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Principle of Banking

Chapter 3

QuestionAnswer
Point-of sale (POS) A device used to transfer funds from a bank account to a retailer to pay for purchases.
Demand Deposit Funds that a customer may withdraw from a bank with no advance notice, usually by writing a check or using an ATM
Share draft A bill payment device offered by some credit unions. Members of a credit union can write these check-like instruments against their savings share accounts.
Check debit card A plastic access card that enables the cardholder to purchase goods or services or withdraw cash online through a point-of-sale terminal
ATM card A plastic access card that enables the cardholder to withdraw cash through an ATM and that,
Automated clearing house (ACH) A clearing facility operated for the convenience of banks in a particular region, generally through the regional Federal Reserve Bank. An ACH electronically processes interbank credits and debits.
Power of attorney A legal document that authorizes a person named as an agent (attorney-in-fact) to act on behalf of another person (the Principal).
Principal The person or company that appoints another (an agent) to act on his or her or its behalf.
Right of survivorship The right of surviving tenants to take full possession of specific assets, such as account funds, upon the death of other tenants, without establishing an estate but subject to state laws.
Fiduciary An individual, bank, or other party to whom specific property is turned over under the terms of a contract and who acts for the benefit of another party on a basis of trust and confidence.
Beneficiary (1) The party legally entitled to receive the proceeds of an annuity, insurance policy, letter of credit, trust fund, retirement account or will, either from an appointment, assignment, disposition, instrument, or contract.
Partnership agreement A legal agreement stating the contributions each partner has made to the business, the nature of the business and the proportions in which each partner will share in profits or losses.
Partnership resolution A document containing language certifying that the name of the partnership is the same as the one provided to the bank and listing who is authorized to write checks and sign for loans on behalf of the partnership.
Corporate resolution A document filed with a bank that defines the authority given to the corporation’s officers and specifies who may sign check, borrow on behalf of the corporation, and otherwise conduct business and issue instructions to the bank.
Annual percentage yield (APY) A rate reflecting the total amount of interest paid on a deposit account, based on the interest rate and the frequency of compounding for a 365-day period.
Depository institution A financial institution that obtains funds mainly from deposits by the public. Commercial banks, saving and loan associations, savings banks, and credit unions are all depository institutions.
Beneficiary (2) in the context of electronic fund transfers, the term used in Article 4A of the Uniform Commercial Code to refer to the person to be paid under the payment order.
Created by: Sharon.Spence