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Electronic Funds Transfer
Electronic Funds Transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff. EFT transactions are known by a number of names
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Cheque
A cheque or check (American English; see spelling differences) is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the drawer, has a transaction banking account (often called a current, cheque, chequing or checking account) where their money is held. The drawer writes the various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay that person or company the amount of money stated. Cheques are a type of bill of exchange and were developed as a way to make payments without the need to carry large amounts of money
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Central Bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency, money supply, and interest rates of a state or formal monetary union,[1] and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, and also generally controls the printing/coining of the national currency,[2] which serves as the state's legal tender.[3] A central bank also acts as a lender of last resort to the banking sector during times of financial crisis
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Ethical Banking
An ethical bank, also known as a social, alternative, civic, or sustainable bank, is a bank concerned with the social and environmental impacts of its investments and loans. The ethical banking movement includes: ethical investment, impact investment, socially responsible investment, corporate social responsibility, and is also related to such movements as the fair trade movement, ethical consumerism, and social enterprise. Other areas of ethical consumerism, such as fair trade labelling, have comprehensive codes and regulations which must be adhered to in order to be certified. Ethical banking
Ethical banking
has not developed to this point; because of this it is difficult to create a concrete definition that distinguishes ethical banks from conventional banks. Ethical banks are regulated by the same authorities as traditional banks and have to abide by the same rules
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Anonymous Banking
Bank
Bank
secrecy (or bank privacy) is a legal requirement in some jurisdictions which prohibits banks providing to authorities personal and account information about their customers, except in certain conditions, such as if a criminal complaint has been filed.[1] In some cases, additional privacy is provided to beneficial owners through the use of numbered bank accounts or in other ways. Bank
Bank
secrecy is prevalent in certain countries such as Switzerland, Lebanon, Singapore and Luxembourg, as well as offshore banks and other tax havens under voluntary or statutory privacy provisions. Numbered bank accounts were first created in Switzerland
Switzerland
by the Swiss Banking Act of 1934, where the principle of bank secrecy continues to be considered one of the main aspects of private banking
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Christmas Club
The Christmas
Christmas
club is a savings program that was first offered by various banks and credit unions in the United States beginning in the first half of the 20th century, and including the Great Depression. The concept is that bank customers deposit a set amount of money each week into a special savings account, and receive the money back at the end of the year for Christmas
Christmas
shopping.Contents1 Origins 2 Promotion 3 Drawbacks 4 Trivia 5 References5.1 Notes 5.2 Citations 5.3 Bibliography6 External linksOrigins[edit] The first known Christmas
Christmas
club started in 1909, when Merkel Landis, treasurer of the Carlisle (Pennsylvania)
Carlisle (Pennsylvania)
Trust Company, introduced the first Christmas
Christmas
savings fund
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Loan
In finance, a loan is the lending of money from one individual, organization or entity to another individual, organization or entity. A loan is a debt provided by an organization or individual to another entity at an interest rate, and evidenced by a promissory note which specifies, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower. In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time. The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan
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Bank Regulation
Bank
Bank
regulation is a form of government regulation which subjects banks to certain requirements, restrictions and guidelines, designed to create market transparency between banking institutions and the individuals and corporations with whom they conduct business, among other things. Given the interconnectedness of the banking industry and the reliance that the national (and global) economy hold on banks, it is important for regulatory agencies to maintain control over the standardized practices of these institutions. Supporters of such regulation often base their arguments on the "too big to fail" notion. This holds that many financial institutions (particularly investment banks with a commercial arm) hold too much control over the economy to fail without enormous consequences. This is the premise for government bailouts, in which government financial assistance is provided to banks or other financial institutions who appear to be on the brink of collapse
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Giro
A giro (/ˈdʒaɪroʊ, ˈdʒɪəroʊ, ˈʒɪəroʊ/),[1] or giro transfer, is a payment transfer from one bank account to another bank account and instigated by the payer, not the payee.[2] Giros are primarily a European phenomenon; although electronic payment systems such as the Automated Clearing House
Automated Clearing House
exist in the United States
United States
and Canada, it is not possible to perform third party transfers with them. In the United Kingdom
United Kingdom
and in other countries the term giro may refer to a specific system once operated by the post office.[3] In the UK, the giro service was originally known as National Giro
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SWIFT
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment. SWIFT
SWIFT
also sells software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362. Business Identifier Codes (BICs, previously Bank Identifier Codes) are popularly known as "SWIFT codes". The majority of international interbank messages use the SWIFT network
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Credit Card
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus the other agreed charges.[1] The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. In other words, credit cards combine payment services with extensions of credit.[2] Complex fee structures in the credit card industry may limit customers' ability to comparison shop, help ensure that the industry is not price-competitive and help maximize industry profits
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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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Savings Account
A savings account is a deposit account held at a retail bank that pays interest but cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing a cheque). These accounts let customers set aside a portion of their liquid assets while earning a monetary return. The other major types of deposit accounts are the transactional account (usually known as a "checking" (US) or "current" (UK) account), money market account, and time deposit.Contents1 Regulations1.1 United States2 References 3 External linksRegulations[edit] United States[edit] In the United States, the term "savings deposit" includes a deposit or an account that meets the requirements of Sec. 204.2(d)(1) of Regulation D (FRB). The depositor is permitted to make up to 6 pre-authorized transfers or withdrawals (excluding withdrawals via an automated teller machine) per month or a statement cycle of at least four weeks
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Bank Card
A bank card is typically a plastic card issued by a bank to its clients that performs one or more of a number of services that relate to giving the client access to funds, either from the client's own bank account, or through a credit account
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Deposit Account
A deposit account is a savings account, current account or any other type of bank account that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank and represents the amount owed by the bank to the customer. Some banks may charge a fee for this service, while others may pay the customer interest on the funds deposited.Contents1 Major types 2 How banking works 3 Regulations 4 ReferencesMajor types[edit]Transactional accounts, known as "current accounts" in the Commonwealth and "checking accounts" in the United StatesA deposit account for the purpose of securely and quickly providing frequent access to funds on demand, through various different channels
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Money Market Account
A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets.[1] The interest rates paid are generally higher than those of savings accounts and transaction accounts; however, some banks will require higher minimum balances in money market accounts to avoid monthly fees and to earn interest. Money market
Money market
accounts should not be confused with money market funds, which are mutual funds that invest in money market securities.Contents1 United States1.1 How it works 1.2 History2 ReferencesUnited States[edit] How it works[edit] In the United States, deposit holders are permitted to write checks and use debit cards to withdraw funds from money market accounts on demand. However, for regulatory purposes, the accounts are regulated as savings accounts under Regulation D (FRB)
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