102 Banking

  • ABA Number

    An ABA number, also known as a financial institution’s routing number, is a nine-digit code that identifies banks, credit unions, and other financial service companies offering banking products in the…

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  • Account Agreement

    The contract governing your open-end credit account, it provides information on changes that may occur to the account.

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  • Account History

    The payment history of an account over a specific period of time, including the number of times the account was past due or over the limit.

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  • Account Holder

    Any and all persons designated and authorized to transact business on behalf of an account. Each account holder’s signature needs to be on file with the bank. The signature authorizes…

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  • Accrued Interest

    Interest that has been earned but not yet paid. With savings bonds, the amount of interest a security earns before it is issued. In most cases, securities don’t earn interest…

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  • Acquiring Bank

    In a merger, the bank that absorbs the bank acquired.

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  • Adverse Action Notice

    Under the Equal Credit Opportunity Act, an Adverse Action is when a creditor refuses to grant credit on the terms requested, termination of an existing account, or an unfavorable change…

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  • Affidavit

    An affidavit is a signed and sworn statement in writing before a proper official, such as a notary public.

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  • Alteration

    Any change involving an erasure or rewriting in the date, amount, or payee of a check or other negotiable instrument.

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  • Amortization

    Amortization is the process of reducing debt through regular installment payments of principal and interest that will result in the payoff of a loan at its maturity. It’s a payment…

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