Banking Products and Services
Banking Products and Services
Banking Products and Services
Transactional account
A transactional account, known as a current
account (British English) or checking
account (American English), is a deposit
account held at a bank or other financial institution,
for the purpose of securely and quickly providing
frequent access to funds on demand, through a
variety of different channels.
Transactional accounts are meant neither for the
purpose of earning interest nor for the purpose of
savings, but for convenience of the business or
personal client; hence they tend not to bear interest.
Instead, a customer can deposit or withdraw any
amount of money any number of times, subject to
availability of funds.
Savings account
Certificate of deposit
financial product commonly sold in the United States
by banks, thrift institutions, and credit unions.
CDs are similar to savings accounts in that they are
insured and thus virtually riskfree; they are "money
in the bank". CDs are insured by the Federal Deposit
Insurance Corporation (FDIC) for banks and by
the National Credit Union Administration (NCUA) for
credit unions. They are different from savings
accounts in that the CD has a specific, fixed term
(often monthly, three months, six months, or one to
Time Deposit
A time deposit (also known as a certificate of
deposit in the United States, a term deposit,
ATM Card
An ATM card (also known as a bank card, client
card, key card, or cash card) is a payment
card provided by a financial institution to its
customers which enables the customer to use
an automated teller machine (ATM) for transactions
such as: deposits, cash withdrawals, obtaining
account information, and other types of banking
transactions, often through interbank networks.
Credit card
A credit card is a payment card issued to users as
a system of payment. It allows the cardholder to pay
for goods and services based on the holder's
promise to pay for them. The issuer of the card
creates a revolving account and grants a line of
credit to the consumer (or the user) from which the
user can borrow money for payment to
a merchant or as a cash advance to the user.
Debit card
A debit card (also known as a bank card or check
card) is a plastic payment card that provides the
cardholder electronic access to his or her bank
account(s) at a financial institution. Some cards
have a stored value with which a payment is made,
while most relay a message to the cardholder's bank
Mutual Fund
A mutual fund is a type of professionally
managed collective investment scheme that pools
money from many investors to
purchase securities. While there is no legal definition
of the term "mutual fund", it is most commonly
applied only to those collective investment vehicles
that are regulated and sold to the general public.
They are sometimes referred to as "investment
companies" or "registered investment
companies." Most mutual funds are "open-ended,"
meaning stockholders can buy or sell shares of the
fund at any time. Hedge funds are not considered a
type of mutual fund.
Mortgage loan
A mortgage loan is a loan secured by real
property through the use of a mortgage note which
evidences the existence of the loan and
the encumbrance of that realty through the granting
of a mortgage which secures the loan. However, the
word mortgage alone, in everyday usage, is most
often used to meanmortgage loan.
The word mortgage is a French Law term meaning
"death pledge", meaning that the pledge ends (dies)
when either the obligation is fulfilled or the property
is taken through foreclosure.[1]
A home buyer or builder can obtain financing (a
loan) either to purchase or secure against the
property from a financial institution, such as
a bank or credit union, either directly or indirectly
through intermediaries. Features of mortgage loans
such as the size of the loan, maturity of the loan,
interest rate, method of paying off the loan, and
other characteristics can vary considerably.
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