solve an old debt" be debited and credited to the proper bank accounts.000 each month" • • make as a net profit. "She earns a lot in her new job". "The company cleared $1 million" yield as a net profit. "clear a debt". "this merger brought in lots of money". "This sale netted me $1 million" commercial bank a financial institution that accepts demand deposits and makes loans and provides other services for the public.clear • • • settle. earn as salary or wages. as of a debt. commission • a fee for services rendered based on a percentage of an amount received or collected or agreed to be paid (as distinguished from a salary). "the compensating balance increases the effective interest rate to the ban compound interest • interest calculated on both the principal and the accrued interest credit card • a card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered credit union a cooperative depository financial institution whose members can obtain loans from their combined savings . "The check will clear within 2 business days" earn on some commercial or business transaction. a common requirement for establishing a line of credit at a bank. "He clears $5. "he works on commission" compensating balance • a minimum credit balance that a bank may require a borrower to keep on deposit as a condition for granting a loan.
"dishonor checks and drafts" draft a document ordering the payment of money. drawn by one person or bank on another drawee • the person (or bank) who is expected to pay a check or draft when it is presented for payment drawer • the person (or bank) who is expected to pay a check or draft when it is presented for payment .custodial account • a brokerage firm account that parents have created for a minor debit card a card (usually plastic) that enables the holder to withdraw money or to have the cost of purchases charged directly to the holder''s bank account debt instrument • a written promise to repay a debt demand deposit a bank deposit from which withdrawals can be made without notice deposit • • • • • • a payment given as a guarantee that an obligation will be met the phenomenon of sediment or gravel accumulating money given as security for an article acquired for temporary use. the balance to be paid later money deposited in a bank put into a bank account. "She deposites her paycheck every month" dishonor • refuse to accept. "his deposit was refunded when he returned the car" a partial payment made at the time of purchase.
FDIC a federally sponsored corporation that insures accounts in national banks and other qualified institutions Federal Deposit Insurance Corporation a federally sponsored corporation that insures accounts in national banks and other qualified institutions financial institution • an institution (public or private) that collects funds (from the public or other institutions) and invests them in financial assets float • • • the number of shares outstanding and available for trading by the public the time interval between the deposit of a check in a bank and its payment allow (currencies) to fluctuate. substitutes the bank''s credit for the customer''s credit member bank a bank that is a member of the Federal Reserve System money order a written order for the payment of a sum to a named individual. obtainable and payable at a post office mutual savings bank a state-chartered savings bank owned by its depositors and managed by a board of trustees national bank a commercial bank chartered by the federal government . "The government floated the ruble for a few months" Interest-bearing of financial obligations on which interest is paid letter of credit • a document issued by a bank that guarantees the payment of a customer''s draft.
"there was a saving of 50 cents" savings account • a bank account that accumulates interest savings and loan a thrift institution that is required by law to make a certain percentage of its loans as home mortgages . "it was a small economy to walk to work every day".negotiable instrument an unconditional order or promise to pay an amount of money overdraft a draft in excess of the credit balance passbook a record of deposits and withdrawals and interest held by depositors at certain banks penalty • a payment required for not fulfilling a contract personal identification number a number you choose and use to gain access to various accounts PIN a number you choose and use to gain access to various accounts postdate • establish something as being later relative to something else reconciliation getting two things to correspond. "the reconciliation of his checkbook and the bank statement" saving • an act of economizing. reduction in cost.
savings bank • • a container (usually with a slot in the top) for keeping money at home. reluctance to spend money unnecessarily time deposit a certificate of deposit from which withdrawals can be made only after advance notice or at a specified future date time draft a draft payable at a specified future date transfer • cause to change ownership. "the coin bank was empty" a thrift institution in the northeastern United States. "I transferred my stock holdings to my children" traveler's check . since deregulation in the 1980s they offer services competitive with many commercial banks sight draft a draft payable on presentation simple interest interest paid on the principal alone state bank a bank chartered by a state rather than by the federal government stop payment a depositor''s order to a bank to refuse payment on a check thrift extreme care in spending money.
"She drew $2. "the expanded window will give us time to catch the thieves". "they had a window of less than an hour when an attack would have succeeded" withdraw • • lose interest.window • the time period that is considered best for starting or finishing something. "he retired from life when his wife died" remove (a commodity) from (a supply source).000 from the account". "The doctors drew medical supplies from the hospital''s emergency bank" Payday Loan Canada withdrawal • • the act of withdrawing the act of taking out money or other capital Payday Loan Canada .
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