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Dictionary of Banking Terms and Phrases. Any and all sorts of people designated and authorized to transact company on the behalf of a merchant account.

Dictionary of Banking Terms and Phrases. Any and all sorts of people designated and authorized to transact company on the behalf of a merchant account.

The agreement regulating your credit that is open-end account it provides home elevators changes that will happen to the account.

The re payment reputation for a merchant account over a period that is specific of, such as the wide range of times the account ended up being delinquent or higher limitation.

Each account owner’s signature has to be on file with all the bank. The signature authorizes that person to conduct company with respect to the account. See additionally Joint Account Holder.

Interest that’s been gained although not yet compensated. See accounts that are also interest-Bearing FDIC Insurance.

In a merger, the lender that absorbs the bank acquired. See also Acquiring Bank.

Also referred to as variable-rate mortgages. The original rate of interest is often below compared to mainstream fixed-rate loans. The attention rate may alter within the full life of the mortgage as market conditions change.

There is certainly typically an optimum (or roof) and at least (or flooring) defined within the loan contract. If interest levels increase, therefore does the mortgage re re payment. If interest levels fall, the mortgage re payment may also. See additionally ARMs – Adjustable Rate Feature.

A creditor’s refusal to grant credit on the terms requested, termination of an existing account, or an unfavorable change in an existing account under the Equal Credit Opportunity Act. Read More