Bank Term Glossary

Assets Property and possessions that are regarded as having value

ATM Card A card that allows the owner to withdraw money from a bank account through an Automated Teller Machine

Authorization Process of "approving" a transaction or confirming that a debit card is in good standing and funds are available before the sale is finalized

Capital In relation to a mortgage, this is the amount of money you borrow

CDARS Certificate of Deposit Account Registry Service, a service to further insure your deposited funds

Debit Card A card that allows the owner to withdraw money, like an ATM card or make purchases from retail stores by withdrawing money from the owner's account

Disclosure A description of regulations outlining the details of the type of account or service the customer holds

Electronic Check An electronic check that takes money directly from a user's checking account

Equity The difference between the value of an asset and the total amount of borrowings secured against it

Mortgage A loan secured against a property

Mortgage Deed The legal document by which the lender (the bank) secures the loan against the borrower's property

Point of Sale A debit card purchase made at a retail store

Title The legal right to ownership of a property

Variable Interest Rate An interest rate that can fluctuate in accordance with the terms of your account or loan