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Automated Clearing House
Automated Clearing House
Automated Clearing House
(ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit, payroll and vendor payments. ACH direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills. Debit transfers also include new applications such as the point-of-purchase (POP) check conversion pilot program sponsored by the National Automated Clearing House Association (NACHA). Both the government and the commercial sectors use ACH payments
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Clearing House (finance)
A clearing house is a financial institution formed to facilitate the exchange (i.e., clearance) of payments, securities, or derivatives transactions. The clearing house stands between two clearing firms (also known as member firms or participants). Its purpose is to reduce the risk of a member firm failing to honor its trade settlement obligations.Contents1 Description 2 History2.1 Bank
Bank
clearance 2.2 Financial exchanges 2.3 Central counterparty clearing3 See also 4 References 5 Further reading 6 External linksDescription[edit] Main article: Clearing (finance) After legally-binding agreement (i.e. execution) of a trade between a buyer and a seller, the role of the clearing house is to centralize and standardize all of the steps leading up to the payment (i.e. settlement ) of the transaction
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NACHA
Nacha may refer to:Atlach-Nacha, novel Nacha Guevara
Nacha Guevara
(born 1940), actress Nacha Regules, 1950 Argentine film Nacha Pop, Spanish grou
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Point Of Sale
The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed but is increasingly being dispensed with or sent electronically.[1][2][3] To calculate the amount owed by a customer, the merchant may use various devices such as weighing scales, barcode scanners, and cash registers
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Mortgage Loans
A mortgage loan, or simply mortgage, is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms
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Insurance Premium
Insurance
Insurance
is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss
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Depository Institution
Colloquially, a depository institution is a financial institution in the United States
United States
(such as a savings bank, commercial bank, savings and loan associations, or credit unions) that is legally allowed to accept monetary deposits from consumers. Under federal law, however, a "depository institution" is limited to banks and savings associations - credit unions are not included.[1] An example of a non-depository institution might be a mortgage bank. While licensed to lend, they cannot accept deposits.[2] See also[edit]Authorised Deposit-Taking InstitutionReferences[edit]^ 12 U.S.C. 1813©. ^ "nondepository financial institution". TheFreeDictionary.com. 2014. Retrieved 2014-07-28. Ruben D Cohen (2004) “The Optimal Capital Structure of Depository Institutions”, Wilmott Magazine, March issue.This business-related article is a stub
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Financial Transactions
A financial transaction is an agreement, or communication, carried out between a buyer and a seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals. The buyer and seller are separate entities or objects, often involving the exchange of items of value, such as information, goods, services, and money. It is still a transaction if the goods are exchanged at one time, and the money at another
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Federal Reserve Bank
A Federal Reserve Bank
Federal Reserve Bank
is a regional bank of the Federal Reserve System, the central banking system of the United States
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Charter
A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified. It is implicit that the granter retains superiority (or sovereignty), and that the recipient admits a limited (or inferior) status within the relationship, and it is within that sense that charters were historically granted, and that sense is retained in modern usage of the term. The word entered the English language
English language
from the Old French
Old French
charte, via Latin
Latin
charta, and ultimately from Greek χάρτης (khartes, meaning "layer of papyrus")
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Treasury Management
Treasury management (or treasury operations) includes management of an enterprise's holdings, with the ultimate goal of managing the firm's liquidity and mitigating its operational, financial and reputational risk. Treasury Management
Management
includes a firm's collections, disbursements, concentration, investment and funding activities. In larger firms, it may also include trading in bonds, currencies, financial derivatives and the associated financial risk management. Most banks have whole departments devoted to treasury management and supporting their clients' needs in this area. Until recently, large banks had the stronghold on the provision of treasury management products and services
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Substitute Check
A substitute check or cheque, also called an image cash letter (ICL), clearing replacement document (CRD),[1] or image replacement document (IRD),[2] is a negotiable instrument used in electronic banking systems to represent a physical paper cheque (check)
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Business-to-business
Business-to-business (B2B or, in some countries, BtoB) refers to a situation where one business makes a commercial transaction with another. This typically occurs when:A business is sourcing materials for their production process (e.g. a food manufacturer purchasing salt). A business needs the services of another for operational reasons (e.g. a food manufacturer employing an accountancy firm to audit their finances). A business re-sells goods and services produced by others (e.g. a retailer buying the end product from the food manufacturer).B2B is often contrasted with business-to-consumer (B2C). In B2B commerce, it is often the case that the parties to the relationship have comparable negotiating power, and even when they do not, each party typically involves professional staff and legal counsel in the negotiation of terms, whereas B2C is shaped to a far greater degree by economic implications of information asymmetry
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Debit Card
A debit card (also known as a bank card, plastic card or check card) is a plastic payment card that can be used instead of cash when making purchases. It is similar to a credit card, but unlike a credit card, the money comes directly from the user's bank account when performing a transaction. Some cards may carry a stored value with which a payment is made, while most relay a message to the cardholder's bank to withdraw funds from a payer's designated bank account. In some cases, the primary account number is assigned exclusively for use on the Internet and there is no physical card. In many countries, the use of debit cards has become so widespread that their volume has overtaken or entirely replaced cheques and, in some instances, cash transactions. The development of debit cards, unlike credit cards and charge cards, has generally been country specific resulting in a number of different systems around the world, which were often incompatible
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ATM Card
An ATM card is a payment card or dedicated payment card style card issued by a financial institution which enables a customer to access automated teller machines (ATMs). ATM cards are payment card size and style plastic cards with a magnetic stripe or a plastic smart card with a chip that contains a unique card number and some security information such as an expiration date or CVVC (CVV). ATM cards are known by a variety of names such as bank card, MAC (money access card), client card, key card or cash card, among others. Most payment cards, such as debit and credit cards can also function as ATM cards, although ATM-only cards are also available. Charge and proprietary cards cannot be used as ATM cards. The use of a credit card to withdraw cash at an ATM is treated differently to a POS transaction, usually attracting interest charges from the date of the cash withdrawal
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Social Security (United States)
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration.[1] The original Social Security Act
Social Security Act
was signed into law by President Franklin Roosevelt in 1935,[2] and the current version of the Act, as amended,[3] encompasses several social welfare and social insurance programs. Social Security is funded primarily through payroll taxes called Federal Insurance Contributions Act tax
Federal Insurance Contributions Act tax
(FICA) or Self Employed Contributions Act Tax (SECA)
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