The terms used in banking such as Account Holder, Account statement , Accrued Interest etc

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The terms used in banking such as Account Holder, Account statement , Accrued Interest etc.

This post explains about terms used in banking such as Account Agreement, Account Analysis, Account balance,Account Holder, Account statement , Accrued Interest 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

ABA or Bank Routing:The nine digit number that designates the bank and location to which the transfer must be delivered. This applies to transfers only within the U.S.

account -- Money deposited with a financial institution for investment and/or safekeeping purposes.

Account Agreement: The contract governing your open-end credit account, it provides information on changes that may occur to the account.

Account Analysis: A banking service for business customers that provides a finely detailed statement of all activity related to the account. An earnings credit is typically offered to offset the monthly fees on the account.

Account balance:The amount of money in an account at the start of the business day, including all deposits and withdrawals posted the previous night, whether or not the funds have been collected. See "collected balance."

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.

Account Holder: Any and all persons designated and authorized to transact business on behalf of an account. Each account holder's signature needs to be on file with the bank. The signature authorizes that person to conduct business on behalf of the account.

Account Name: The actual name of the individual or entity on the bank account. All official Indiana University accounts at financial institutions are named “Trustees of Indiana University”.

Account statement:A printed or online statement of all the funds paid out by or paid into your account during a statement cycle.

Account: An arrangement at a bank for financial transactions, including making deposits and withdrawals.

Accretion of a Discount: A type of portfolio accounting in which there is a straight-line accumulation of capital gains ondiscount notes and bonds.

Accretion to equity:(Retained earnings/Total equity at the end of previous year)*100

Accrued interest: Interest due from issue date or from the last coupon payment date to the settlement date. Accrued interest on bonds must be added to their purchase price.

Accrued Interest: The interest accumulated on a security since the issue date or since the last coupon payment. The buyer of thesecurity pays the market price plus accrued interest.

Accrued Interest:Interest earned but not yet received.

ACH-Based Electronic Check:A payment that begins as a source document is converted into an ACH debit entry; or a payment that begins as a paper check is truncated to an ACH debit entry. Also referred to as an eCheck. See Check Conversion.

Acquiring Bank: In a merger, the bank that absorbs the bank acquired.

Acquisition:Purchase of controlling interest in a firm, generally through tender offer for the target shares.

Active account:A open bank account in which transactions can be made; usually an account that has had activity within the last 3 years.

The above details describes about terms called in banking such as Account Agreement, Account Analysis, Account balance,Account Holder, Account statement , Accrued Interest 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.

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