T/Government and Economics - Unit 10: Banking

loan officer

A bank official who will oversee the approval or denial of a loan.

quarterly

Four times a year.

semi annual

Twice a year.

serial association

Would find new ways of financial assistance rather than closing after a completed project.

debit card

A card that acts like a check at a purchase; the money is removed from your account immediately.

automated teller machine

A computerized device that provides readily accessible cash to those who are eligible.

time deposit

A deposit that gives a certain amount of interest in a specified amount of time.

inventory

A detailed list of things on hand or in possession.

loan application

A form making the request for a stated amount of money, filled out prior to meeting with a loan officer.

Knights Templars

A medieval group that guarded valuables, negotiated loans, and transported money.

interest rate

A set percentage of the deposited amount that will be given to the depositor.

credit history

A year-long record of how well a person pays her bills and shows her financial responsibility

surcharges

Added fees for various services.

pre-qualification interview

An initial meeting to determine the ability of repayment of a loan; checking the credit history and financial stability of the loan applicant.

asset

Any property, such as land or stock, that may cover a person's liabilities.

educational loan

Borrowing money from the bank for college tuition or other higher education expenses.

versatile

Capable of doing many things at once; multi-faceted.

servicing fee

Charges such as loan fees and the interest the customer pays on the loan.

interchange fee

Charges that your bank must pay if you use an ATM that is not owned by your bank.

traveler's check

Checks which function almost like cash but are replaceable if lost or stolen.

password

Coded word or number used to provide security to the cardholder.

Travel Money card

Considered a "plastic traveler's check." It is functional at an ATM and as a debit card.

credit union

Financial cooperative that provides loans to members at lower rates of interest.

savings and loan

Give less products than a bank would, but better returns on the money put into their accounts.

passbook savings account

Journal of the interest activity a depositor is earning by keeping his money in the savings account.

residential mortgage loans

Loans that are assisting non-commercial purposes; they help people buy houses.

annual

Once a year.

share

One of the equal parts divided up by a corporation.

installment payments

Paying on a regular basis at a set time each month or parts of a year.

interest

Percentage of the amount in the savings account which is a reward for the bank's use of the money.

depositor

Person who puts his money into a savings account at a bank.

monthly statement

Regular mailed account of your bank transactions and financial activity.

refund policy

Regulations that define how and when you get repaid in case of theft or misplacement.

collateral

Something given to guarantee repayment of a loan.

serial number

Specific number for the purpose of verification and location in case of theft or misplacement.

certificate of deposit

Statement that a sum has been deposited for amounts of time, sometimes at a higher rate of interest.

overextending

Stretching one's credit beyond the financial guidelines.

A-type credit

Strong credit history that gives the bank good reason to approve the loan.

annual return

The amount a savings account will earn on interest in the course of a calendar year.

denomination information

The amount of the traveler's check, such as $10 or $20.

processing a loan

The job of putting loan applications into official consideration.

ceiling

The limit on the amount given.

issuing bank or agency

The place where you bought the traveler's checks.

inquiry

The program to access to find out about your personal account balances.