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Banking Glossary
MUHAMMAD UMAIR JAVEDTUESDAY, 30 AUGUST 2016
(ii) Debit Cards - Card that can be used to access your account to
obtain cash or make a payment at a point of sale. The money is
transferred electronically, usually within three days. Customers
accounts are debited electronically for these transactions.
(iii) ATM/ Cash Cards - this card is for making cash withdrawals from
ATMs. It also provides many additional functions such as account
information and mobile phone top-ups. Card Holder A card holder
is a person in whose name card has been issued who is authorized
to use it.
Cash-Advance A cash advance is an amount of cash borrowed
against your credit card limit. You can take out a cash advance by
using your PIN at ATM. Cash advances don't have a grace period,
meaning interest begins accruing on the balance as soon as you
borrow it. Cash Advance Fee Cash advances come with fees and
typically have higher interest rates than the interest rate for
purchases. The cash advance fee can be charged as a percentage of
the cash advance. Some card issuers charge a flat fee regardless of
the amount of your cash advance. You'll always pay a finance charge
on a cash advance even if you pay it in full when your billing
statement comes. To reduce the amount of interest you pay on a
cash advance, pay it as soon as possible, even before you are billed
for it. Certificate of Deposits (CDs) A deposit Instrument; receipt
issued by a bank as an evidence of deposit specifying the amount,
the period of deposit and rate of interest. There are several types of
deposit certificates issued in domestic or foreign currency; since CDs
are negotiable instruments; these are freely traded in secondary
money market.
Checking Accounts A transactional deposit account held at a bank
or financial institution that allows for withdrawals and deposits.
Money held in a checking account is very liquid, and can be
withdrawn using cheque, automated cash machines and electronic
debits, among other methods.
Fixed Rate Where the markup rate is set at the start for the
duration of the loan. The rate will not change whether market rates
rise or fall. The advantage is that you know the exact amount of
each repayment in advance. The disadvantage is that the loan may
prove expensive if interest rates fall and there may be a penalty
charge for early repayment.
Financial Instrument Financial papers and documents
acknowledging financial commitment or obligation; contractual
agreements specifying legally enforceable financial liabilities; paper
facilitating financial transaction, transfers, payments and
settlements.
Financial Services A range of services which directly or indirectly
facilitate financial intermediation; include a variety of banking
services, and services of investment and finance institutions such as
investment finances, factoring, forfeiting and bill discounting;
insurance and reinsurance; facilitation of trading in securities market
and currency markets; financial consultancy, and financial advisory
services.
Floating Interest Rate A variable rate of interest which is based
on combination of a fixed premium over a fluctuating benchmark
market interest.
Fraud A major risk in business, finance and banking, requiring
sophisticated anti fraud protection procedures, safeguards, cross
checques, layered approval processes and installation of expensive
monitoring devices; a major cost item for financial institution;
several types of frauds depending on line of activity and target
institution concerned.
Fund Transfer A remittance or transfer of funds from one person to
another or in case of a bank, from one account to another which
may be in the same branch of the bank or with another branch or
bank in the same city, country, or abroad.
months of its date, but it can charge its customer's account for a
payment made thereafter in good faith.
Standing Order A standing order is a standing instruction that a
customer gives to his/her bank to pay a specified amount at regular
intervals to another account. Usually, the amount is paid on a
particular day of every month. The amount can be paid into any
bank account, and need not belong to an organization vetted by the
payer's bank. Standing orders are used typically for recurring, fixedamount expenses such as insurance premiums, mortgage
installments, and subscriptions. A standing order is not usually
suitable for paying variable bills such as credit card, or gas and
electricity bills. A standing order can be canceled at an account
holder's option. Stop Payment Instructions An order to a bank not to
honor the payment of a cheque after it has been delivered but
before it has been cashed.
Tenor The amount of time left for the repayment of a loan or
contract or the initial term length of a loan. Tenor can be expressed
in years, months or days. For example, if a bank loan is initially
extended with a five-year tenor, after three years, the loan will be
said to have a tenor of two years. Tenor is sometimes used
interchangeably with "maturity", although tenor is not often used to
describe the terms of fixed-income instruments such as government
bonds and corporate bonds. Instead, non-standardized contracts like
insurance policies and bank loans tend to be described in terms of
tenor.
Term Loan A medium to long term loan with the maturity of more
than one year; a long term loan. A term loan is granted for a specific
purpose, for a fixed term and generally repaid monthly. The interest
rate may be fixed or variable and differs from lender to lender.
Unsecured Loans Loan extended only on the basis of the
borrower's financial position, creditworthiness, credit history, and