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Banking
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account
Account, in its simplest bookkeeping form, is a record of money paid and owed. A banking account is an  more...
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account balance
Account balance is a net figure that refers to the dollar amount of credits and debits at the time the  more...
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account reconciliation
Account reconciliation is a banking term referring to the process of confirming that the balance in one's checkbook matches the  more...
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account statement
An account statement is a document that provides information about a specified account for a given period of time.  more...
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balance
In accounting, the balance of an account is defined as the sum of all debits and credits to that account.  more...
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bank
A bank is a financial institution that accepts deposits and makes loans. The bank has a unique, characteristic balance  more...
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cancelled check
A cancelled check is a check that has been approved by a bank or another financial institution. Once a check  more...
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cash reserves
A company’s cash reserves are the funds available to meet its needs for cash, especially unanticipated needs. What level  more...
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cashier's check
A cashier's check is issued and certified by a bank on its own account. A purchaser acquires a cashier's  more...
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CD
A CD, or Certificate of Deposit, is a savings instrument issued by a bank or thrift. The CD pays  more...
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Central Bank
A central bank is fundamentally a chief bank of a given nation. The essential responsibilities of the central bank include  more...
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checking account
A checking account is an account at a depository institution against which checks may be written to make payments.  more...
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commercial bank
A commercial bank is a financial intermediary which collects credit from lenders in the form of deposits and lends in  more...
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commission
A commission is a fee paid to a third party in exchange for assistance in completing a financial transaction. A  more...
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compound interest
Compound interest is the payment of interest on both principal as well past accrued interest. The opposite of compound interest  more...
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credit card
A credit card is the small plastic card issued to the borrower. the credit card issuer agrees to lend the  more...
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debit card
A debit card is a plastic card that resembles a credit card. Using a debit card a customer can  more...
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debt instrument
A debt instrument is a contractural or written assurance to repay a debt. A debt instrument can be a  more...
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demand deposit
A demand deposit is a type of financial account that allows the account holder to withdraw funds on demand. This  more...
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deposit
Deposit has two distinct meanings. Meaning one is applied to funds provided as security or collateral for expected delivery  more...
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deposit slip
A deposit slip is a written form of notification that reflects the dollar amount deposited to an account by an  more...
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direct deposit
Direct deposit is a program in which a payment is deposited directly into a savings, checking, or brokerage account.  more...
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effective annual interest rate
An effective annual interest rate is used to determine the interest rate on an annual basis after accounting for the  more...
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Electronic Funds Transfer
Electronic funds transfer, or EFT, is a system for transferring money from one bank to another. In electronic funds transfer,  more...
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FDIC
The FDIC, or Federal Deposit Insurance Corporation, is an independent agency of the US federal government created to preserve and  more...
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Fed funds rate
The Federal Reserve Board has the power to influence the money supply with the purchase and sale of government securities.  more...
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float
Float, also referred to as free float, is a number of outstanding shares of stock available for trading by the  more...
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joint account
Joint account is opened by two or more owners. The advantage of a joint account is that each owner is  more...
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jumbo CD
A jumbo CD, or certificate of deposit, is a CD having a minimum denomination of $100,000. Individuals and institutions  more...
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lender of last resort
A lender of last resort is a financial institution, such as a nation’s central bank, that provides economic relief by  more...
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letter of credit
A letter of credit is a document a buyer requests from their bank stating that payment to a seller will  more...
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money center bank
The term money center bank is used to describe the largest financial services firms. There is no precise definition  more...
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negotiable certificate of deposit
A negotiable certificate of deposit is a large denomination certificate of deposit (CD), a savings instrument issued by a bank.  more...
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online banking
Online banking is a service offered by banks that allows account holders to access their account data via the Internet.  more...
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real interest rate
A real interest rate is an interest rate adjusted for either current or expected inflation. According to the Fisher  more...
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regional bank
In the US, the term regional bank is used to describe a midsized depository institution that is larger than a  more...
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reserve requirement
The reserve requirement is the fraction of deposits that a central bank requires that banks hold rather than lend out.  more...
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retail banking
Retail banking is a banking service that is geared primarily toward individual consumers. Retail banking is usually made available by  more...
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variable rate
A variable rate is an interest rate that may fluctuate over time. To determine its variable rate, a lender  more...
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wholesale banking
Wholesale banking can mean two different things. Sometimes wholesale banking is the provision of services by banks to other financial  more...
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wire transfer
A wire transfer is simply an electronic transfer of funds. A wire transfer allows people on opposite sides of the  more...
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