Banking Project

Pay By Phone System

• Allows a bank customer to call his financial person with instructions to pay some bills or to move funds between accounts

Debit Card

• A card given by a bank allowing the person to transfer money electronically to another bank account when making a purchase

PIN

• Security numbers that protect your money. Usually 4 digits

P.O.S Terminal

• Located at a store and allows the customer to use a debit card to make a purchase.

Recurring Payment

• It's an ongoing payment on a periodic basis for a product or service

Privacy Policy

• A legal document that discloses some or all of the ways a party gathers, uses, discloses, and manages a customer or client's data

Regulation E

• Covers all electronic transfers through an electronic terminal.

Online Payment

• An electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website

Stock

• The goods or merchandise kept on the premises of a business or warehouse and available for sale or distribution.

Loan

• A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.

Mortgage

• The charging of real (or personal) property by a debtor to a creditor as security for a debt

Savings Account

• a bank account that earns interest.

Interest Rate

• the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

Credit Union

• a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

Savings and Loan Association

• is a financial institution that specializes in accepting savings deposits and making mortgage and other loans.

FDIC

• is an independent agency of the United States (U.S.) federal government that preserves public confidence in the banking system by insuring deposits

NCUA

• is the independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions.

Commercial Bank

• a bank that offers services to the general public and to companies.

Electronic Banking

• is simply the use of electronic means to transfer funds directly from one account to another, rather than by check or cash

Depository Institutions

• is a financial institution in the United States that is legally allowed to accept monetary deposits from consumers.

Bounce A Check

• When you don't have enough funds in your account your check will bounce and the person your paying wont get there money

Interest Earning Accounts

• An amount earned by a company

Checking Account

• an account at a bank against which checks can be drawn by the account depositor.

Check 21

• A federal law that took effect and gives banks and other organizations the ability to create electronic image copies of consumers' checks.

Banks profit from:

• Banks use depositors' money to make loans. The amount of interest the banks collect on the loans is greater than the amount of interest they pay to customers with savings accounts—and the difference is the banks' profit.

Unsafe Banking Practices

• compliance, governance, internal controls, audit, strategic and capital planning, and independent loan review and violations of consumer laws and regulations at the bank.

Direct Deposits

• the electronic transfer of a payment directly from the account of the payer to the recipient's account.

Float Time

• The amount of time that a task in a project can be delayed without causing a delay to completion date

Direct Payment

• another term for direct debit.

Interest

• money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

Risk Of Loss

• determine which party should bear the burden of risk for damage occurring to goods after the sale has been completed, but before delivery has occurred.

Federal Reserve Bank

• The central bank of the United States and the most powerful financial institution in the world