Terms with Tag Banking
- Self Insurance — Definition,
- Setting aside money or assets for a potential future loss.
- Self-Selection Bias — Definition,
- A selection bias that occurs when individuals join a sample group voluntarily.
- Seller's Market — Definition,
- Due to either low supply or high demand, the seller can expect to sell quickly with a high sale price.
- Service Charge (SC) — Acronym,
- Fees charged to customers for specific services or as a penalty for not meeting certain requirements such as insufficient funds in a chequing account.
➥ Bank account transaction code. - Service Chargeable (DS) — Acronym, ➥ Bank account transaction code.
- Servus Credit Union (SCU) — Company Est. 1938, Alberta, Canada, ➥ Alberta's largest credit union and a Canadian NHA approved mortgage lender. Offers reverse mortgages.
- Settlement Points — Definition,
- Regional collection points in the clearing and settlement system operated by the Canadian Payments Association. Settlement points forward each bank's regional balance to the Bank of Canada in Ottawa at the end of each day to allow the central bank to adjust the banks' balances with the central bank.
- Share Certificate — Definition,
- A certificate of deposit issued by a credit union that pays a specific dividend if held for a specific period. It's the credit union equivalent of a certificate of deposit. A penalty is usually assessed if all or any of the principal is withdrawn before maturity.
- Shared-Appreciation Mortgage (SAM) — Acronym,
- A mortgage loan where the lender or a third-party backer agrees to offer a highly reduced mortgage rate to the borrower in exchange of sharing profits when the property is sold.
- A home loan in which the lender offers a below-market interest rate in exchange for sharing in the profit when the home is sold. Usually done only with private funds/lenders.
- Sharons 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.
- Shaunavon 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.
- Shell Employees 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.
- Short Tax Year — Definition,
- A tax period less than 12 months long, resulting from a business start-up or the transition to a tax year ending on a different date.
- Short-term Capital Loss — Definition,
- Your loss from the sale of a capital asset that you held for one year or less.
- Short-term Liabilities — Definition,
- Money that you have to pay in less than 12 months, including wages, short-term loans, taxes, credit card balances and long-term loans.
- Sight Draft (S/D) — Acronym,
- Simple Interest Loan — Definition,
- A method of allocating the monthly payment between interest and principal. The interest charged is determined by the unpaid principal balance on the loan, the interest rate, and the number of days since the last payment. The rest of the payment goes to the principal. Making early payments or additional payments reduces the loan's principal and cuts the total interest paid over the life of the loan.
- Small Business Online Banking (SBOB) — Acronym,
- Smart Card — Definition,
- A card with an embedded computer chip which stores more information, performs more functions and is more secure than a credit card or debit card.
- So-Use 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.
- Social Insurance Number (SIN) — Acronym, Canada, Very Important,
- Every person who has an income or pays taxes must apply for this number, which is assigned by the Government of Canada. You must, by law, provide this number to financial institutions with which you have an interest-bearing deposit account.
➥ A nine-digit number that you need to work in Canada or to have access to government programs and benefits. Banks may also request your SIN for tax purposes or to verify credit checks. - Society for Worldwide Interbank Financial Telecommunication (SWIFT) — Company,
- Global data processing system used by banks.
- Sole Proprietorship — Definition,
- A business owned by an individual where no legal distinction is made between the business and the owner.
- Solvency — Definition,
- To be able to meet one's financial liabilities in the short or long term.
- South Interlake Credit Union (SICU) — Company Est. 1990, Manitoba, Canada, ➥ Now call Sunova Credit Union.
- Southwest Regional Credit Union (SRCU) — Company Est. 1939, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Special Electronic Funds Transfer (SEFT) — Acronym,
- Specialized Financing Corporation — Definition,
- A term in the Bank Act referring to specialized business-management services such as making investments, negotiating mergers and acquisitions and many other services traditionally offered as merchant-banking services.
- Spectra 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.
- Split-Funded Annuity — Definition,
- Two annuities purchased together, one with a deferred payout and the other with an immediate payout.
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