Acronyms
ATM
Automated Teller Machine
A type of time deposit account insured by FDIC. Locks up your money for a minimum term.
Certificate of Deposit (CD)
ACH
Automated Clearing House
A type of electronic funds transfer system that operates between banks, businesses and individual consumers in a nationwide network.
Automated Clearing House (ACH)
CTR
Currency Transaction Report
DDA
Direct Deposit Account
A "home base" account used for day to day financial transactions.
Checking Account
APY
Annual Percentage Yield
The total annualized cost of a loan. The lender is required to disclose this when you borrow money so you understand the full cost of borrowing the money.
Annual Percentage Rate (APR)
HELOC
Home Equity Line of Credit
DBA
Doing Business As
A type of savings account that earns interest and typically requires a higher balance. May offer features such as check writing or debit card use.
Money Market
EFT
Electronic Funds Transfer
Savings that multiply over time by earning interest on top of the principal plus interest, year after year.
Compound Interest.
NSF
Nonsufficient Funds
POD
Payable on Death
An account set up for medical expenses. Typically used with high deductible insurance policies.
Health Savings Account (HSA)
FDIC
Federal Deposit Insurance Corporation
A certain amount of time when a borrower can delay making a payment on a loan or credit card account without paying a penalty or incurring interest charges. It can also refer to the period after the maturity date of a certificate of deposit when you can withdraw funds without penalty.
Grace Period
TIL
Truth in Lending
LLC
Limited Liability Company
A bank account that automatically transfers amounts that exceed a certain level into a higher interest-earning investment option at the close of each business day.
Sweep Account
IRA
Individual Retirement Account
A payment method where people can sign up to have paychecks automatically deposited into their account, without having to endorse and deposit a check.
Direct Deposit
UDAAP
Unfair, Deceptive, or Abusive Acts or Practices