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Baking terms

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Baking terms
 

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Baking termsOnline version

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by VICTOR Mon
1

The process of reducing debt through regular installment payments of principal and interest that will result in the payoff of a loan at its maturity.

2

The cost of credit on a yearly basis, expressed as a percentage.

        
  
     
3

A checkless system for paying recurring bills with one authorization statement to a financial institution. For example, the customer would only have to provide one authorization form/letter/document to pay the cable bill each month.

     
     
4

The difference between the credit limit assigned to a cardholder account and the present balance of the account.

  
  
5

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.

  
  
6

Periodically the bank provides a statement of a customer's deposit account.

  
  
7

A check drawn on the funds of the bank, not against the funds in a depositor's account. However, the depositor paid for the cashier's check with funds from their account.

  
  
8

A form to be completed by an applicant for a credit account, giving sufficient details (residence, employment, income, and existing debt) to allow the seller to establish the applicant's creditworthiness.

  
  
9

A number, roughly between 300 and 800, that measures an individual's credit worthiness.

  
  
10

The amount of money required to be on deposit in an account to qualify the depositor for special services or to waive a service charge.

  
  
11

The complete repayment of a loan, including principal, interest, and any other amounts due. Payoff occurs either over the full term of the loan or through prepayments.

12

The activity of defrauding an online account holder of financial information by posing as a legitimate entity

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