Create an account
a number you choose and use to gain access to various accounts; a personal identification number
an automatic loan made to you if you write a check for more money than you have in your account
Automated teller machine; an unattended machine (outside some banks) that dispenses money when a personal coded card is used
looks like a credit card but is connected to the cardholder's checking account for transactions; money is automatically withdrawn from the account
paper checks are scanned into a computer system at the place of business and immediately returned to the customer
a service provided by financial institutions that allows customers to manage their transactions through computerized network services
Federal Reserve Bank
group of 12 regional banks that provide financial services, contribute to monetary policy, and supervise commercial banks in their regions
when goods, services, and/or money are recieved in exchange for a promise to pay back a definite sum of money at a future time
annual percentage rate; the interest rate charged to the cardholder on the amount borrowed in terms of dollars per year
an asset of value that lenders can take from you if you don't repay the loan as promised (4 C's of credit)
lenders want to know if you have any items that they can sell to repay the loan in the event that you don't pay your bills (4 C's of credit)
lenders want to know if you are able to repay a loan based on income and employment history (4 C's of credit)
a clause included in many agreements that allows a credit card company to increase your interest rate if you make just one late payment
a rating used by credit reporting companies to help lenders decide whether and/or how much credit can be extended to a borrower
amount of time allowed to the cardholder between the day the items are charged on the credit card and the day finance charges begin to apply
reciever of the check signs his/her signature; anyone can deposit or cash the check after it is signed
more secure; reciever writes "for deposit only" above his/her signature; allows checks to only be deposited
reciever signs and writes "pay to the order of (fill in the person's name)"; allows the check to be transferred to a second party
type of bankruptcy: most of your debt is erased, is for unemployed and people with low income, and these people must take financial counseling
type of bankruptcy: you must repay many of your debts over time (5 years) and the court oversees these payments
pre-approved credit which can be used for the purchase of items now and payment of them later
The federal truth in lending act requires institutions to list the costs of credit cards in this in order for customers to avoid unexpected finance charges. It is helpful for consumers in comparing credit card offers and it tells all the little details.
late payment fees
a fee charged when a cardholder does not make the min. monthly payment by the due date
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