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SPEEDY Railway Book (English)

Terms Related to Banking ( Banking Glossary) - Part 2


Part- 2
  • Bank Examination:Examination of bank’s assets, income and expense as well as operation by representatives of Federal and State bank supervisory authority to ensure that the bank is solvent and is operating in conformity with banking laws and sound banking principals.
  • Banking Day:A business day during which an office of a bank is open to the public for substantially all of its banking functions.
  • Balance Transfer:A Balance Transfer means debit balance is transferred from one card to another. This is usually done to obtain a lower interest rate in the outstanding balance. Transfers are sometimes subjected to a Balance Transfer Fee.
  • Billing Date:The month, date and year when a periodic or monthly statement is generate. Calculation have been performed for appropriate finance charges, minimum payment due and new balance.
  • Billing Error:A charge that appears on a periodic statement associated with an extension of credit.
  • Canceled Check:A check that a bank has paid charged to the account holder’s account and then endorsed. Once canceled a check is no longer negotiation.
  • Certificate of Deposit:A negotiable instrument issued by a bank in exchange of funds, usually bearing interest, and deposited with the bank.
  • Check:A written order instructing a financial institution to pay immediately on demand a specified amount of money from the check writer’s account to the person named on the check.
  • Checking Account:A checking account is a deposit account held a bank that allows withdrawals and deposits.
  • Credit Limit:The maximum amount of credit that is available on a credit card or other line of credit account.
  • Co-Maker:A person who signs a note to guarantee a loan made to another person and is jointly and severally liable with a maker for repayment of a loan.
  • Debit:A debit is an accounting entry that representing money you owe a lender or money that has been taken from your deposit account.
  • Debit Card:A debit card (known as bank card or check card) is a plastic payment card that’s allows the account owner to access their funds electronically.
  • Demand Deposit:Demand Deposits, bank money are funds held in demand deposit account in commercial banks that can be withdrawn without any advance notice.
  • Direct Deposit:A direct deposit is a deposit of money by a payer directly into a payee’s bank account.
  • Draft:A singed, written order by one drawer instructs another drawer to pay a specific sum to the payee at sight or specific date.
  • Drawer:A person who writes the date, amount and a payee on the check and sign it ordering their bank, known as the drawee to pay the person or company the amount of money stated.
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