Glossary of credit terms

Posted on Dec 7, 2000 08:15:27 AM

Western Union – a system of international transfers of funds in most countries. Recipient will receive a money transfer in minutes. For sending (receiving) the transfer does not need to open a bank account.

Authorization – The authorization for access to resources or services, a process in which the card issuer authorizes the transaction. This process confirms that this amount does not exceed the balance on credit cards and reserves the specified amount of the loan.

Bank transfer – transfer of funds to the recipient (organization or individual). Can be carried out with opening a bank account – the sender, and without opening an account.

Bank card – plastic cards of international payment system VISA Int., Eurocard / MasterCard Int. There are Debit cards and credit cards.

The Banking Commission – Amounts charged by the bank with the client, as a rule, certain transactions such as payment of a check or withdrawing cash from an ATM.

Bank Deposit – The amount of money placed by the client for storage in a bank. On your deposit may be charged and do not accrue interest, he may be, under an agreement between the parties, or fixed-term demand.

Cash machine (ATM) – One type of electronic terminal devices connected to a bank computer, designed for client cash from their bank accounts, account inquiries, perform other banking transactions, the terms of which depends on the technical capabilities of ATM and its work program embodied in the computer.

Contribution “on demand” – means (savings) that are made to banks or other lending institutions without specifying the period of storage. Demand deposits can be withdrawn at any time upon request of a depositor. They are used for current expenses. According to him charged relatively low rates. In some cases, interest is not charged at all. Demand deposits are accepted as a named person or to bearer.

Beneficiary – the person (legal or physical) to the benefit of which the client acts in particular on the basis of agency contracts, orders, commissions and asset management, and conducting banking transactions and other transactions.

Account statements – information on the status of client accounts provided by him either on a regular basis and upon request.

Collateralization of the loan – The guarantor’s obligation to pay a certain sum upon the occurrence of warranty case (such as loan default).

Garant – Guarantor: natural or legal person who gives what any warranty.