See related questions about Flood Insurance. Tamil is also an official spoken language in Sri Lanka & Singapore. See related questions about Credit Disputes. The loan is underwritten based on the value of the collateral (home) and the life expectancy of the borrower. We offers wide range of consumer banking services like savings account, fixed deposit, debit card, loan, Mutual funds and many more that helps you meet personal financial needs. The activity of defrauding an online account holder of financial information by posing as a legitimate entity. See related question about Usury. The current version has audio-visual courses and quizzes to learn English from almost all Indian languages and vice versa. As of May 1, 2011, up to two months of Federal benefits such as Social Security benefits, Supplemental Security Income benefits, Veteran's benefits, Railroad Retirement benefits, and benefits from the Office of Personnel Management that are direct deposited to an account may be protected from garnishment. See related questions about Mortgages. In addition, a creditor may take legal action against an individual to resolve a fraudulent attempt to eliminate debt. A charge that appears on a periodic statement associated with an extension of credit (e.g., credit card) that. Development of any country mainly depends upon the banking system. The act of evaluating and setting the value of a specific piece of personal or real property. 2) Systems that allow bank customers to effect transfers of funds from their deposit accounts and other financial transactions at retail establishments. If you owe money to a person or company, they can obtain a court order directing your bank to take money out of your account to pay off your debt. Tamil words for lending include கடன்கொடு and கடன் கொடுத்தல். It can be used for home improvements, debt consolidation, and other major purchases. If interest rates rise, so does the loan payment. A national bank can be recognized because it must have "national" or "national association" in its name. A second loan is taken out to pay off the first, higher-rate loan. A community for which the Federal Emergency Management Agency (FEMA) has authorized the sale of flood insurance under the National Flood Insurance Program (NFIP). It was enacted by the Congress in 1977. Sometimes, an application fee is charged to cover the cost of loan processing. Used to indicate that a certain amount of a customer's balance may not be withdrawn until an item has been collected, or until a specific check or debit is posted. A demand deposit account subject to withdrawal of funds by check. See related questions about Garnishments. The history of banking began with the first prototype banks which were the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. ADVERTISEMENTS: In this article we will discuss about:- 1. See related questions about Inactive Accounts. Here we have arranged the banking terminology alphabetically for easy reference.. Account Balance. See related question about NOW Accounts. The required process for resolving errors involving electronic transfers to and from deposit accounts. A penalty imposed on a borrower for repaying the loan before its due date. The contract governing your open-end credit account, it provides information on changes that may occur to the account. A fee charged by a lender to make a loan (in addition to the interest charged to the borrower). A time deposit evidenced by a negotiable or nonnegotiable instrument specifying an amount and maturity. You may also wish to visit the Consumer Finance Protection Bureau (CFPB) or the Federal Trade Commission (FTC) websites. See related questions about Home Equity Lines of Credit. [Magnetic Ink Character Recognition (MICR) is a character-recognition technology adopted mainly by the banking industry to facilitate the processing of checks. A business day during which an office of a bank is open to the public for substantially all of its banking functions. The huge number of Tamil speaking people cutting across countries, the birth and growth of the language, the letters, the rules, the sound variations and the origin of special characters, symbols for Tamil calendar, Tamil numbers, time, land and cultural divisions, and coinage of words have also been dealt with. The interest paid is usually tax-deductible. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of Federal credit unions. A fee assessed by your bank for making a transaction at another bank's ATM. PMI is usually limited to loans with a high loan-to-value (LTV) ratio. An order not to pay a check that has been issued but not yet cashed. See related question about Credit Card Balance Refunds. 2) The time that elapses between the day a check is deposited and the day it is presented for payment to the financial institution on which it is drawn. In simple words, Banking can be defined as the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit. While we all know what an account balance is, in the banking parlance, it is the total amount of money in an account. Sign in to like videos, comment, and subscribe. Withdrawal is not permitted without penalty until the individual reaches age 59 1/2. The cardholder's account balance as of the previous billing statement. A period of time that allows the banks to exceed the maximum hold periods defined in the Expedited Funds Availability Act. See related questions about Inactive Accounts. The legal proceedings by which the affairs of a bankrupt person are turned over to a trustee or receiver for administration under the bankruptcy laws. The primary regulators are the following: A real estate loan which is in a first lien position, taking priority over all other liens. See the manufactured [mobile] home definition. Therefore, all checks are now considered local. The month, date, and year when a periodic or monthly statement is generated. Priority Sector Lending refers to lending to those sectors of the economy which may not get timely and adequate credit in the absence of this special dispensation.. non-banking financial company in Tamil translation and definition " non-banking financial company ", English-Tamil Dictionary online add translation Savings bonds are issued in face value denominations by the U.S. Government in denominations ranging from $50 to $10,000. History of Cooperative Banking in India 3. The conversion of data on a check into an electronic image after a check enters the processing system. The central bank of the United States. The maximum rate of interest lenders may charge borrowers. An account in the name of one individual. See related questions about Right of Offset. See related questions about Mortgages & Home Equity and Personal & Auto Loans. The organization in each State that supervises the operations and affairs of State banks. There is typically a maximum (or ceiling) and a minimum (or floor) defined in the loan agreement. For example, mailing a check for the mortgage when your checking account has insufficient funds to cover the check, but counting on receiving and depositing your paycheck before the mortgage company presents the check for payment. It is also known as the right of set-off. Periodically the bank provides a statement of a customer's deposit account. Index-linked CDs may have complicated payout structures and may not be suitable or appropriate for all investors. A percentage rate reflecting the total amount of interest paid on a deposit account based on the interest rate and the frequency of compounding for a 365-day year. Index-linked CDs are not securities and are not registered under securities laws. It shows all deposits made, all checks paid, and other debits posted during the period (usually one month), as well as the current balance. See related questions about Savings Bonds. An entity that provides information about a consumer to a consumer reporting agency for inclusion in a consumer report. A person or organization that sells, provides, performs, or assists in improving a consumer's credit record, credit history or credit rating (or says that they will do so) in exchange for a fee or other payment. See related questions about Cashier's Checks. Residual Interest Interest that continues to accrue on your credit card balance from the statement cycle date until … The signature card represents a contract between the bank and the depositor. Index-linked CDs provide the investor the ability to participate in the appreciation, if any, of a particular index, during the term of the CD. A transfer of funds from one point to another by wire or network such the Federal Reserve Wire Network (also known as FedWire).See related questions about Wire Transfers. See related question about Funds Availability. (Also known as a cashier's check.). JAIIB in Tamil | Legal and Regulatory aspects of banking | Meaning and essentials of contract. A type of life insurance that helps repay a loan if you should die before the loan is fully repaid. National banks conduct some of their banking activities through companies called operating subsidiaries. This is the reason why English is the second language learned by most of the people. Human translations with examples: வங்கி, e வங்கி, இணைய வங்கி, வங்கி வரையறை, மொபைல் வங்கி, நெட் பேங்கிங். Description: Bank rates influence lending rates of commercial banks.