banking terms and abbreviations 

photo by daveograve

A bank is a commercial or state institution that provides financial services, including issuing money in form of coins, banknotes or debit cards, receiving deposits of money, lending money and processing transactions. A commercial bank accepts deposits from customers and in turn makes loans based on those deposits. Some banks (called Banks of issue) issue banknotes as legal tender. Many banks offer ancillary financial services to make additional profit; for example: selling insurance products, investment products or stock broking.

account

Money deposited with a financial institution for investment and/or safekeeping purposes.

adjusted balance

The balance that remains when all payments made during a billing cycle are subtracted from the balance from the previous billing cycle. This balance does not include finance charges for the current billing cycle.

AER

Annual earnings rate on an investment.

affinity card

A credit card offered by a lending institution in partnership with another institution. These cards are also known as co-brand cards, because both institutions lend their branding to the card.

annual fee

A yearly fee charged to a customer to participate in an open-ended credit program.

annual percentage rate (APR)

The cost of credit expressed as a yearly rate. APR is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan.

annuity

A life insurance product which pays income over the course of a set period. Deferred annuities allow assets to grow before the income is received and immediate annuities (usually taken from a year after purchase) allow payments to start from about a year after purchase.

APR

The annual percentage rate of interest, usually on a loan or mortgage, usually displayed in brackets and representing the true cost of the loan or mortgage as it shows any additional payments beyond the interest rate.

assets

Items of monetary value (e.g., house, land, car), owned by an individual or a company.

ATM

Acronym for automated teller machine.

authorized user

A person who has been given permission to make changes to a credit account. This status must be given by the primary account user. An authorized user is not legally responsible for repaying the account.

average daily balance

The balance that results from adding together all the daily balances of a credit account in the billing cycle and dividing by the number of days in the billing cycle. This balance is often used to calculate finance charges.

balance

An outstanding amount of money. In banking, balance refers to the amount of money in a particular account. In credit, balance refers to the amount owed.

balance transfer

Repayment of one credit debt with another credit source.

balance transfer fee

The fee charged to transfer balances between two credit sources. This fee is often a percentage of the amount transferred.

bank

An establishment for lending, issuing, borrowing, exchanging, and safeguarding money.

bank statements

This is a statement from the bank giving details of transactions in the relevant account. It can be requested at any intervals required, usually monthly.

bankruptcy

A legal action taken when a credit holder cannot repay his or her debt. It modifies or eliminates the legal responsibility to repay some forms of debt. This is a serious action that can have serious consequences on a consumer’s financial future.

bear market

A bear is somebody who believes that the market is falling and a bear market is a falling market. See bull market for the opposite.

billing cycle

The period of time that a credit statement covers.

billing statement

The summary of all actions applied to a credit account during a billing cycle. These can include payments, purchases, finances charges, fees and other transactions.

bond, bonds

These are securities which pay interest at specified intervals and the principle amount of the loan is paid at maturity. An IOU issued by a corporation, the U.S. Government, or a city that is held by the lender as receipt that the business or institution has borrowed a specific amount of money. All bonds pay interest yearly and are payable in full at a specified date written on the bond.

bounced check,bounced cheque

A check that a bank has refused to cash or pay because you have no funds to cover it in your account. When the bank has not enough funds in the relevant account or the account holder requests that the cheque is bounced (under exceptional circumstances) then the bank will return the cheque to the account holder. The beneficiary of the cheque will have not been paid. This normally incurs a fee from the bank.

bull market

A bull is somebody who believes that the market is rising and a bull market is a rising market. See bear market for the opposite.

canceled check

A "used" check that has been paid and subtracted from the check-writer's account. Canceled checks have extra data on them from the bank. They are usually mailed to the writer each month with the statement, although many banks keep records that are available upon request. Canceled checks are excellent receipts that should be kept for reference and tax purposes.

capital

A stock of accumulated wealth used or available for producing more wealth.

cardholder agreement

The written statement that defines and explains all legal terms for a credit card agreement. It includes payment terms, billing dispute procedures and communications guidelines, among other items.

cash

Money in the form of paper and coins (e.g., U.S. dollars and cents). In banking, this is the act of paying a check.

cash advance fee

A fee assessed when a card holder uses a credit card to obtain cash. These fees are often charged as a percentage of the cash obtained.

cashback mortgages

This is when the mortgage provider lends the money for the mortgage and, in addition, a lump sum to pay for, for example, building work to be carried out.

cashier's check

A check issued by a bank, drawn on its own funds rather than on one of its depositor's funds.

central clearing time (England and Wales)

This is the time that it takes for the monies from a cheque to be taken out of the payee’s account and put into the payer’s account. This is three working days in England and Wales, as long as the cheque was paid in before 16.30.

certificate of deposit

A savings account in which an individual promises to deposit the money for a set period of time, for which the bank pays higher interest than a regular savings account.

certified documents

These are photocopies of original documents that have been signed by a professional i.e. a solicitor, accountant, teacher, doctor or bank official. The professional also states, on the document, "original seen" since they must be able to verify that these are genuine copies and therefore have to have seen the original, they also date the document and put their full name, profession and their address.

charge card, charge cards

A card that requires a user to pay off the entire balance every month. Cards which can be used like a credit card but the charge has to be paid off on the due date. They usually have a high limit or no limit.

charges

This is the money paid to the bank for services rendered. Charges include overdraft fees, charges for bouncing cheques, interest on overdraft and any charges that a business account might normally incur.

check

Any written document instructing a bank to pay money from the writer's account.

check book, cheque book

A small, bound booklet of cheques. A cheque is a piece of paper produced by your bank with your account number, sort-code and cheque number printed on it. The account number distinguishes your account from anyone else’s, the sort-code is your bank’s special code which distinguishes it from any other bank. In times gone by, anything with the correct details and a verifiable signature could act as a cheque. Even an elephant was once used!

check card

See debit card.

checking account

An account for which the holder can write checks. Checking accounts pay less interest than savings accounts, or none at all.

cheque clearing

This is the process of getting the money from the cheque-writer’s account into the cheque receiver’s account.

chip and pin

A Chip is a small electronic insert placed into a cheque or credit card. The PIN is a four digit personal identification number which is used with the card by the card-holder.

clear

A check "clears" when its amount is debited (subtracted) from the payer's account and credited (added) to the payee's account.

clearing bank

This is a bank that can clear funds between banks. For general purposes, this is any institution which we know of as a bank or as a provider of banking services.

collateral

Anything that a bank accepts as security against the debtor's not repaying a loan. If the debtor fails to repay the loan, the bank is allowed to keep the collateral. Collateral is most commonly in the form of real estate (e.g., a home).

commercial bank

Nongovernmental financial institutions. Sometimes called full-service banks because they provide a wide range of services, such as checking and savings accounts, credit and loan arrangements, and safety deposit box rentals. Commercial banks also sell and redeem U.S. savings bonds.

compound interest

Interest calculated not only on the original principal, but also on the interest already accrued.

contract hire

This is a way of hiring an item of large capital value where the maintenance is the responsibility of the company that hires out the item. A fixed monthly figure is paid and the item can be sold, usually to an unconnected third party.

co-signer

The person who signs on a credit agreement in addition to the primary applicant. This person is legally responsible for repayment of the debt.

county court judgement

This is when a judge at a county or small claims court finds against an individual and they have a county court judgement made against them. This is recorded nationwide (and by the credit tracking organizations Experian and Equifax) so anyone wanting to know the credit-worthiness of an individual will know that the county court judgement exists. Once it is paid off then the record remains but it is shown as being paid which reduces the credit risk associated with the person with the county court judgement.

credit

In business, buying or borrowing on the promise to repay at a later date. In any credit arrangement there is a creditor (a person, bank, store, or company to whom money is owed) and a debtor (the person who owes money). In bookkeeping, credit is a sum of money due to an individual or institution.

credit bureau

An agency that checks credit information and keeps a complete file on people who apply for and use credit.

credit card

A plastic card that gives access to a line of credit. Users are limited in how much they can charge, but they are not required to repay the full amount each month. Instead the balance (or "revolve") accrues interest with only a minimum payment due.

credit insurance

A coverage that pays credit card debt in the event of death, disability or loss of employment.

credit limit

The maximum amount of money a borrower can access in a credit account.

credit rating

A financial institution's evaluation of whether a person is suitable to receive credit. Credit ratings are based on an individual's character, capacity to repay, and capital. The rating which an individual (or company) gets from the credit industry. This is obtained by the individual’s credit history, the details of which are available from specialist organisations.

credit report

A summary of the credit usage of a consumer, including payment histories and current status of all credit accounts. This plays a very large part in the decision to grant credit to a consumer.

credit scoring

This is the process of assessing an individual’s credit-worthiness. The process involves taking information from an individual on an application form (for example when applying for a store card) and weighting the answers given. Certain responses will attract higher scores than others and the total score will determine whether or nor the organization wants to do business with the individual, or if they represent too high a credit risk.

credit union

A member-owned financial institution, either state or federally chartered. Credit unions are often more competitive than banks and savings and loan associations because its nonprofit status makes its operating costs lower.

credit worthiness

This is the judgement of an organization which is assessing whether or not to take a particular individual on as a customer. An individual might be considered credit-worthy by one organisation but not by another. Much depends on whether an organization is involved with high risk customers or not.

currency

Money
anything used as a common medium of exchange. In practice, currency means cash, particularly paper money. Bankers often use the phrase "coin and currency" to refer to cents and dollars.

debit

A bookkeeping term for a sum of money owed by an individual or institution; a charge deducted from an account.

debit card

A banking card enhanced with ATM (automated teller machine) and POS (point-of-sale) features that can be used to purchase goods and services electronically. The card replaces cash or checks. Transactions are deducted from the cardholder's checking account either immediately or within one to three days. Depending upon the type of card, a debit card may require the user to sign his or her name or enter a PIN (personal identification number) into special equipment.

default

A status assigned to a cardholder if he or she fails to perform or conform to all the items listed in the cardholder agreement.

demand deposit

A checking account.

deposit slip

An itemized slip showing the exact amount of paper money, coin, and checks being deposited to a particular account.

depositor

An individual or company that puts money in a bank account.

direct debit

An amount of money taken from a bank account, set up by the recipient and can vary in amount and exact time that it is taken from an account. Mortgages are usually direct debits.

endorse

To sign, as the payee, the back of a check before cashing, depositing, or giving it to someone else. The first endorsement must be made by the payee to authorize the transaction. Later endorsements may be made by whomever receives the check.

endowment mortgage

Interest only is paid over the term of this sort of mortgage and the capital is repaid at the end of the term by using the monies from an endowment policy.

factoring

This is when a business sells its invoices to a specialist company or bank which chases payment and pays a percentage of the invoice back to the original business. The business can then continue with its’ work and problems from cash-flow are reduced by having money from unpaid invoices up-front.

federal reserve system

A governmental agency established by Congress to organize and regulate banking throughout the United States. The twelve reserve banks keep paper and currency reserves for affiliated banks.

fixed rate

An interest rate that does not vary over time.

foreign currency surcharge

A fee charged when a card purchase utilizes a foreign currency and it must be converted into the cardholder’s home currency.

grace period

The length of time between the use of credit to make a purchase and the start of interest on the amount charged.

guarantor

A person who is financially responsible for the repayment of a credit account but has no use privileges.

hire purchase

When an item of large capital value is bought over time by paying a deposit and fixing a period over which the loan will run (usually between 12 and 60 months) and then paying fixed and equal repayments over this period.

identity theft

This is when criminals use an innocent person’s details to open or use an account to carry out financial transactions. It is very easy to do with an individual’s personal details, which is why shredding confidential information is so important.

identity verification

This is often used by financial institutions to verify the customer and usually takes the form of a pass-word and the answer to an obscure personal question such as the customers’ mothers’ maiden-name.

index

A published interest rate that is used to determine the actual rate charged with a variable interest rate account. The prime rate, published in the Wall Street Journal, is often used as the index.

interest

The fee paid for the use of money. Interest may be paid, for example, by an individual to a bank for credit card use, or by a bank to an individual for holding a savings account. Interest is expressed in terms of annual percentage rate (APR). The amount paid or charged on money over time. If you borrow money interest will be charged on the loan. It you invest money, interest will be paid (where appropriate to the investment). Interest rates usually bear a close relationship to the Bank of England’s base rate. It is expressed in percent.

introductory rate

A temporarily low interest rate, used as incentive to entice a consumer to sign up for credit. After the introductory period, the rate will increase to the standard percentage.

ISAs

This stands for Individual Savings Accounts. These are available to all UK residents over 18 (mini ISAs are available to 16 and 17-year-olds). Investment limits apply to the total contributions made in any tax year, not to the total in the ISA itself. ISAs can be cash, stocks and shares or life insurance.

joint account

A savings or checking account established in the names of more than one person (e.g., parent/child, wife/husband).

late payment fee

A fee charged to a consumer if his or her monthly payment is made after the due date stated on the billing statement.

lease purchase

This is an agreement made on an item of high capital outlay (for example, a car) where the ownership is transferred to the person who is leasing the item at the end of the contract, providing all the terms and conditions of the purchase have been fulfilled.

liabilities

Money owed to individuals, businesses, or institutions.

line of credit

An authorized amount of credit given to an individual, business, or institution.

market economy

An economic system permitting an open exchange of goods and services between producers and consumers, such as is found in the United States.

minimum payment

The smallest payment a consumer can make in a billing cycle to keep the account from going into default.

money

Anything generally recognized as a medium of exchange.

money laundering

This is when money gained from crime is put into a bank so that it can be accessed safely by the criminals and terrorists. It makes the proceeds of illegal activities easier to get to.

money transfer

This is the movement of money from one account to another.

money transfer abroad

This is the movement of money from one account to another, the second being in a different country from the first.

mortgage

A long-term loan obtained by individuals to buy a home that legally transfers ownership from the debtor to the creditor until the debt is paid.

offsetting

This is when the credit balances in a current and savings account are netted off against the account holders’ borrowings (typically a mortgage) so that the rate paid on the borrowing is reduced as a result of the credit held in other accounts, which reduces the amount that is being borrowed.

overdraft

A check written for more money than is currently in the account. If the bank refuses to cash the check, it is said to have "bounced." When a person has a minus figure in their account. It can be authorized (agreed to in advance or retrospect) or unauthorized (where the bank has not agreed to the overdraft either because the account holder represents too great a risk to lend to in this way or because the account holder has not asked for an overdraft facility).

passbook

A booklet given by the bank to the depositor to record deposits, withdrawals, and interest earned on a savings account.

payee

An individual or company to whom a check is written; one who receives money as payment. The person who receives a payment. This often applies to cheques. If you receive a cheque you are the payee and the person or company who wrote the cheque is the payer.

payer

An individual or company who writes a check; one who gives money as payment. The person who makes a payment. This often applies to cheques. If you write a cheque you are the payer and the recipient of the cheque is the payee.

penalty rate

A higher interest rate imposed on an account when it has lapsed into default.

PEP

Personal Equity Plans have been replaced by ISAs. Existing PEPs can be retained but, since April 1999, no new ones can be opened. (UK)

personal identification number (PIN)

A code that provides security for consumers at an ATM.

phishing

When a criminal uses the internet to try to fraudulently obtain details of people’s accounts so that they can use these accounts themselves, usually to take money out of.

point of sale (POS)

The store or other location where a transaction takes place.

posting date

The date when a transaction is recognized on your account.

pre-approved

A term used to denote a credit offer that is extended after the creditor has performed a credit pre-screening process.

previous balance

The balance that has carried over from the previous billing period.

prime rate

An index rate that is used to determine the APR in a variable interest rate account.

principal

The original amount of money borrowed, deposited, or invested before interest accrues.

proprietary credit card

A private labeled credit card typically issued by a department store or petroleum company that can only be used at those specific outlets.

refinance

To revise a loan agreement to make the terms of payment more suitable to a borrower's present income and ability to repay. Refinancing usually provides a lower interest rate and lower monthly payments over a longer period of time.

repayment mortgage

This is a mortgage where the sum borrowed is paid off by the end of the mortgage term. It involves monthly repayments which consist of the interest on the loan plus some of the capital borrowed.

revolving line of credit

A credit agreement that allows a consumer to borrow a set amount of money, then after repayment of any portion of that money, the consumer may borrow again up to the original set amount. A credit card is a form of revolving credit.

savings account

A bank account that accrues interest in exchange for use of the money on deposit.

savings and loan association

State-chartered or federally-chartered financial intermediary that accepts deposits from the public and invests those funds primarily in residential mortgage loans.

secured card

A credit card that is guaranteed by a security deposit so that repayment of the amount borrowed is assured. This is an option to begin to repair a bad credit history.

security for loans

Where large loans are required the lending institution often needs to have a guarantee that the loan will be paid back. This takes the form of a large item of capital outlay (typically a house) which is owned or partly owned and the amount owned is at least equivalent to the loan required.

service charge

A monthly fee a bank charges for handling a checking account.

standing order

A regular payment made out of a current account which is of a set amount and is originated by the account holder.

stop payment

A request made to a bank to not pay a specific check. If requested soon enough, the check will not be debited from the payer's account. Normally there is a charge for this service.

terms

The period of time and the interest rate arranged between creditor and debtor to repay a loan.

tessas

Tax Exempt Special Savings Accounts.

tiered

A term that applies to interest rates, where the actual rate applied depends on the balance on the account.

transaction date

The date that a purchase was made or a cash advance was taken.

truth in lending act

A law that required a lender to inform a borrower of the amount financed, total finance charges, annual percentage rate, payment schedule, and many more important figures.

unsecured debt

A credit source that is not guaranteed with collateral.

variable rate

An interest rate that changes and is determined by adding the index rate to the previously disclosed margin.

wire transfer

A transaction that electronically transfers money from one financial institution to another.

withdrawal

An amount of money taken out of an account.

Currently in most jurisdictions commercial banks are regulated and require permission to operate. Operational authority is granted by bank regulatory authorities and provide rights to conduct the most fundamental banking services such as accepting deposits and making loans. A commercial bank is usually defined as an institution that both accepts deposits and makes loans; there are also financial institutions that provide selected banking services without meeting the legal definition of a bank (see banking institutions).

Banks have a long history, and have influenced economies and politics for centuries. In history, the primary purpose of a bank was to provide liquidity to trading companies. Banks advanced funds to allow businesses to purchase inventory, and collected those funds back with interest when the goods were sold. For centuries, the banking industry only dealt with businesses, not consumers. Commercial lending today is a very intense activity, with banks carefully analysing the financial condition of its business clients to determine the level of risk in each loan transaction. Banking services have expanded to include services directed at individuals and risk in these much smaller transactions are pooled.

A bank generates a profit from the differential between what level of interest it pays for deposits and other sources of funds, and what level of interest it charges in its lending activities. This difference is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclic and dependent on the needs and strengths of loan customers. In recent history, investors have demanded a more stable revenue stream and banks have therefore placed more emphasis on transaction fees, primarily loan fees but also including service charges on array of deposit activities and ancillary services (international banking, foreign exchange, insurance, investments, wire transfers, etc.). However, lending activities still provide the bulk of a commercial bank's income.

The name bank derives from the Italian word banco, desk, used during the Renaissance by Florentines bankers, who used to make their transactions above a desk covered by a green tablecloth.

http://en.wikipedia.org/wiki/Bank

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A currency is a unit of exchange, facilitating the transfer of goods and/or services. It is one form of money, where money is anything that serves as a medium of exchange, a store of value, and a standard of value. A currency is the dominant medium of exchange. To facilitate trade between currency zones, there are exchange rates, which are the prices at which currencies (and the goods and services of individual currency zones) can be exchanged against each other. Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime. In common usage, currency sometimes refers to only paper money, as in coins and currency, but this is misleading. Coins and paper money are both forms of currency.

In most cases, each country has monopoly control over the supply and production of its own currency. Member countries of the European Union's Economic and Monetary Union are a notable exception to this rule, as they have ceded control of monetary policy to the European Central Bank.

In cases where a country does have control of its own currency, that control is exercised either by a central bank or by a Ministry of Finance. In either case, the institution that has control of monetary policy is referred to as the monetary authority. Monetary authorities have varying degrees of autonomy from the governments that create them. In the United States, the Federal Reserve System operates without direct interference from the legislative or executive branches. It is important to note that a monetary authority is created and supported by its sponsoring government, so independence can be reduced or revoked by the legislative or executive authority that creates it. However, in practical terms, the revocation of authority is not likely. In almost all Western countries, the monetary authority is largely independent from the government.

Several countries can use the same name, each for their own currency (e.g. Canadian dollars and United States dollars), several countries can use the same currency (e.g. the euro), or a country can declare the currency of another country to be legal tender. For example, Panama and El Salvador have declared U.S. currency to be legal tender, and from 1791-1857, Spanish silver coins were legal tender in the United States. At various times countries have either re-stamped foreign coins, or used currency board issuing one note of currency for each note of a foreign government held, as Ecuador currently does.

Each currency typically has one fractional currency, often valued at 1⁄100 of the main currency: 100 cents = 1 dollar, 100 centimes = 1 franc, 100 pence = 1 pound. Units of 1⁄10 or 1⁄1000 are also common, but some currencies do not have any smaller units. Mauritania and Madagascar are the only remaining countries that do not use the decimal system; instead, the Mauritanian ouguiya is divided into 5 khoums, while the Malagasy ariary is divided into 5 iraimbilanja. However, due to inflation, both fractional units have in practice fallen into disuse.

See non-decimal currencies for other (mostly historic) currencies with non-decimal divisions.

http://en.wikipedia.org/wiki/Currency