Banking Services
a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property
What is a mortgage
amount of money due per period, as a proportion of the amount lent, deposited, or borrowed.
What is interest?
Deposit account that allows you to deposit money, pay bills, and make purchases by writing cheques or using your debit card.
What is a Chequing account?
300-850
What is the credit score range?
The United Bank of America
What bank was the first to ever offer internet banking?
a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either the front or the back
What is a debit card
a borrower's pledge of specific property to a lender, to secure repayment of a loan.
What is collateral?
Pay money to the depositor depending on how long they hope to keep their money in the bank
What is a savings account?
Character, Capacity, and Capital
what are the three Cs of credit?
Norway, 95% of the population access online banking
What country uses online banking the most?
a branch of financial services dealing with the investment needs of wealthy clients. These are specialized advisory services catering to the investment management needs of wealthy clients.
What is wealth management?
a person – such as a parent, family member, or friend – who adds their information, including income and credit record, to the loan application and pledges to pay back the loan if you're unable to.
What is a co-signer?
Registered savings plan that lets you grow and withdraw your money tax-free
What is a tax-free savings account?
Revolving (credit cards) and installment (loans)
What are the two main types of credit?
A request to bank from a bank customer
What is a "pull transaction"?
a loan provided by a bank that allows a customer to pay for bills and other expenses when the account reaches zero
What is an overdraft?
a series of payments made at equal intervals.
What is annuity?
deposit account that pays interest based on current interest rates in the money markets
What is a money market account?
At least once a year
How often should you obtain a copy of your credit report?
40% of the world population
What percentage of the world population uses internet banking?
payments that a merchant automatically withdraws from a customer's bank or credit union account.
What is automated payment
upfront charges imposed by lenders when obtaining a loan, such as a mortgage. They cover the cost of processing the loan application, underwriting, and preparing necessary documents for closing.
What is an origination fee?
more specialized account. It requires customers to deposit a certain amount of money for a fixed time period, from months to years. In return, A CD usually will earn interest at higher interest rates than regular savings accounts
What is a certificate of deposit account?
7 years from date of last activity
How long does a paid or unpaid collection remain on your credit report?
Encryption, firewalls, and multi factor authentication
What are some technologies that make online banking safe?