General banking

General banking

Banking related terms and phrases in general.

Industry: Banking

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General banking

power of attorney

Banking; General banking

A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the ...

preauthorized electronic fund transfers

Banking; General banking

An EFT authorized in advance to recur at substantially regular intervals.

preauthorized payment

Banking; General banking

A system established by a written agreement under which a financial institution is authorized by the customer to debit the customer's account in order to pay bills or make loan payments.

A policy that offers fixed combinations of building/contents coverage or contents-only coverage at modest, fixed premiums. The PRP generally is available for property located in B, C, and X Zones in ...

prepayment

Banking; General banking

The payment of a debt before it actually becomes due.

prepayment clause

Banking; General banking

A clause in a mortgage allowing the mortgagor to pay off part or all of the unpaid debt before it becomes due.

prepayment penalty

Banking; General banking

A penalty imposed on a borrower for repaying the loan before its due date. (In the case of a mortgage, this applies when there is not a prepayment clause in the mortgage note to offset the penalty.)