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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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declining life insuranceDefinition (Mortgages, Insurance, Financial-banking)
Life insurance with a decreasing death benefit, often used to insure mortgage debt.
deductionsDefinition (Taxation, Financial-banking)
Expenses the government allows you to subtract from your taxable income. If you have taxable income of $31,000 and deductions of $4,000, then you would figure how much tax you owe on the difference -- $27,000.
defaultDefinition (Mortgages, Financial-banking)
When a borrower fails to fulfill the obligations of a loan or lease.
deferred annuityDefinition (Investments, Annuities, Taxation, Financial-banking)
An annuity that makes payments to the annuitant at some date in future instead of immediately.
deficitDefinition (Investments, Taxation, Financial-banking)
When expenses surpass income or liabilities surpass assets.
deflationDefinition (Investments, Financial-banking)
An actual decline in the general level of prices in the economy.
delinquencyDefinition (Mortgages, Financial-banking)
Failure to make mortgage payments when mortgage payments are due.
Delisle Credit UnionBank, Saskatchewan, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
demand loanDefinition (Financial-banking)
A loan that must be repaid in full, on demand.
depositDefinition (Mortgages, Real-estate, Financial-banking)
An act of putting a sum of money in to a bank account.
deposit account control agreement (DACA)Acronym
deposit insuranceDefinition (Insurance, Financial-banking)
The Canada Deposit Insurance Corporation insures depositors' funds to a maximum of $60,000 per depositor, per institution, with some exceptions, in the event of the failure of a federal financial institution. Deposits in some provincial financial institutions are also covered.
depreciationDefinition (Investments, Real-estate, Insurance, Financial-banking)
The gradual loss of value of a building or other property because of age or natural wear.
depressionDefinition (Investments, Real-estate, Financial-banking)
A prolonged downturn in the economy and level of business activity.
derivativesDefinition (Investments, Financial-banking)
Financial contracts whose value is derived from the value of some underlying asset, rate or index. Derivatives are used as risk-management tools by governments and corporations to reduce exposure to risk, mainly related to fluctuations in foreign-exchange and interest rates. Derivative instruments include swaps, options, futures and forward contracts and are used by banks in two principal activities: sales/trading and asset/liability management.
Derivatives Clearing and Settlement System (DCASS)Acronym
Desjardins Credit Union (DCU)Bank Est.2003, Canada
  ➥  Joined Meridian Credit Union in April of 2011.
Desjardins des Sources—Lac-Saint-LouisBank, Quebec, Canada
Desjardins Financial Security (DFS)Bank Est.2002, Canada-wide
Desjardins Rail Credit UnionBank, Quebec, Canada
Diamond North Credit UnionBank, Saskatchewan, Canada
direct cheque printersDefinition (Financial-banking)
These operations offer lower prices and greater selection than chequing customers get through their banks. Many of these printers are also printing cheques for banks that use outside printers. Customers must supply most direct cheque companies with a voided cheque or a reorder form from a current batch of cheques and a deposit slip. Names and addresses must match with information on file at the account holder's bank.
direct debit (DD)Definition (Financial-banking)
A means of authorizing recurring payments (e.g., mortgage payments, insurance premiums) to be drawn on an account.
direct debit authorization (DDA)Acronym
direct debit instruction (DDI)Acronym
direct debit option (DDO)Acronym
direct debit request (DDR)Acronym
direct deposit (DD)Definition (Taxation, Financial-banking)
An automatic deposit of wages or benefits to a customer's bank account.
direct deposit processing (DDP)Acronym
direct deposit refund (DDR)Acronym
direct deposit system (DDS)Acronym
direct deposit/pre-authorized debit (DD)Acronym (Bank Statements)
  ➥  Bank account transaction code.
direct financingDefinition (Financial-banking)
When a buyer obtains financing through an outside financial institution rather than through the dealer.
direct fund transferDefinition (Financial-banking)
Similar to a direct deposit.
direct taxDefinition (Taxation, Financial-banking)
A tax that is paid straight to the government.
disclosureDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A statement listing potential defects to a property, such as the possible existence of lead paint or radon.
disinflationDefinition (Investments, Financial-banking)
A reduction in the inflation rate as a result of either government policy or a decline in economic activity.
distressDefinition (Mortgages, Real-estate, Financial-banking)
The right of one party to sell real or personal property belonging to another party to pay unpaid or overdue debt.
distressed propertyDefinition (Real-estate, Financial-banking)
Property that is in poor condition, or whose owner is in poor financial condition.
dividendDefinition (Investments, Taxation, Financial-banking)
Distribution of earnings to shareholders. In credit unions, it's the money paid to members for deposits, similar to the interest banks pay to their customers for deposits.
documentary creditDefinition (Financial-banking, Legal-contracts)
Written undertaking by a bank on behalf of an importer authorizing an exporter to draw drafts on the bank up to a specified amount under specific terms and conditions. They are used to facilitate international trade. In the United States these instruments are called commercial letters of credit.
down paymentDefinition (Mortgages, Financial-banking)
The portion of the purchase price a buyer pays, in cash, at the time the loan originates.
draw periodDefinition (Mortgages, Financial-banking)
On a line of credit, the draw period is the fixed time when a borrower can make withdrawals from the account. After the draw period expires, the borrower can renew the credit line or may be required to pay the outstanding balance in full, or over time.
drawn against insufficient funds (DAIF)Acronym
Duca Financial Services Credit UnionBank, Ontario, Canada
due-on-sale clauseDefinition (Mortgages, Financial-banking, Legal-contracts)
A condition of a mortgage that states that the loan must be paid when the house is sold. Commonly used in reverse mortgage lending.
Dundee Bank of Canada (DBC)Company, Canada
  ➥  Acquired by Scotiabank in 2012.
Dunnville and District Credit Union (DDCU)Bank Est.1945, Dunnville, Ontario, Canada
Durham Educational Employees' Credit Union (DEECU)Bank Est.1967, Whitby, Ontario, Canada
e-chequeDefinition (Financial-banking)
An electronic version of a paper cheque. The account holder writes an e-cheque using a computer or other type of electronic device and transmits the e-cheque to the payee electronically. Like paper cheques, e-cheques are signed by the payer and endorsed by the payee. Rather than handwritten or machine-stamped signatures, however, e-cheques are affixed with digital signatures, using a combination of smart cards and digital certificates. The payee deposits the e-cheque, receives credit, and the payee's bank clears the e-cheque to the paying bank. The paying bank validates the e-cheque and then charges the cheque writer's account.
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Search the Glossary

Index of Banking Terms

Page 1: 1st Choice Savings and...
Amortized Loan
Page 2: Amount Financed
Automatic Transfer of Loan...
Page 3: Automatic Transfer Service
Before-tax Income
Page 4: Belgian-Alliance Credit...
Caisse d'économie Desjardins...
Page 5: Caisse d'économie Desjardins...
Caisse Desjardins de Hull
Page 6: Caisse Desjardins de...
Caisse Desjardins de Saint...
Page 7: Caisse Desjardins de Saint...
Caisse Desjardins du Haut...
Page 8: Caisse Desjardins du Lac des...
Caisse populaire de Field
Page 9: Caisse populaire de...
Caisse populaire Desjardins...
Page 10: Caisse populaire Desjardins...
Caisse populaire Desjardins...
Page 11: Caisse populaire Desjardins...
Caisse populaire Desjardins...
Page 12: Caisse populaire Desjardins...
Caisse populaire Madawaska
Page 13: Caisse populaire Mer et...
Canadian Payments...
Page 14: Canadian Western Bank
Cheques Returned with...
Page 15: Chequing Account
Commercial Real Estate...
Page 16: Commingling
Credit
Page 17: Credit Card
Debtor
Page 18: Declining Life Insurance
E-cheque
Page 19: Earl Grey Credit Union
Etobicoke Aluminum Employees...
Page 20: Etobicoke Teachers Credit...
Float
Page 21: Foam Lake Savings & Credit...
Gross International Reserves
Page 22: Gross Overtime
Instalment
Page 23: Instant Teller
International Investment...
Page 24: International Journal of...
Ladysmith & District Credit...
Page 25: Lafleche Credit Union
Local Taxes
Page 26: Lock-in
Monetary Policy Committee
Page 27: Monetary Policy Report...
Non-owner Occupant
Page 28: Non-Performing Loan
Ordinary Dividends
Page 29: Ordinary Income
Personal Property Taxes
Page 30: Personal Savings
Private Lender
Page 31: Privately Held Company
Remaining Balance
Page 32: Remaining Term
Same Day Funds Settlement
Page 33: Sandhills Credit Union
Split-Funded Annuity
Page 34: Spread
Tax Liability
Page 35: Tax Lien
Underwriting Expenses
Page 36: Underwriting Guide
Weyburn Credit Union
Page 37: Williams Lake and District...
Zero Balance

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