General banking

General banking

Banking related terms and phrases in general.

Industry: Banking

Add a new term

Contributors in General banking

Become a Contributors

General banking

payoff

Banking; General banking

The complete repayment of a loan, including principal, interest, and any other amounts due. Payoff occurs either over the full term of the loan or through prepayments.

payoff statement

Banking; General banking

A formal statement prepared when a loan payoff is contemplated. It shows the current status of the loan account, all sums due, and the daily rate of interest.

periodic rate

Banking; General banking

The interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is the cost of credit per month; the daily periodic rate is the cost of credit per day.

periodic statement

Banking; General banking

The billing summary produced and mailed at specified intervals, usually monthly.

personal identification number (PIN)

Generally a four-character number or word, the PIN is the secret code given to credit or debit cardholders enabling them to access their accounts. The code is either randomly assigned by the bank or ...

point of sale (POS)

Banking; General banking

1) The location at which a transaction takes place. 2) Systems that allow bank customers to effect transfers of funds from their deposit accounts and other financial transactions at retail ...