MoneyMoments | MidFirst Bank

Financial Terms

Top 10 Glossary Terms

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The repayment of a loan calculated so that the principal will be paid in full through monthly payments of principal and interest for a predetermined period. Many home mortgages are fully amortized in 15, 20 or 30 years.
A person appointed by the owner of an account to draw, sign and deliver checks, drafts, bills of exchange or other orders for the payment of money, including checks payable to the authorized signer’s order and to endorse checks, drafts or other instruments owned by the owner.
A computer-based clearing and settlement facility established to process the exchange of electronic transactions between participating depository institutions. Such electronic transactions take the place of paper checks.
Current balance plus any unused portion of an overdraft protection account (if you have one), minus any holds on the account.
The interest that accrues when earnings for each specified period are added to the principal, thus increasing the principal base on which subsequent interest is computed.
This is the ledger balance plus or minus today’s online activity. Online activity includes in-bank teller and dollar activity, memo posting, ATM/debit card activity and ACH transactions.
The total income before taxes and other expenses are deducted.
The account balance after all activity for the previous day has been posted to the account.
A draft or check written for an amount that exceeds the funds in the account on which the check is drawn.
A number or code used by an account holder in conjunction with an ATM card to verify the user’s identity to an automated teller machine.