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Dictionary of Banking Terms and Expressions. Any and all sorts of people authorized and designated to transact company with respect to a merchant account.

Dictionary of Banking Terms and Expressions. Any and all sorts of people authorized and designated to transact company with respect to a merchant account.

The agreement regulating your open-end credit account, it provides all about modifications which could happen to the account.

The re payment reputation for a merchant account over a particular time frame, such as the quantity of times the account ended up being overdue or higher limitation.

Each account owner’s signature has to be on file using the bank. The signature authorizes that person to conduct company with respect to the account. See additionally Joint Account Holder.

Interest that’s been attained although not yet compensated. See additionally Interest-Bearing Records and FDIC Insurance.

In a merger, the lender that absorbs the bank acquired. See also Acquiring Bank.

Also referred to as variable-rate mortgages. The original rate of interest is frequently below compared to traditional fixed-rate loans. The attention price may alter throughout the lifetime of the mortgage as market conditions change.

There was typically an optimum (or roof) and at least (or flooring) defined when you look at the loan contract. If interest levels increase, therefore does the mortgage re payment. If interest levels fall, the mortgage payment may also. See additionally ARMs – Adjustable Price Feature.

A creditor’s refusal to grant credit on the terms requested, termination of an existing account, or an unfavorable change in an existing account under the Equal Credit Opportunity Act. See additionally Credit Disputes.

The notice needed by the Equal Credit chance Act advising a credit applicant or current debtor associated with denial of the ask for credit or advising of a big change in terms considered unfavorable into the account owner. Read More »


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