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Banking and Financial Services

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Random House Word Menu by Stephen Glazier

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ABA number - American Banking Association number
acceptance - short-term credit arrangement used in financing trade in which banks substitute their credit for the customer’s
account - record of all financial transactions for specific person or entity
accrued interest - interest owed but not yet paid
acquittance - document or receipt held as evidence of discharge of debt
adjustable rate - interest rate, esp. on mortgage, that varies with predetermined factors
agio - fee paid to exchange one currency for another
American Banking Association number - ABA number; bank’s identification number in upper right corner of check
amortization - paying off of debt in installments over time, with each payment covering current interest and part of principal
annuity - investment plan providing guaranteed retirement income
appraisal - estimate of property’s true value, esp. by expert
arrears - overdue debts
ATM - automated-tellermachine
automated-teller machine - ATM; computerized electronic device for depositing and withdrawing funds from account; cash machine
bad debt - uncollectable bill or loan
balance - amount standing as credit in checking or savings account
balance due - amount standing as debit on charge account
balloon payment - large final loan payment after many smaller payments
bank - institution receiving money on deposit, lending money on interest, and simplifying fund exchanges by use of checks and notes
bankbook - small booklet in which account transactions are recorded
bank card - personalized, magnetically imprinted plastic card used in combination with secret code for ATM transactions
bank check - check drawn by bank on itself and signed by authorized bank officer; cashier’s check
bank clerk - Chiefly Brit. teller
bank draft - check drawn by bank against funds deposited to its account in another bank
banker - owner or manager of bank
banker’s acceptance - draft or bill of exchange drawn on bank and accepted by it
banking - business and practice of operating a bank
banking house - company in business of banking
bank note - paper note issued by bank for use as money; currency
bank paper - bank notes collectively
bank rate - standard discount interest rate set by central bank, esp. in Britain
bank run - series of large withdrawals made by bank depositors fearful of bank failure
bankrupt - (adj) designating person or entity whose total property and assets are insufficient to pay debts
bank statement - list of transactions and charges on customer’s account during regular period, usu. issued monthly
bearer - holder of note or other financial instrument
beneficiary - person for whom funds are placed in trust, in whose favor letter of credit is issued, or who receives income from estate, insurance policy, or annuity
blind trust - trust in which public official, to avoid conflict of interest, places assets under control of independent trustee who manages them without owner’s oversight
borrow - (vb) take out a loan with understanding that it will be repaid in specified time, usu. with interest
bounced check - check returned by bank due to insufficient funds
branch bank - bank office operating at distance from main bank
building and loan association - savings and loan association
bursar - treasurer, esp. of college
call loan - loan repayable on demand
call money - funds loaned by bank to stockbrokers that may be demanded at any time
capital - money, assets, and property used as means of production; owner’s equity in business plus creditors’ advances
capital funds - total capital accounts of bank, including par value of capital stock, surpluses, undivided profits, and capital reserves
cash - (vb) turn in check at bank and receive currency
cashier - bank officer responsible for receipts and disbursements
cashier’s check - bank check
cash machine - automated-teller machine
CD - certificate of deposit
central bank - banker’s bank, such as Federal Reserve
certificate of deposit - CD; receipt for funds deposited, usu. for specified amount of time at fixed interest rate
certified check - check with bank guarantee that sufficient funds are on deposit to cover it, usu. indicated by special stamp
charge - purchase made on credit to be paid in cash over specified time, often with interest
charge account - account, usu. with retail store, that allows customer to buy merchandise on credit
check - written order for bank to pay funds held for depositor; also, esp. Brit., cheque
checkbook - book containing detachable forms for writing checks on bank account
checking account - account at bank against which checks may be drawn
chit - voucher for small sum of money owed
Christmas club - savings account from which funds are withdrawn at Christmas to pay for shopping
clearinghouse - central bank in which representatives of local banks meet daily to exchange checks and settle balances
collateral - assets pledged by borrower to guarantee repayment of loan
collection - recovery of loans in default of regular payments; department or agency responsible for this
collection items - drafts or notes subject to collection before proceeds are credited to depositor’s account
co-maker - person signing another’s note to strengthen credit
commercial bank - bank primarily involved in taking demand deposits for checking accounts and offering short-term loans
commercial paper - short-term negotiable debt instrument arising out of corporate commercial transactions
commute - (vb) substitute single payment for series of smaller payments
compound interest - interest calculated on total of principal plus accrued interest
consumer credit - credit offered to individuals rather than institutional borrowers
correspondent bank - bank that carries deposit balance for bank in another locality and exchanges services with that bank
cosigner - person signing loan contract and promising to repay loan if borrower defaults
counter check - check available at counter for use of depositors in making withdrawals
counterfoil - Chiefly Brit. check or receipt stub
countersign - (vb) sign another person’s document in order to verify authenticity
courtesy card - personalized card entitling bearer to special banking privileges
creative financing - financing that combines different instruments, such as bonds and mortgages
credit - arrangement for future payment, usu. with interest, on goods or money obtained immediately; funds available to borrower
credit bureau - agency providing information to lenders on credit rating of individuals or companies
credit card - plastic card certifying bearer’s entitlement to charge purchases to credit account
credit limit - largest amount that can be borrowed on credit card or account
credit line - line of credit
creditor - person or business to whom amount is owed
credit rating - measure of past credit reliability, used to gauge degree of risk involved in loan or extension of credit to individual or business
credit union - cooperative association for pooling savings of members or employees and making loans to them at low interest
debt - amount owed to lender by borrower
debt service - total interest on loan over full term of payments
default - failure to make timely loan payments
deferred payment - money withheld until certain date
delinquency - failure to meet agreed-upon time for debt repayment
demand deposit - bank deposit that may be withdrawn without notice
deposit - money stored in bank or financial institution; partial payment for goods, services, or property
depository - place where funds and valuables are placed for safekeeping
deposit slip - written record of amount placed in bank on specific date
depreciation - gradual devaluation or drop in price
deregulation - elimination of government regulatory controls on deposits and loans, allowing freer banking activities
discount - interest paid at beginning of loan period, deducted from principal in advance
discount rate - interest charged by Federal Reserve Bank on loans to member banks
dishonor - (vb) refuse check presented as payment; refuse to make due payment on debt
down payment - initial payment required on credit purchase
draft - written order for payment
Dun & Bradstreet - agency furnishing information to subscribers on financial standing and credit rating of businesses
dunning - harassment of debtor for payment
duty - tax on imports or exports
early withdrawal - withdrawal of funds from timed deposit before maturity, usu. involving interest forfeiture
earnest money - funds given as partial payment and binding pledge in agreement
EFT - electronic fundstransfer
electronic funds transfer - EFT; banking transaction via telecommunications network
embezzlement - illegal appropriation of property or funds entrusted to one’s care
encashment - act of cashing a check
endorsement - signature on back of item, usu. check, authorizing payment or transferring rights to someone else
equity - money invested in property or business entity with mortgages, debts, and liens deducted
escrow - written agreement deposited with third party, usu. bank, as custodian, to be delivered upon fulfillment of some condition
exchanges - items presented for collection through clearinghouse or exchanged directly by local banks
exchequer - treasury, esp. funds in British treasury
extortion - obtaining money illegally, esp. by misuse of authority
FDIC - Federal Deposit Insurance Corporation
Fed - Informal. Federal Reserve System, esp. its Board of Governors
Federal Deposit Insurance Corporation - FDIC; government agency guaranteeing funds placed in banks
Federal Reserve System - federal banking system that regulates flow of money and acts as central clearinghouse for banks
fiduciary - trustee administering estate, executing will, or serving as guardian of minor’s assets
finance - dealings concerning money in the business world, including circulation of currency, granting of credit, banking, and investment
finance charge - monthly interest on revolving credit account
finance company - institution specializing in consumer loans and lines of credit to businesses
financial services - services provided by banking and investment banking institutions, savings and loan associations, mortgage companies, and brokerage houses
financial statement - report summarizing impact of business transactions during fiscal period
financier - person trained and engaged in large-scale financial operations
float - uncollected amount of check cashed by one bank on another bank’s account; brief interim before collection when bank on which check is drawn has use of depositor’s money for free
floating debt - short-term debt arising from current operations and having no specific time of repayment
foreclose - (vb) deprive mortgagor of right to redeem property mortgaged for failure to fulfill conditions
frozen assets - funds made unavailable to their owner
guaranty - written promise to creditor by guarantor to be liable for debt should principal debtor fail in his or her obligations
high finance - practices and institutions involved in banking and investment
honor - (vb) accept and pay an obligation when called for
IMF - International Monetary Fund
insolvency - lack of resources to pay one’s debts
installment loan - note repaid in equal periodic payments, each including interest and part of principal
instrument - formal legal document, such as deed, bond, note, or draft
insufficient funds - deposits that are inadequate to cover check or withdrawal
interest - fee charged for use of capital or extension of credit; sum paid as percentage of money on deposit
interest forfeiture - loss of interest accrued on account, esp. due to early withdrawal of time deposits
internal revenue - taxes collected on wages and business profits by government
international banking - large-scale financial operations, esp. involving debt and credit to nations
International Monetary Fund - IMF; international agency established to promote trade and economic cooperation and to stabilize balance of payments by making loans to member nations
investment - outlay of money for income or profit
investment banking - activities of financial institutions whose primary business is issuing and trading securities of other companies
IOU - informal promissory note; written acknowledgment of indebtedness
joint account - bank account held by more than one person
juice - Slang. money loaned at exorbitant interest, esp. by bookmaker
kiting - writing check against insufficient funds or moving funds from bank to bank to create temporarily expanded credit
land bank - bank financing real estate transactions, esp. federal bank providing long-term loans to farmers
laundering - concealing source of large sums of money, usu. by moving it through several accounts
layaway plan - method of making installment purchase on revolving credit account
lending institution - savings and loan association, mortgage company, or bank specializing in business and consumer loans
letter of credit - document from one bank to correspondent bank requesting that letter bearer be given credit
line of credit - credit limit set by lending institution; credit line
liquidity - ease with which asset can be converted to cash
loan - amount of money borrowed or lent on interest
loan office - place where loans are made
loan officer - bank employee responsible for interviewing loan applicants and approving and setting terms of loans
loan shark - Informal. lender charging excessive interest
Lombard - banker or moneylender
long-term loan - loan with maturity date many years in the future
M-1 - money held by public for use in current spending, including coins, paper currency, demand deposits, and traveler’s checks
M-2 - M-1 plus savings and time deposits, money market funds, overnight repurchases, and Eurodollars
M-3 - M-2 plus large time deposits, institutional money market funds, and term repurchases
magnetic ink character recognition number - MICR number; electronically coded number printed at bottom of check
maker - person who signs and executes note or promise to pay
maturity - due date of mortgage, note, draft, acceptance, or bond
MICR number - magnetic ink character recognition number
MO - money order
moneychanger - person who exchanges national currencies at established rates
money market - high-interest, unregulated, nonbanking investment entity that originated in 1970’s
money market mutual fund - entity that pools assets of investors and puts funds into short-term, high-interest bank CDs, treasury bills, and commercial paper
money order - MO; order for payment or draft sold by bank for fee
mortgage - method of pledging property as guaranty of payment of debt with interest
mortgage company - lending institution specializing in large, long-term loans on real estate
mortgage holder - institution or person holding mortgage on property
national bank - federally chartered bank
near money - assets with high degree of liquidity, such as savings deposits
negotiable instrument - note or other instrument legally transferable to another by proper endorsement
negotiable order of withdrawal account - NOW account; checking account in which unused money earns interest
never-never - Brit. slang. installment plan
nonpar - (adj) describing items on which payer bank deducts exchange charge before paying them to collecting bank
note - promissory note issued to creditor (note payable) or accepted from customer owing money (note receivable)
noteholder - one to whom loan payments and interest are due
NOW account - negotiable order of withdrawal account
numbered account - bank account identified by number only, to conceal identity of depositor, esp. in Swiss bank
obligation - debt security, such as mortgage or corporate bond
on-demand - (adj) pertaining to note payable immediately upon receipt
outstanding check - check that has been written but not yet paid by bank on which it was drawn
overdraft - bank withdrawal in excess of funds available
overdraw - (vb) draw on an account in excess of available funds
par - (adj) describing items that payer bank remits without charge
par value - amount agreed to be repaid, exclusive of interest, on bond, note, or other obligation
passbook - bankbook recording deposits, withdrawals, interest, and service charges on account
pawn - something deposited with another as security for a loan; (vb) make such a deposit
pawnbroker - person licensed to lend money at specified rates on items of personal property deposited as collateral
pawnshop - place of business of pawnbroker
payback - return on investment; period of time required to recoup investment
periodic payments - regular, usu. monthly, payments of interest and principal required by terms of loan
PIN - personal identification number; secret code used to access ATM
plastic - credit card
points - small percentage of loan, esp. mortgage, prepaid as origination fee and deemed interest
postdated check - check dated in future and not payable until that date
premium - amount paid for loan in addition to interest
prepayment penalty - additional fee charged for paying off loan before it is due
price - rate of interest charged on loan
primary deposit - cash deposited in the bank
prime rate - rate of interest charged by banks on loans to major borrowers, esp. businesses
principal - face amount of loan, excluding interest
promissory note - written contract to pay specified amount at set future date
protest - notarized document giving notice that note or draft was presented for payment and refused
quittance - discharge from debt
rate - percentage of money returned as interest
receivership - process by which assets of company in bankruptcy are held and administered by bank or other appointed trustee
recoup - (vb) recover original investment
recourse debt - negotiable instrument for which maker or endorser is liable
rediscount - commercial paper discounted a second time
redlining - discriminatory refusal or limitation of loans based on geography, esp. within inner-city neighborhoods
regulation - control of U.S. banking operations by government
reimburse - (vb) pay back, esp. for money already spent
remit - (vb) make payment
remittance - money paid, esp. sent as payment
repossession - taking back of article by creditor when debtor fails to make payments
repurchase agreement - contract between bank and investor in which bank agrees to buy back security it has sold to investor at fixed price on designated date
reserve bank - bank holding money reserves of other banks
reserve requirement - percentage of their deposits that member banks must keep as cash or on deposit with district Federal Reserve Bank
reserves - funds set aside by bank to enable it to pay depositors in cash on demand
return item - item returned unpaid by payer bank
return on capital - profit or yield achieved on investments
revolving credit - charge account in which portion of total is due each month and interest is added monthly
rubricated account - special bank account, esp. one with special designation or title
run - sudden large number of bank withdrawals
safe-deposit box - rented space in bank vaults to which only renter has access, used for secure storage of valuable property
S and L - savings and loan association
savings - assets set aside for future use
savings account - interest-bearing bank account
savings and loan association - S and L; institution owned by depositors and making long-term real estate and other loans; building and loan association
savings bank - institution specializing in small, timed deposits
secondary reserves - bank assets, such as government securities or commercial paper, that can quickly be converted into cash
secured loan - cash loan based on collateral that ensures repayment of borrowed money
security - item standing as means of assuring payment of debt; person bound to pay debt if another fails
service charge - fee charged by bank on depositor’s account statements for services rendered, usu. in connection with checking account
share draft - interest-bearing checking account in a credit union
shave - (vb) purchase a note at rate discounted to illegal level
short-term loan - loan with maturity date usu. under one year
Shylock - person charging exorbitant interest on loans
signature card - card containing signatures of individuals authorized to write checks on bank account
simple interest - interest computed by multiplying principal by rate and by number of years
smart card - plastic credit card with memory chip for financial transactions
smart money - investments made with advantage of inside information
solvency - ability to pay one’s debts and meet one’s financial responsibilities
speculation - high-risk investment in hopes of rapid high return
spendthrift trust - trust account in which principal is made inaccessible to one who might spend it recklessly
stale check - check invalidated by lapse of time between writing and cashing
state bank - bank chartered by nation or state, regulated by its laws
statement - regular, usu. monthly, description of all transactions, deposits, and running balance in account
stop payment - request by depositor that his or her bank refuse payment of check written on account
subordinated - (adj) designating debt obligation whose holder is placed in precedence below preexisting creditors
surety - person liable for another’s debts
surety company - institution that insures against various types of losses and executes bonds
survivorship account - account in name of two persons that belongs to either survivor on death of other
Swiss account - numbered account, esp. in Swiss bank
teller - bank clerk who pays out and receives money directly from public
term - length of time over which promissory note must be paid
terms - conditions of promissory note, obligation, or contract
thrifts - thrift institutions, savings and loan banks, or credit unions
till - place for keeping cash; ready cash
time deposit - savings account deposit that may not be withdrawn without penalty until specified time
time payments - payments on installment
transit items - cash items payable outside city of bank receiving them and transmitted to payer bank
transit number - number printed on check identifying bank, its location, and proper routing
traveler’s check - replaceable check sold by banks, to be countersigned and used as money by those traveling away from home bank
treasurer - person in charge of funds or finances of business or institution
treasury - place where funds are kept; funds of corporation or state; agency administering treasury
treasury house - building housing treasury offices
trust - obligation on person (trustee) to hold and use property according to terms of special grant, esp. for benefit of others
trust account - money deposited by one person and held in trust for another
trust company - bank that handles trusts and all banking operations except issuance of notes
trustee - person legally empowered to administer on behalf of beneficiary
trust fund - trust account, esp. held for use by children after depositor’s death
trust officer - bank employee responsible for operations of trust department
unsecured - (adj) not guaranteed by collateral
usury - charging of excessive interest on loans
variable-rate mortgage - mortgage with adjustable rate, often linked to prime rate
venture capital - funds used for investment in high-risk enterprises, usu. for start-up companies
void - (vb) invalidate check, as by writing “void” across it
voucher - written statement attesting to expenditure or receipt of money and accuracy of account
welsh - (vb) Informal. fail to pay one’s debts
withdrawal - removal of funds from account
World Bank - U.N. agency established to make loans to underdeveloped member nations
yield - percentage of money returned on investment