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ChexSystems
ChexSystems is an American check verification service and consumer reporting agency owned by the eFunds subsidiary of Fidelity National Information Services. It provides information about the use of deposit accounts by consumers. History In 1991, the agency was owned by Deluxe Corporation, and it was part of the spin-off from Deluxe that formed eFunds in 1999. Fidelity National Information Services acquired eFunds in 2007. The number of "bank and thrift branches" served in 1991 was 59,000. Services Eighty percent of commercial banks and credit unions in the United States use ChexSystems to screen applicants for checking and savings accounts. eFunds claims that their services are used in over 9,000 banks, including over 100,000 individual bank branches in the United States. As of 1991, ChexSystems held 7.3 million names of consumers whose bank accounts had been closed "for cause". Services include verification of identity, reports on account history, and transaction mon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EFD (eFunds Corporation)
EFD (or eFunds Corporation) was a Scottsdale, Arizona based payments processor of electronic payments including debit card and automated teller machine (ATM) transactions. It provided financial service companies and other large enterprises with new account decisions, fraud detection and payment processing services. On June 27, 2007, Fidelity National Information Services, Inc. (FIS) announced that it was acquiring EFD in an all-cash transaction valued at about $1.8B. The target completion date for the acquisition was the 3rd quarter of 2007. Company history EFD was formed as eFunds Corporation in 1999 as a spin-off from Deluxe Corporation, bringing together established players in financial risk management and electronic transaction processing services; previously distinct businesses within Deluxe. In January 2000, iDLX Technology Partners, another Deluxe unit, combined with eFunds to add professional services and business process outsourcing capabilities to the new business. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Check Verification Service
A check verification service provides businesses or individuals with either the ability to check the validity of the actual check or draft being presented, or the ability to verify the history of the account holder, or both. There are a number of different methods that can be used to provide the service, these include checking different databases with negative or account history, checking that routing and account numbers are valid using algorithms, or contacting the bank that issued the check to get confirmation about the account status. Business Check verification services have been most common in the United States, in Europe a cheque guarantee system operated for a number of years that could be used by merchants until the usage of cheques declined to the point where it was no longer necessary. Outside the United States the decline in check usage in favour of debit cards and credit cards has meant that cheques are rarely accepted by merchants thus rendering cheque verificati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overdraft
An overdraft occurs when something is withdrawn in excess of what is in a current account. For financial systems, this can be funds in a bank account. In these situations the account is said to be "overdrawn". In the economic system, if there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft limit, then interest is normally charged at the agreed rate. If the negative balance exceeds the agreed terms, then additional fees may be charged and higher interest rates may apply. By analogy, overdrafting of an aquifer refers to extraction of water faster than it will be replenished. History in finance The first overdraft facility was set up in 1728 by the Royal Bank of Scotland. The merchant William Hogg was having problems in balancing his books and was able to come to an agreement with the newly established bank that allowed him to withdraw money from his empty account to pay his debts before he received h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Woodbury, Minnesota
Woodbury ( ) is a city in Washington County, Minnesota, United States, east of Saint Paul along Interstate 94. It is part of the Minneapolis–Saint Paul metropolitan area. The population was 75,102 at the 2020 census, making it Minnesota's seventh most populous city. History At almost 36 square miles, Woodbury is a direct descendant of one of the congressional townships into which Minnesota Territory when the Native Americans of the United States ceded the territory and opened it to "settlement". Woodbury was originally named Red Rock, but was renamed after Levi Woodbury, the first justice of the Supreme Court of the United States to attend law school, after it was realized that another Red Rock Township existed in Minnesota. When first settled in 1844, the land was mostly wood, but it was converted to farmland. The township government was organized in 1858. One of the city's few surviving 19th-century farms, the Charles Spangenberg Farmstead, is on the National Regist ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681 ''et seq.'', is federal legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. It was intended to shield consumers from the willful or negligent inclusion of erroneous data in their credit reports. To that end, the FCRA regulates the collection, dissemination, and use of consumer information, including consumer credit information. It was originally passed in 1970, and is enforced by the U.S. Federal Trade Commission, the Consumer Financial Protection Bureau, and private litigants. History Before standardization of credit scoring, statements of character were integral to credit reports well into the 1960s. With credit reports containing probing details about personality, habits, and health, in the hearings on the Fair Credit Reporting Act lawmakers were troubled that individuals were helpless to clear up errors. The Fair Credit Re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services Companies Of The United States
Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities. As a subject of study, is a field of Business Administration wich study the planning, organizing, leading, and controlling of an organization's resources to achieve its goals. Based on the scope of financial activities in financial systems, the discipline can be divided into personal, corporate, and public finance. In these financial systems, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. Due to its wide scope, a broad range of subfields exists within finance. Asset-, money-, risk- and investment management aim to maximize value and minimize volatility. Financial analysis assesses the viability, stabil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retail Financial Services
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is the sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit. Retailers are the final link in the supply chain from producers to consumers. Retail markets and shops have a long history, dating back to antiquity. Some of the earliest retailers were itinerant peddlers. Over the centuries, retail shops were transformed from little more than "rude booths" to the sophisticated shopping malls of the modern era. In the digital age, an increasing number of retailers are seeking to reach broader markets by selling through multiple channels, including both bricks and mortar and online retailing. Digital technologies are also affecting the way that consumers pay for goods and services. Retailing support services may also include the provision of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of America
The Bank of America Corporation (Bank of America) (often abbreviated BofA or BoA) is an American multinational investment banking, investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was founded by the merger of NationsBank and Bank of America (1904–1998), Bank of America in 1998. It is the List of largest banks in the United States, second-largest banking institution in the United States and the second-largest bank in the world by market capitalization, both after JPMorgan Chase. Bank of America is one of the Big Four (banking)#United States, Big Four banking institutions of the United States. and one of eight systemically important financial institutions in the US. It serves about 10 percent of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve Bank
A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913. The banks are jointly responsible for implementing the monetary policy set forth by the Federal Open Market Committee, and are divided as follows: Some banks also possess List of Federal Reserve branches, branches, with the whole system being headquartered at the Eccles Building in Washington, D.C. History The Federal Reserve Banks are the most recent institutions that the United States government has created to provide functions of a central bank. Prior institutions have included the First Bank of the United States, First (1791–1811) and Second Bank of the United States, Second (1818–1824) Banks of the United States, the Independent Treasury (1846–1920) and the National Bank Act, National Banking System (1863–19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
San Francisco
San Francisco, officially the City and County of San Francisco, is a commercial, Financial District, San Francisco, financial, and Culture of San Francisco, cultural center of Northern California. With a population of 827,526 residents as of 2024, San Francisco is the List of California cities by population, fourth-most populous city in the U.S. state of California and the List of United States cities by population, 17th-most populous in the United States. San Francisco has a land area of at the upper end of the San Francisco Peninsula and is the County statistics of the United States, fifth-most densely populated U.S. county. Among U.S. cities proper with over 250,000 residents, San Francisco is ranked first by per capita income and sixth by aggregate income as of 2023. San Francisco anchors the Metropolitan statistical area#United States, 13th-most populous metropolitan statistical area in the U.S., with almost 4.6 million residents in 2023. The larger San Francisco Bay Area ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greenlining Institute
The Greenlining Institute is a public policy, research, and advocacy non-profit organization based in Oakland, California. It seeks to advance economic opportunity and empowerment for people of color through advocacy, community and coalition building, research and leadership development. History The Greenlining Institute was established by African American, Asian American, and Latino American community leaders in 1993 to fight injustice, increase the participation of people of color in policymaking, and encourage successful investment by corporate America into these communities. Rather than just fighting redlining, the illegal practice of denying services to certain communities, greenlining is the proactive effort of bringing profitable investments and services to communities that have been left behind. The Greenlining Institute was founded on the principle of wealth creation, with a strong belief that diversity makes business sense and leads to greater effectiveness. Policy Issu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Action
Consumer Action is a nonprofit, consumer education and advocacy center, serving consumers in the United States. Founded in 1971, Consumer Action, as a 510(c)(3) nonprofit organization. It has offices in San Francisco, Washington, D.C., and Los Angeles. Overview Consumer Action's frequent focus is consumer credit—and the related areas of credit cards, banking and finance, money management, and pricing; as well as health, housing, scams, fraud, privacy, and more. Consumer Action is known for its annual Credit Card Survey. Consumer Action works in collaboration with numerous consumer protection, consumer advocacy organizations, and coalitions to file commentary on government legislation and briefs, such as ''Fair and Reasonable Fee for Credit Score Disclosure'' and for the publication of education and informational resources, such as ''Consumer Privacy Guide'' published jointly with: the Center for Democracy & Technology, Common Cause, the National Consumers League, and the Pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
