Terms with Category Financial Banking
- Passive Income — Definition,
- Income coming in on a regular basis, with little or no maintenance.
- Passive Loss — Definition,
- Loss from a passive activity. Passive loss rules limit the amount of passive loss you can deduct to the total of your other income from passive activities.
- Payday Loan — Definition,
- A short-term loan with an extremely high interest rate.
- Payee — Definition,
- The name of the person to whom the money in a cheque is to go.
- Payor — Definition,
- One who makes a payment to another party.
- Payout Phase — Definition,
- The phase of a deferred annuity where the annuity begins to make payments to the annuitant.
- Payroll Taxes — Definition,
- A tax based on wages and salaries that is deducted from employees pay cheques.
- PC Banking — Definition,
- A service that allows a bank customer to obtain account information and perform certain bank transactions through a personal computer.
- Penalty — Definition,
- In mortgage terms, a penalty is a set rate or length of time the penalty will be charged based on the remaining loan amount. The penalty is usually three months interest or interest rate differential.
- Penalty Rate — Definition,
- Several percentage points higher than a card's current annual percentage rate, which goes into effect after two late payments. On some cards, a single late payment triggers a penalty rate.
- Pension — Definition,
- A retirement plan where money is set aside over many years for an individual's retirement.
- Per Diem Interest — Definition,
- Interest that is charged daily; usually refers to the partial month's interest that the buyer pays on the mortgage covering the period from the day of closing to the end of the month.
- Per Item Charge — Definition,
- A fee charged to account holders who exceed the allowable number of free transactions for their accounts. Or, the balance in an account does not meet the average monthly balance required to waive the fee.
- Periodic Rate — Definition,
- The interest rate in relation to a specific amount of time. For example, the monthly periodic rate is the cost of credit per month whereas the daily periodic rate is the cost of credit per day.
- Personal Consumption Spending — Definition,
- What households collectively spend on goods and services.
- Personal Disposable Income — Definition,
- Personal income minus personal income tax payments. Also called "take-home pay."
- Personal Finance Manager — Definition,
- Specialized computer programs that help customers carry out a variety of personal finance activities. These programs typically allow consumers to do much of their work off-line, then dial in to complete their bank transactions.
- Personal Identification Number (PIN) — Acronym, Important,
- A unique, confidential number or pass code, usually consisting of four to six digits, entered by a customer when using an Automated Teller Machine (ATM) or Interac Direct Payment, that gives the customer access to his or her account.
- Personal Loan — Definition,
- A loan made for personal, family, or household use as opposed to a business-type loan or a long-term mortgage loan to finance real estate.
- Personal Property (PP) — Acronym,
- Property that is movable and not permanently attached to a dwelling or structure.
- Personal Property Taxes — Definition,
- Tax paid on real property, intangible, or tangible property. To differentiate between real property and personal property, the tax assessing official must consider the manner in which property is attached to or secured at the location. Also called property taxes.
- Personal Savings — Definition,
- The difference between personal disposable income and personal consumption spending.
- Put own money away.
- Personalized Cheque — Definition,
- A cheque which has your name and account number printed on it.
- Point — Definition,
- A point equals 1 percent of a mortgage loan. Some lenders charge "origination points" to cover expenses of making a loan. Some borrowers pay "discount points" to reduce the loan's interest rate.
- Point of Sale (POS) — Acronym,
- A location where a sales transaction takes place.
- An electronic payment system for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from a customer's chequing account. Also known as POS.
- Policy — Definition,
- A set of rules or guidelines.
- An insurance contract.
- Policy Loan — Definition,
- A loan where a life insurance policyholder's death benefit is used as collateral.
- Portfolio — Definition,
- A collection of investments.
- Portfolio Lender — Definition,
- A company that underwrites mortgage loans and keeps them on the books instead of selling them on the secondary market.
- Possession — Definition,
- Something that is owned.
- The condition of having signed all the papers at closing and having received keys to the house.
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Passive Income -
Portfolio
Portfolio
