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

lease purchase agreement

Banking; Personal banking

A lease that includes an option for the lessee to purchase the leased property at a time and under terms specified in the lease.

legal risk

Banking; Personal banking

The risk to earnings or capital arising from unenforceable contracts, lawsuits, adverse judgments, or nonconformance with laws, rules, and regulations. One of six risks defined by the Federal ...

A provision in a hazard insurance contract stipulating that in the event of a loss, proceeds will be paid to a secured party. Usually used when the insured property is personal property. This is the ...

lender liability

Banking; Personal banking

An informal term referring to various manifestations of actual or potential legal liability arising from the conduct of a financial institution lender. Generally, lender liability arises from ...

letter of credit

Banking; Personal banking

An obligation issued by a bank on behalf of a bank customer to a third party. There are many different kinds of letters of credit. The two most common are commercial letters and standby letters. A ...

letter of credit right

Banking; Personal banking

A right to payment or performance under a letter of credit whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. The term does not include the right ...