20 Terms
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General banking
Banking related terms and phrases in general.
Industry: Banking
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General banking
adverse action notice
Banking; General banking
The notice required by the Equal Credit Opportunity Act advising a credit applicant or existing debtor of the denial of their request for credit or advising of a change in terms considered ...
affidavit
Banking; General banking
A sworn statement in writing before a proper official, such as a notary public.
alteration
Banking; General banking
Any change involving an erasure or rewriting in the date, amount, or payee of a check or other negotiable instrument.
amortization
Banking; General banking
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.
annual percentage rate (APR)
Banking; General banking
The cost of credit on a yearly basis, expressed as a percentage.
annual percentage yield (APY)
Banking; General banking
A percentage rate reflecting the total amount of interest paid on a deposit account based on the interest rate and the frequency of compounding for a 365-day year.
annuity
Banking; General banking
A life insurance contract sold by insurance companies, brokers, and other financial institutions. It is usually sold as a retirement investment. An annuity is a long-term investment and can have ...
