Learn to Talk Like a Banker
Dealing with a banker can be a difficult thing. They use words that most of us do not know. If you do not understand the words that the bankers are using how do you do business with them and still understand exactly what is going on?
An account agreement is a contract governing your open-end credit account. This provides information on changes that may occur to your account.
A balance transfer is the process of moving an outstanding balance from one credit card to another. You would usually do this to obtain a lower interest rate on an outstanding balance. Sometimes transfers do come with a fee, so know your bank’s policies.
A check that a bank has paid, charged to the account holder’s account, and then endorsed is a cancelled check. Once a check is cancelled it is no longer negotiable.
Most people feel that they know what a debt is, but here is the definition. A debt may be an account entry that represents money that you owe a lender or money that has been taken from your deposit account.
Electronic banking has become increasingly popular in the last few years. This is a service that allows an account holder to obtain information and manage certain banking transactions through a personal computer via the financial institution’s web site on the internet. Many also know this as internet or online banking.
The Fair and Accurate Credit Transactions Act of 2003 is also known as FACT Act or FACTA. The whole purpose of this act is to help the consumers to protect their credit identities and recover from identity theft.
A legal process that allows a creditor to remove funds from your bank account to satisfy a debt that you have not paid is a garnishment. People or companies that you owe money could get a court order directing your bank to take money out of your account to pay your debt.
An inactive account is an account that has little or no activity. It has no deposits or no withdrawals in a significant period of time.
If two or more people own an account together is known as a joint account. Either party can conduct transactions either separately or together as set forth in the deposit account contract.
The term kiting means that someone writes a check in an amount that will overdraw the account but makes up the deficiency by depositing another check on another bank.
Most everyone knows that a late fee is the fee charged for delinquent payment on an installment loan, usually expressed as a percentage of the loan balance or payment. This can also be charged if you do not make a monthly minimum credit card payment.
It is so much easier to work with a banker when you understand what it is they are saying. If you understand what they are saying you know what is going on. This can make you feel more confident when working with bankers and setting up accounts and anything else you need to do while at the bank.
Latest posts by Lamont (see all)
- Prepaid Card Rules: CFPB is Having Second Thoughts on the Payday Loans Alternative - November 14, 2017
- The rule regarding payday loan providers must not pass - October 24, 2017
- Cordray of CFPB Should Be Sacked by the Next President for Unfair Regulations on Cash Advance Loan Business - October 3, 2017