Terms with Tag Banking
- Ottawa Police Credit Union (OPCU) — Company Est. 1955, Ottawa, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Ottawa Women's Credit Union (OWCU) — Company Est. 1980, Ottawa, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Over-the-limit Fee — Definition,
- A fee charged for exceeding the credit limit on the card.
- Overall Liquidity Ratio — Definition,
- A method of determining how easily and quickly a company can sell off assets to pay off its debts.
- Overdraft (DR) — Acronym,
- The amount that a cheque exceeds the available balance in the payor's account; also insufficient funds.
➥ Bank account transaction code. - Overdraft Annual Cost — Definition,
- 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 — Definition,
- Minimum amount that will be transferred to the accountholder's account if a potential non-sufficient funds (NSF) situation occurs.
- Overdraft Protection — Definition,
- 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 — Definition,
- The interest rate banks use to lend or borrow funds from each other.
- Owner Occupant — Definition,
- A borrower who resides in the property used as security for the loan.
- Pace Savings & Credit Union — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Parama Lithuanian Credit Union — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Parking (prk) — Abbreviation,
- 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 — Definition,
- A book used to record all banking transactions for a designated account.
- Passive Activity — Definition,
- An activity in which a person does not materially participate such as real estate rentals and limited partnerships.
- 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.
- Payment Clearing and Settlement Act (PSCA) — Acronym, Canada,
- Payment, Clearing and Settlement System (PCSS) — Acronym, Canada,
- 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.
- PenFinancial Credit Union (PFCU) — Company, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Pensions, Insurance and Financial Institutions (PIFI) — Acronym, Alberta, Canada,
- 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.
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