General banking

General banking

Banking related terms and phrases in general.

Contributors in General banking

General banking

Under the Equal Credit Opportunity Act (ECOA), an oral or written request for an extension of credit that is made in accordance with the procedures established by a creditor for the type of credit ...

appraisal

Banking; General banking

The act of evaluating and setting the value of a specific piece of personal or real property.

authorization

Banking; General banking

The issuance of approval, by a credit card issuer, merchant, or other affiliate, to complete a credit card transaction.

automated clearing house (ACH)

Banking; General banking

A computerized facility used by member depository institutions to electronically combine, sort, and distribute inter-bank credits and debits. ACHs process electronic transfers of government ...

automated teller machine (ATM)

Banking; General banking

A machine, activated by a magnetically encoded card or other medium, that can process a variety of banking transactions. These include accepting deposits and loan payments, providing withdrawals, and ...

automatically protected

Banking; General banking

As of May 1, 2011, up to two months of Federal benefits such as Social Security benefits, Supplemental Security Income benefits, Veteran’s benefits, Railroad Retirement benefits, and benefits from ...

automatic bill payment

Banking; General banking

A checkless system for paying recurring bills with one authorization statement to a financial institution. For example, the customer would only have to provide one authorization form/letter/document ...