Banking awareness important terms
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Banking awareness important terms Posted By santosh kadpewad

Banking awareness important terms
BANKING AWARENESS

1. Automatic Bill Payment: A checkless system for paying recurring bills with one authorization statement to a financial institution. For example, the customer would only have to provide one authorization form/letter/document to pay the cable bill each month. The necessary debits and credits are made through an Automated Clearing House (ACH).  

2.  Electronic Check Conversion: Electronic check conversion is a process in which your check is used as a source of information for the check number, your account number, and the number that identifies your financial institution. The information is then used to make a one-time electronic payment from your account-an electronic fund transfer. The check itself is not the method of payment.  

3. Fiduciary: Undertaking to act as executor, administrator, guardian, conservator, or trustee for a family trust, authorized trust, or testamentary trust, or receiver or trustee in bankruptcy.  

4.  Garnishment/Garnish: A legal process that allows a creditor to remove funds from your bank account to satisfy a debt that you have not paid. If you owe money to a person or company, they can obtain a court order directing your bank to take money out of your account to pay off your debt.  

5.  Comaker: A person who signs a note to guarantee a loan made to another person and is jointly liable with the maker for repayment of the loan. (Also known as a Cosigner.)  

6. Derogatory Information: Data received by a creditor indicating that a credit applicant has not paid his or her accounts with other creditors according to the required terms.  

7. Uniform Commercial Code (UCC): A set of statutes enacted by the various States to provide consistency among the States' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading.  

8. Late Charge: The fee charged for delinquent payment on an installment loan, usually expressed as a percentage of the loan balance or payment. Also, a penalty imposed by a card issuer against a cardholder's account for failing to make minimum payments.

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