Glossary

Account History:

The payment history of an account over a specific period of time, including the number of times the account was past due or over limit.

Available Balance:

The balance of an account less any hold, uncollected funds, and restrictions against the account. See also Available Balance and Positive Balance.

Available Credit:

The difference between the credit limit assigned to a cardholder account and the present balance of the account. See also Available Credit.

Balance Transfer:

The process of moving an outstanding balance from one credit card to another. This is usually done to obtain a lower interest rate on the outstanding balance. Transfers are sometimes subjected to a Balance Transfer Fee.

Beneficiary:

A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract.

Billing Cycle:

The time interval between the dates on which regular periodic statements are issued.

Canceled Check:

A check that a bank has paid, charged to the account holder's account, and then endorsed. Once canceled, a check is no longer negotiable.

Checking Account:

A demand deposit account subject to withdrawal of funds by check.

Collected Funds:

Cash deposits or checks that have been presented for payment and for which payment has been received.

Credit Card Issuer:

Any financial institution that issues bank cards to those who apply for them.

Credit Life Insurance:

A type of life insurance that helps repay a loan if you should die before the loan is fully repaid. This is optional coverage

Debit Card:

A debit card allows the account owner to access their funds electronically. Debit cards may be used to obtain cash from automated teller machines or purchase goods or services using point-of-sale systems.

Electronic Banking:

A service that allows an account holder to obtain account information and manage certain banking transactions through a personal computer via the financial institution's Web site on the Internet.

SWIFT Code:

Society for Worldwide Interbank Financial Telecommunication code. An internationally-recognized identification code for banks around the world. SWIFT codes are most commonly used for international wire transfers and are comprised of 8 or 11 alphanumeric characters.