Mortgage Loans
A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms do not change. (F)
Fixed Rate Mortgage
Monthly notice from a financial institution to an account holder which list all checks paid, deposits, fees and other activity on the account. (B)
Bank Statement
A service that allows an account holder to obtain account information and manage certain banking transaction through a personal computer via the bank's website. (O)
Online Banking
Type of card used for ATM transactions and purchases. (D)
Debit Card
Because you seemingly "float" money your don't have, the call this illegal activity? (K)
Kiting
Funds held in reserve by a mortgage company to pay taxes, insurance and other mortgage related items. (E)
Escrow Funds
A demand deposit account subject to withdrawal of fund by checks, ATM and debit card transaction. (C)
Checking account
Recurring automatic transfers on regular intervals. (P)
Preauthorized Electronic Fund Transfers
The fee imposed by a card issuer when payment is not received on time. (L)
Late Charge
This colorful term is the illegal act of charging higher rates or refusing to loan money in lower-income or deteriorated neighborhoods. (R)
Redlining
Sometimes called a second mortgage or borrowing against the equity in your home. (H)
Home Equity Loan
Another name for a check. (D)
Draft
Process for resolving errors involving electronic transfers to and from deposit accounts. (E)
Error Resolution
The type of card attached to an Open-end credit agreement. It includes monthly interest, minimum amounts and limits. (C)
Credit Card
Charging an illegally high interest rate on a loan. (U)
Usury
To free a piece of real estate from a mortgage. (R)
Release of Lien
The four letter acronym for the magnetic line at the bottom of a check. (M)
MICR
A payment that is electronically deposited into an individual's account at a depository institution. Generally one's payroll. (D)
Direct Deposit
The type of card which can only be used at Automated Teller Machines. (A)
ATM Cards
A household chore which removes the written information on a check so it can be used for illegal gain. (C)
Check Washing
Also known as a variable-rate mortgage. Interest rate varies throughout the life of the loan, which means the payment varies as well. (A)
Adjustable-Rate Mortgage (ARM)
Presented to the paying bank at least 180 days (6 months) after the original issue date. Check remains unpaid. (S)
Stale Dated Check
The conversion of data on a check into an electronic image after a check enters the processing system. (C)
Check Truncation
What does the acronym PIN mean in relation to secret codes related to card accounts. (P)
Personal Identification Number
An outdoor sport or the activity of defrauding an online account holder by posing as a legitimate business entity. (P)
Phishing