Terms with Category Financial Banking

  • NSF Cheque Bank,
    • If a cheque is returned for this reason, it means that there was not enough money in your bank account to cover the amount of the cheque. There is a fee to you if this situation occurs.
  • Number of Free Transactions per Month Bank,
    • The number of transactions an account holder is allowed to make before being charged a fee. If the limit is exceeded, a per-item charge is applied. Some accounts offer an unlimited number of free transactions or no free transactions per month.
  • Offline Debit Card Bank,
    • A card with traits from both ATM cards and credit cards (usually VISA or MasterCard). Banks issue this type of card either instead of or in addition to an ATM card. The card can be used anywhere the VISA or MasterCard logo is displayed, but a line of credit is not accessed -- the customer's chequing account is debited. It is "offline" because the account is not directly accessed -- there is a delay of 24 to 72 hours before the debit is made in the account. If you sign a slip of paper to complete the transaction, it is offline. In the Canada, a Personal Identification Number (PIN) may be required to use an offline debit card.
  • Old Age Security (OAS) Bank, Important,
    • A Canadian pension plan for eligible Canadians over the age of 65.
  • Online Banking (OLB) Bank, Important,
    • Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution's web site on the Internet. Also known as Internet banking.
  • Online Bill Payment Bank,
    • A service offered by online banks, usually for a small monthly fee, that relieves consumers from having to write cheques and lick stamps to pay their monthly bills. Online bill payment systems allow people to enter the names of their creditors and the numbers of their utility accounts and pay virtually all routine bills.
  • Online Debit Card Bank,
    • A method of payment in the form of a card that immediately deducts funds from a person's bank account when used. The card may have a VISA or MasterCard logo on it, or just the name of the bank that issued the card, similar to an ATM card.
  • Onus Item Bank,
    • A payment that is deposited at the same financial institution in which it was drawn or written. For example, a cheque that is written by one bank customer and deposited by the recipient at another branch of the same bank. These items are not cleared between institutions and therefore are not represented in statistics of payments exchanged between financial institutions in the clearings.
  • Open-end Lease Bank,
    • Sometimes called a finance lease. It usually offers lower payments, but carries a risk for the consumer. Under an open-end lease, the lessee must pay any difference between the residual value of the car as stated in the lease and the fair market value of the car, if lower, at the end of the lease. The lessor pays for the appraisal that sets the value. If the consumer doesn't agree with it, the consumer may pay for a binding, independent appraisal by someone agreed to by both parties.
  • Operating Cash Flow (OCF) Bank,
    • The money a company generates from its business operations. This revenue excludes costs from certain investments.
  • Operating Loan Bank,
    • A loan intended for short-term financing, supplying cash flow support or to cover day-to-day operating expenses.
  • Operational Expenses (OpEx) Bank,
    • Costs accruing from a business's business operations.
  • Option Bank,
    • A legal agreement giving someone the right to buy, sell or lease a property or item at specified terms for a specified period.
  • Ordinary Dividends Bank,
    • The distribution of a company's profits that are subject to full taxation.
  • Ordinary Income Bank,
    • Income that does not qualify as a capital gain including wages, interest, dividends, and net income from a business.
  • Original Principal Balance Bank,
    • The amount borrowed.
  • Origination Date Bank,
    • The date on which a loan is funded.
  • Origination Fee Bank,
    • The fee a lender charges to process a loan. It usually includes the cost to prepare loan documents, check a borrower's credit history, inspect the property and sometimes conduct an appraisal. CanEquity will in most cases use a lender who doesn't charge this fee or we will cover the cost in full.
  • Other Income/Expenses Bank,
    • Any income or expenses earned or disbursed by a business that are not clearly associated to its core operations.
  • Over-the-limit Fee Bank,
    • A fee charged for exceeding the credit limit on the card.
  • Overall Liquidity Ratio Bank,
    • A method of determining how easily and quickly a company can sell off assets to pay off its debts.
  • Overdraft (DR) Bank,
    • The amount that a cheque exceeds the available balance in the payor's account; also insufficient funds.
    Bank account transaction code.
  • Overdraft Annual Cost Bank,
    • A fee charged by the bank to cover the overdraft feature on a client's chequing account. The client pays the fee even if the overdraft protection is never activated. This fee may be charged in addition to the one-time fee.
  • Overdraft Minimum Amount Bank,
    • Minimum amount that will be transferred to the accountholder's account if a potential non-sufficient funds (NSF) situation occurs.
  • Overdraft Protection Bank,
    • A service that allows a chequing account to be linked to another savings or line of credit to provide protection against insufficient funds or overdrafts.
  • Overnight Rate Bank,
    • The interest rate banks use to lend or borrow funds from each other.
  • Owner Occupant Bank,
    • A borrower who resides in the property used as security for the loan.
  • Parking (prk) Bank,
    • A term that refers to depositing cash in a high-yield money market account until it is transferred to another account to pay bills.
  • Passbook Bank,
    • A book used to record all banking transactions for a designated account.
  • Passive Activity Bank,
    • An activity in which a person does not materially participate such as real estate rentals and limited partnerships.
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