Terms with Tag Banking
- 1st Choice Savings and Credit Union — Company, Alberta, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Acceleration Clause — Definition,
- A provision within a document that explains how the lender expects payment for a loan, in due haste.
- Accent Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- ACCESS Credit Union — Company, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Account (acct) — Abbreviation,
- Account Agreement — Definition,
- An agreement that you sign and which lists your rights and responsibilities and the bank's rights and responsibilities for the bank account.
- Account Of (AO) — Acronym,
- Accounting Method — Definition,
- The method used by a business or individual to keep records. Most individuals and small businesses use the cash method, although businesses that maintain inventory are required to use the accrual method. See also "Accrual Method" or "Cash Method."
- Accounting, Banking and Compensation Branch (ABC) — Acronym, Canada,
- Accounts Receivable Conversion (ARC) — Acronym, Important,
- Conversion of paper cheques to Automated Clearing House (ACH) debits.
- Accrual Method — Definition,
- Business accounting in which you report income in the year you earned it and expenses in the year you incur them, rather than reporting income and expenses when you receive payment or when you pay the expenses. Under this method, if you built a deck and billed the client in December 1999, the amount you charged would be reported in 1999 as income even if you didn't get the payment until January 2000. If you own a business that maintains an inventory, you are required to use the accrual method.
- Accrue — Definition,
- To gather together an amount often over a period of time.
- Accrued Interest — Definition,
- Interest which has already been earned but has not yet been paid.
- Acid-Test Ratio — Definition,
- A ratio that determines the liquidity of a company without requiring the company to sell assets or inventory.
- Acquiring Financial Institution — Definition,
- Merchants must maintain an account with an acquiring financial institution to receive credit for credit card transactions. Daily credit card totals are deposited into the merchant's account minus any fees.
- Acquisition Fee — Definition,
- A fee charged by some leasing companies for originating the loan, just as mortgage lenders charge points as an origination fee. This fee is often not specified in a contract, but rolled into the capitalized cost when calculating monthly payments.
- Active Income — Definition,
- Active income refers to wages, tips, and profits from your business or employment that you partake in. It also includes portfolio income such as interest and dividends, but you cannot usually offset active income with passive losses.
- Active Participant — Definition,
- Actively enrolled in an employer's retirement plan.
- Actuarial Table — Definition,
- A table used in actuarial science that outlines the statistical probability that an individual of a specific age and sex will die within a year.
- Actuary — Definition,
- An individual who assesses the mechanisms, mathematics and complexities of risk and uncertainty.
- Add-on Interest — Definition,
- Interest that is computed at the beginning of the loan, then added to the principal, so that all must be repaid, even if the loan is paid off early.
- Additional Principal Payment — Definition,
- Extra money included with a loan payment to pay off the amount owed faster. Over time, this practice reduces the amount of interest paid.
- Adjala Credit Union — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Adjustable-Rate Mortgage (ARM) — Acronym,
- A type of mortgage loan program in which the interest rate and payments may be adjusted as frequently as every month. The principal loan balance or term of the loan may also be adjusted to reflect the rate change. The purpose of the program is to allow mortgage interest rates to fluctuate with market conditions.
➥ A type of variable rate mortgage product. - Adjusted Balance — Definition,
- A method used by some card issuers in which they subtract all payments made during the month, then add the finance charges.
- Adjusted Basis — Definition,
- The amount you use to determine your profit or loss from a sale or exchange of property.
- Adjusted Cost Basis — Definition,
- The amount paid for an item, plus the amount paid for improvements, minus losses and depreciation. When the owner sells the item, the difference between the sales price and the adjusted cost basis is the profit or loss.
- Adjustment (AD) — Acronym, ➥ Bank account transaction code.
- Advance Line of Credit (ALOC) — Acronym,
- Advance Savings Credit Union (ASCU) — Company, New Brunswick, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
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