HOME TheInfoList.com
Providing Lists of Related Topics to Help You Find Great Stuff

picture info

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
[...More...]

picture info

Financial Services
Financial services
Financial services
are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers and some government-sponsored enterprises.[1]
[...More...]

picture info

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
[...More...]

picture info

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
[...More...]

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
[...More...]

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
[...More...]

picture info

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
[...More...]

picture info

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
[...More...]

picture info

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
[...More...]

picture info

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
[...More...]

Money Creation
Money
Money
creation is the process by which the money supply of a country, or of an economic or monetary region,[note 1] is increased
[...More...]

picture info

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
[...More...]

Public Bank
A public bank is a bank, a financial institution, in which a state or public actors are the owners. It is a company under state control.[1] Public or 'state-owned' banks proliferated globally in the late 19th and early 20th centuries as vital agents of industrialisation in capitalist and socialist countries alike; as late as 2012, state banks still owned and controlled up to 25 per cent of total global banking assets.[2] The 2015 Addis Ababa Financing for Development Action Agenda noted that public banks should have an important role in achieving the new Sustainable Development Goals. Increasingly, major international financial institutions are recognising the positive and catalytic role public banks can serve in the coming low carbon climate resilient transition
[...More...]

Wire Transfer
Wire transfer, bank transfer or credit transfer is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office. Different wire transfer systems and operators provide a variety of options relative to the immediacy and finality of settlement and the cost, value, and volume of transactions. Central bank
Central bank
wire transfer systems, such as the Federal Reserve's FedWire system in the United States, are more likely to be real-time gross settlement (RTGS) systems. RTGS systems provide the quickest availability of funds because they provide immediate "real-time" and final "irrevocable" settlement by posting the gross (complete) entry against electronic accounts of the wire transfer system operator. Other systems such as Clearing House Interbank Payments System (CHIPS) provide net settlement on a periodic basis
[...More...]

Electronic Bill Payment
Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific account. These payments are typically executed electronically as a direct deposit through a national payment system, operated by the banks or in conjunction with the government. Payment is typically initiated by the payer but can also be set up as a direct debit. In addition to the bill payment facility, most banks will also offer various features with their electronic bill payment systems
[...More...]

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
[...More...]

.