Terms used in banking business such as Personal Access Code,Personal Identification Number,Plastic Money,Phishing etc

 

The terms used in banking business such as Personal Access Code,Personal Identification Number,Plastic Money,Phishing etc

 

 

This post explains about terms used in banking such as Overdraft Settings,Overdraft System,Oversubscribed,Par Value,Patches,Payback period,Payees,Paying Agent,Perfect Competition,Personal Access Code,Personal Identification Number,Plastic Money,Phishing etc..These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.

 

The terms used in banking business

 

Overdraft Settings: The Overdraft Setting for your checking account determines how the bank handles your transactions when you don’t have enough money in your checking account or your linked Overdraft Protection account at the time of the transaction. We pay overdrafts at our discretion based on factors such as the purchase or withdrawal amount and your account history, which means we don’t guarantee that we’ll always authorize and pay any type of transaction. We typically don’t pay overdrafts if your account isn’t in good standing or you aren’t making regular deposits. We reserve the right to require you to pay overdrafts immediately. See your Deposit Agreement and Disclosures for additional information.

 

Overdraft System: The system in which the borrower is allowed to overdraw on his current account with the banker upto a certain specified limit during a given period.

 

Overdraft: This happens when money is withdrawn from a bank account and more than exhausts the available funds, often resulting in an overdraft fee as the financial institution covers the difference. These often costly charges can be avoided by keeping extra money in the account as a buffer.

 

The terms used in banking  business such as Personal Access Code,Personal Identification Number,Plastic Money,Phishing etcOverlay or Overlevy: An amount included in the general property tax to cover abatements and taxes that will probably not be collected.

 

Oversubscribed: When an Initial Public Offering has more applications than actual shares available. Investors will often apply for more shares than required in anticipation of only receiving a fraction of the

 

requested number. Investors and underwriters will often look to see if an IPO is oversubscribed as an indication of the public’s perception of the business potential of the IPO company.

 

Paper Gain/Loss: Unrealized capital gain or loss on securities held in portfolio, based on a comparison of current market price and the original cost of the securities. Actual appreciation or depreciation is realized when the security is sold. Compare Realized Gain/Loss.

 

Par Bond: A bond selling at par (i.e. at its face value).

 

Par Value: The face value of a security.

 

Par Value: The value of a security expressed as a specific dollar amount marked on the face of the security, or the amount of money due at maturity. Par value should not be confused with market value.

 

Par Value: The value of a security when it is issued. For bonds and preferred stock, par value is equivalent to face value.

 

Partial Shipment: A load sent in more than one consignment. In a Letter of Credit, the buyer can say whether this is allowed or not allowed.

 

Partnerships: Shared ownership among two or more individuals, some of whom may, but do not necessarily, have limited liability with respect to obligations of the group. There is a written agreement among partners detailing the terms and conditions of participation in a business ownership arrangement.

 

Pass Book: A record of all debit and credit entries in a customer's account. Generally all banks issue pass books to Savings Bank/Current Account Holders.

 

Pass Through Certificates: Debt instruments backed by a portfolio of assets.

 

passbook -- A booklet given by the bank to the depositor to record deposits, withdrawals, and interest earned on a savings account

.

Patches - software updates issued by software manufacturers when security vulnerabilities or bugs are found in their software. Patches are designed to fix vulnerabilities and you can download them via the Internet. It’s recommended that you keep your computer safe by regularly applying any security patches.

 

Payback period: Length of time required for an asset to generate cash flows just enough to cover the initial outlay.

 

Paydown: The net reduction in debt that occurs when the amount of a new issue is less than the maturing issue.

 

Payee - The person who receives a payment. This often applies to cheques. If you receive a cheque you are the payee and the person or company who wrote the cheque is the payer.

 

Payees: A person to whom money is being paid or is due, especially in a transaction such as the payment of a check or money order.

 

payer -- An individual or company who writes a check; one who gives money as payment.

 

Payer - The person who makes a payment. This often applies to cheques. If you write a cheque you are the payer and the recipient of the cheque is the payee.

 

Paying Agent: Usually a commercial bank that dispenses the principal and interest payable on a maturing issue. Municipal bonds are usually also payable at the office of a public treasurer.

 

Paying Bank: The Bank that pays the check. The Bank of the customer who wrote the check.

 

penalty rate -- A higher interest rate imposed on an account when it has lapsed into default.

 

Perfect Competition: Perfect competition is the market in which there are many firms selling identical products with no firm large enough relative to the entire market to be able to influence market price.

 

Peril Point: It indicates that point beyond which tariff reductions would threaten the existence of domestic industry.

 

Perpetual Bonds: Bonds which have no maturity date.

 

Personal Access Code (PAC) - is the security password which, when used in conjunction with a Customer Access Number, enables Users to access EasyPhone Banking or Internet Banking. Also known as a PAC.

 

Personal Identification Number (PIN): A private and confidential number that you create to access your account. A PIN is required to verify your identity, and to approve account transactions before you can make ATM withdrawals or debit card purchases. PINs are also used with credit cards embedded with electronic chips.

 

Personal Internet Banking (PIB) or Online Banking: A convenient and secure way of performing banking transactions using your financial institution's website. Online banking allows you to access your accounts at any time and from anywhere you have access to the Internet.

 

Pharming - the exploitation of a vulnerability in the DNS server software which allows a hacker to acquire the Domain Name for a site, and to redirect traffic to that website to another website. DNS Servers are the machines responsible for resolving internet names into their real addresses - the "signposts" of the internet. If the website receiving the traffic is a fake website, such as a copy of a bank's website, it can be used to "phish" or steal a computer user's passwords, PIN number or account number.

 

Phishing - usually beginning with an email appearing to come from your bank, it leads the recipient to a convincing website, at which point the user is tricked into entering their username and password. The website has been set up by the attacker and does not belong to the bank at all. Once obtained, the details are used by the attacker to log in to the user’s account and transfer the funds out. New variations occur almost daily, and use a wide variety of techniques to deceive users into thinking that the bogus email or website is genuine.

 

Placing: Obtaining subscriptions for, or the sale of, primary market, where the new securities of issuing companies are initially sold.

 

Plain Vanilla Transactions: The most common and generally the simplest types of derivatives transaction. Transactions that have unusual or less common features are often called exotic or structured.

 

Plastic Money: Credit Cards, Debit Cards, ATM Cards and International Cards are considered plastic money as like money they can enable us to get goods and services.

 

The above details describes about terms called in banking such as Overdraft Settings,Overdraft System,Oversubscribed,Par Value,Patches,Payback period,Payees,Paying Agent,Perfect Competition,Personal Access Code,Personal Identification Number,Plastic Money,Phishing etc.These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in overseas trade below this post.Terms used in banking business such as Over the Counter,Overdraft Protection Transfer Fee,Overdraft Item and NSF etc

 

Related posts about free online training on export trade:

 

How to export your product?
Click here to know HS code of your product
What is the ITC code (Indian Tariff Code) of your product?
12 Major risks and solutions in Imports and Exports
Dimension of export containers
Export Promotion Councils and Commodity Boards, product wise
SEIS scheme for exporters in India
Mode of payments in international trade
Authorized offices to issue COO under India Afghanistan Preferential Trade Agreement
Who are authorized to issue Certificate of origin under Global System of Trade Preferences (G S T P)
Authorized agencies to issue Certificate of Origin under Asia Pacific Trade Agreement (APTA)
How many types of shipping bills in export
How to add Line number in Import General Manifest in Custom in India
How to amend AWB number in Import General Manifest (IGM)
How to amend BL number in Import General Manifest (IGM)
How to amend consignee (importer) name in Import General Manifest (IGM)
How to amend container number in Import General Manifest IGM
How to amend date of bill of lading in Import General Manifest (IGM) in India


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers