Personal banking

Personal banking

Referring to the business when banks carry out transactions with customers directly, rather than with other banking institutions or with large corporations.

Industry: Banking

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Personal banking

Financial Accounting Standards Board (FASB)

Banking; Personal banking

An accounting industry organization; part of the Financial Accounting Foundation. FASB issues Statements of Financial Accounting Standards that define and govern GAAP for nongovernment entities in ...

Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)

Banking; Personal banking

A federal law enacted in 1989. FIRREA primarily addresses the operation of savings and loan associations; however, it includes a number of important provisions affecting commercial banks. Arguably ...

financial instrument

Banking; Personal banking

Cash, evidence of ownership in an entity (e.g., stock), a contract that creates a right or obligation to receive or deliver cash (e.g., notes and bonds), or a contract that creates a right or ...

financial intermediary

Banking; Personal banking

A party such as a bank or other financial institution that accepts funds from a provider and places those funds with a user. The intermediary's investment from the user is usually for a longer term, ...

financial statements

Banking; Personal banking

Collective name for historical financial reports of assets, liabilities, capital, income, and expense.

financing statements

Banking; Personal banking

Forms, usually standard UCC-1 forms, that are required by Article 9 of the UCC to be recorded in a designated public location in order to perfect a creditor’s lien in personal property collateral. ...

firm commitment

Banking; Personal banking

An agreement with an unrelated party that is binding on both parties and that is usually legally enforceable. In FAS 133, FASB specifies that the following are both satisfied for a firm commitment: ...