Usually unlawful discriminatory banking (or insurance) practice whereby those living in or doing business in certain poor (or allegedly bad) neighborhoods are either denied credit (or insurance) or have to pay higher than normal rates.
Check Cashing Fee
a fee that the bank will charge you when you deposit a check issued by a customer of another bank into your bank account.
The part of a payroll check that includes information about the current paycheck as well as payments to date..
Property pledged as security for performance of an obligation, such as a loan, mortgage loan
Privately owned financial institution which (1) accepts demand and time deposits, (2) makes loans to individuals and organizations, and (3) provides services such as documentary collections, international banking, trade financing.
A check written by a financial institution on its own funds. It is then signed by a representative of the financial institution and made payable to a third party.
A criminal act which involves the unlawful use of checks to illegally acquire or borrow funds that do not exist within the account balance or account-holder's legal ownership.
A person who adds money to their account.
Credit arrangement under which a bank automatically extends a short-term loan to cover a check's amount that exceeds the check writer's (drawer's) account balance. This arrangement ensures the check is not returned (bounced) due to not sufficient funds (NSF) which may call for a criminal charge.
Automatic transfer of salaries, wages, rents, benefits, or other such sums, directly to the account of an employee or beneficiary.
A company concerned primarily with providing money, as for short-term loans Financial Intermediaries-channeling funds between surplus and deficit agents
Difficulty converting something to cash. Real property is deemed illiquid because turning it into money is not easy.
Occurs when an account cannot provide adequate funds to satisfy the demand of a payment.
To sign a legal document, such as a check.
A federal agency that provides insurance on funds deposited with banks and thrift institutions up to $100,000.
Line Of Credit
An arrangement in which a bank or vendor extends a specified amount of unsecured credit to a specified borrower for a specified time period.
Money Market Account
Special savings-account which pays fluctuating interest rate that, on average, is higher than the interest rate on ordinary savings accounts.
U.S. Savings Bond
-free government bonds sold usually at a discount on their par-value, and considered risk free investment.
A type of check where the issuing bank guarantees the recipient of the check that there is enough cash available in the holder's account to be transferred when the check is used and also that the account holder's signature on the check is genuine.
A number assigned a check by the financial institution
Financial instrument, issued by a bank or other institution, allowing the individual named on the order to receive a specified amount of cash on demand.
Computerized service that allows a bank's customers to get online with the bank via telephone lines to view the status of their account(s) and transaction history. It usually also allows them to transfer funds, pay bills, request check books, etc.
Personal Identification Number. Code used by an individual so that he/she can access his/her bank account at an ATM machine, but others can't.
Financial cooperative created for and by its members who are its depositors, borrowers, and shareholders.
Any of a number of fraudulent, deceptive, discriminatory, or unfavorable lending practices.
A document signed by a borrower promising to repay a loan under agreed-upon terms also called note
Reconciliation of Check Register
Item by item examination of two related sets of figures obtained from the bank statement and your records.
A small booklet you receive with your checks when you open a checking account.
Safe Deposit Box
Strong storage container maintained in the vault area of a bank and rented to bank customers for safekeeping of valuables.
A financial institution whose primary function is to hold deposit in savings accounts.
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