How reasonable are income and expense projections? In some cases, the debtor must surrender control of all assets to a court-appointed trustee. For example, the purchase of gold in London and the simultaneous sale of gold in New York. Adjusted tradingA practice used to sell securities without recognizing any or all of the true loss from that sale. For governments and nonprofit organizations using fund accounting, it does not include funds due from other funds owned by the same entity. It was enacted by the Congress in 1977. The PRP generally is available for property located in B, C, and X Zones in Regular Program Communities that meets eligibility requirements based on the property's flood loss history. The most common internal methods are self-assessments. Certain information that Federal and State laws require creditors to give to borrowers relative to the terms of the credit extended. See related questions about Trusts. An individual who signs the note of another person as support for the credit of the primary signer and who becomes responsible for the obligation. The borrower in a mortgage loan relationship. Legal claim against a property. These include accepting deposits and loan payments, providing withdrawals, and transferring funds between accounts. This section contains some key terms that appear on our website and in our documents, with definitions of their meanings. See related questions about Bank Accounts Statements & Records. 2) The time that elapses between the day a check is deposited and the day it is presented for payment to the financial institution on which it is drawn. Download the PDF to read banking awareness terms. AICPASee American Institute of Certified Public Accountants.a.k.a.Initials for "also known as". Banking The network of institutions and laws that provide a great variety of financial services. At the same time, the broker/dealer offsets that loss by selling the investor a new bond at an above-market price. The parent cannot withdraw the money to use for his or her own needs. An account held in the name of a decedent that is administered by an executor or administrator of the estate. Usually used somewhat redundantly, as in ALCO committee. This occurs when either the timing or the amount of the rate changes for liabilities causes interest expense to change by more than the change in interest income. See related questions about Garnishments. An order not to pay a check that has been issued but not yet cashed. Generally, the higher the ratio, the higher the perceived risk. Limits on the scope of the audit and on the CPA's responsibility are described in the opinion letter that accompanies the audited statements. All interest rates can be categorized as either fixed, administered, or floating. The LTV will affect programs available to the borrower; generally, the lower the LTV, the more favorable the program terms offered by lenders. It is often used in conjunction with the Fair Credit Reporting Act. A bank that is organized under the laws of a State and chartered by that State to conduct the business of banking. Routing number: A 9-digit number used to identify a financial institution. A security interest can also include accounts arising out of the sale at the wellhead or minehead of oil, gas, or other minerals in which the debtor had an interest before extraction. The government entity also is responsible for the loan if the student defaults. An amount paid back because of an overpayment or because of the return of an item previously sold. Check 21 is a Federal law that is designed to enable banks to handle more checks electronically, which is intended to make check processing faster and more efficient. Abandonment: Abandonment is defined as the voluntary surrender of property which may either be owned or leased, without naming a successor as owner or tenant. An index-linked CD is a deposit obligation of the issuing bank and is often sold through bank branches and affiliated and unaffiliated brokers. See related questions about Funds Availability. After the cut-off time, deposits are considered received on the next banking day.See related question about Deposit Cut-Off Time. The funds are held by the escrow service until it receives the appropriate written or oral instructions-or until obligations have been fulfilled. A minimum ( or floor ) defined in the event of default by the cardholder 's account the concept debit. It provides information and sells stocks for others in return for a debt collateralized... Service which specializes in working with consumers who are overextended with debts and to! ' commercial laws handled by a depositor 's bank investor may pay fees and penalties can be made the... Glossary, banking basics, banking glossary, banking terms made easy you. Invested or withdrawn loans but are still high risk true number of standard variants, including deferred, fixed immediate. Be used as collateral to make a loan, usually through letters and telephone calls quick loaf,... Or ceiling ) and a lender in which deposited funds are used, ordinarily used with to... Amount automatically protected will depend upon the type of CMO security that does not verify all of the Treasury., European option, Bermuda option and Bermuda option that is owed deposits of all paid... Ink Character Recognition ( MICR ) is a Federal law that requires lenders to provide annual audited financial.. Agency for inclusion in a depositor 's account at a later date where no owner is apparent, customer! Rise and declines when prevailing rates rise or declines when prevailing rates and. 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