Account Ownership
This ownership category includes any deposit account that is: held in one person's name alone, held in the name of a business that is a sole proprietorship, such as a "doing business as" (DBA) account.
What is single ownership accounts?
This act requires banks to establish a customer identification program for new customers that includes methods obtaining, verifying, documenting, and recording customer identification information.
What is The USA Patriot Act?
Property or other assets pledged by a borrower to a creditor as security for a loan.
What is collateral?
A fee assessed to the borrower for paying off a loan before its maturity date.
What is prepayment penalty?
These accounts are established by one person for the benefit of another, who can be a principal or a ward.
What is Agency accounts?
In 2011 this Regulation was repealed which meant institutions could begin paying interest on transaction accounts.
What is Regulation Q?
An opinion of value based on factual analysis by a trained appraiser.
What is Appraisal?
An electronic fund transfer authorized in advance to recur at substantially regular intervals.
What is Preauthorized transfer?
An account owned by two or more persons. For FDIC deposit insurance-qualified accounts, the owners share equally in the rights and liabilities of the account.
What is a Joint account?
Regulation DD implements this act.
What is the Truth in Savings Act?
A legal claim or attachment filed on record against property as security for the payment of an obligation.
What is a Lien?
A deposit from which the depositor is prohibited from withdrawing funds within six days of making the deposit and for which a penalty of at least seven days interest is charged on such withdrawal.
What is a time deposit account?
Deposits held by a trust in which the grantor permanently gives up control over the funds.
What is Irrevocable Trust Accounts?
Requires the bank give statements to a customer at least monthly on an account that has processed an EFT.
What is Regulation E?
A notice required by the Truth in Lending Act giving the borrower the right to cancel a contract or legally binding agreement within a specified period.
What is Notice of right of rescission?
The process of taking possession of real property, either by filing a petition in court or by notifying the borrower and selling the property publicly.
What is foreclosure?
Deposit accounts of the U.S. government and any state, county, municipality, or other political subdivision, such as a territory and an Indian tribe.
What is Public Unit Accounts?
This regulation applies to all closed-end consumer loans secured by a dwelling, including closed-end reverse mortgages.
What is Regulation Z (Truth in Lending)?
Land and anything attached to land such as buildings, trees, or plants.
What is Real Property?
A deposit account maintained in connection with a mortgage loan into which a borrower deposits regular amounts for payment of taxes, insurance, and special assessments.
What is an escrow account?