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.
IFSC:
Indian Financial System Code is an alphanumeric code that uniquely identifies a bank-branch participating in the two main Electronic Funds Settlement Systems in India: the Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) Systems.
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.
MICR Code:
Magnetic Ink Character Recognition Code (MICR Code) is a character-recognition technology used mainly by the banking industry to ease the processing and clearance of cheques and other documents.