Terms with Tag Banking
- Offline Debit Card — Definition,
- A card with traits from both ATM cards and credit cards (usually VISA or MasterCard). Banks issue this type of card either instead of or in addition to an ATM card. The card can be used anywhere the VISA or MasterCard logo is displayed, but a line of credit is not accessed -- the customer's chequing account is debited. It is "offline" because the account is not directly accessed -- there is a delay of 24 to 72 hours before the debit is made in the account. If you sign a slip of paper to complete the transaction, it is offline. In the Canada, a Personal Identification Number (PIN) may be required to use an offline debit card.
- Offshore Group of Banking Supervisors (OGBS) — Company,
- Ombudsman for Banking Services and Investment (OBSI) — Company Est. 1996, Canada,
- Omista Credit Union — Company, New Brunswick, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Online Banking (OLB) — Acronym, Important,
- Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution's web site on the Internet. Also known as Internet banking.
- Online Banking & Investing (OBI) — Acronym,
- Online Banking Report (OBR) — Acronym,
- Online Banking Security Number (OBSN) — Acronym,
- Online Banking Solutions (OBS) — Acronym,
- Online Bill Payment — Definition,
- A service offered by online banks, usually for a small monthly fee, that relieves consumers from having to write cheques and lick stamps to pay their monthly bills. Online bill payment systems allow people to enter the names of their creditors and the numbers of their utility accounts and pay virtually all routine bills.
- Online Debit Card — Definition,
- A method of payment in the form of a card that immediately deducts funds from a person's bank account when used. The card may have a VISA or MasterCard logo on it, or just the name of the bank that issued the card, similar to an ATM card.
- Online Debit Purchase (OL) — Acronym, ➥ Bank account transaction code.
- Online Debit Refund (OV) — Acronym, ➥ Bank account transaction code.
- Ontario Educational Credit Union (OECU) — Company Est. 1962, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Ontario Provincial Police Association Credit Union (OPPA, OPPACU) — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Onus Item — Definition,
- A payment that is deposited at the same financial institution in which it was drawn or written. For example, a cheque that is written by one bank customer and deposited by the recipient at another branch of the same bank. These items are not cleared between institutions and therefore are not represented in statistics of payments exchanged between financial institutions in the clearings.
- Open-end Lease — Definition,
- Sometimes called a finance lease. It usually offers lower payments, but carries a risk for the consumer. Under an open-end lease, the lessee must pay any difference between the residual value of the car as stated in the lease and the fair market value of the car, if lower, at the end of the lease. The lessor pays for the appraisal that sets the value. If the consumer doesn't agree with it, the consumer may pay for a binding, independent appraisal by someone agreed to by both parties.
- Operating Loan — Definition,
- A loan intended for short-term financing, supplying cash flow support or to cover day-to-day operating expenses.
- Option — Definition,
- A legal agreement giving someone the right to buy, sell or lease a property or item at specified terms for a specified period.
- Ordinary Dividends — Definition,
- The distribution of a company's profits that are subject to full taxation.
- Ordinary Income — Definition,
- Income that does not qualify as a capital gain including wages, interest, dividends, and net income from a business.
- Original Principal Balance — Definition,
- The amount borrowed.
- Origination Date — Definition,
- The date on which a loan is funded.
- Origination Fee — Definition,
- The fee a lender charges to process a loan. It usually includes the cost to prepare loan documents, check a borrower's credit history, inspect the property and sometimes conduct an appraisal. CanEquity will in most cases use a lender who doesn't charge this fee or we will cover the cost in full.
- Originator's Identification Number (OIN) — Acronym,
- A unique number that a company uses to identify itself when taking a direct debit from your account.
- Oshawa Community Credit Union (OCCU) — Company Est. 1952, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Osoyoos Credit Union — Company, British Columbia, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Other Automated Banking Machine (OM) — Acronym, ➥ Bank account transaction code.
- Other Charge (DC) — Acronym, ➥ Bank account transaction code.
- Other Income/Expenses — Definition,
- Any income or expenses earned or disbursed by a business that are not clearly associated to its core operations.
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