The process of moving an outstanding balance from one credit card to another. This transfer is usually done to obtain a lower interest rate on the outstanding balance. Transfers are sometimes subjected to a Balance Transfer Fee.
In general, a banking day is any business day (up to the financial institution’s cut-off time) when the institution is open for substantially all of its banking activities.
A person, firm, or corporation, which has insufficient assets to cover their debts. The debtor seeks relief through a court proceeding to work out a payment schedule or erase debts. In some cases, the debtor must surrender control of all assets to a court-appointed trustee.
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. There are two types of bankruptcy:
- Involuntary bankruptcy-one or more creditors of an insolvent debtor file a petition having the debtor declared bankrupt.
- Voluntary bankruptcy-the debtor files a petition claiming inability to meet financial obligations and willingness to be declared bankrupt.
Base Price is the cost of a car without options, but includes standard equipment and factory warranty. It is also known as sticker price.
A person who is entitled to receive the benefits or proceeds of a share account, will, trust, insurance policy, retirement plan, annuity, or other contract.
The month, date, and year when a periodic or monthly statement is generated. Calculations have been performed for appropriate finance charges, minimum payment due, and new balance.
A charge that appears on a periodic statement associated with an extension of credit (e.g., credit card) that includes:
- unauthorized charges by a merchant to either a credit card, debit card ,or share account
- charges not accepted by the cardholder or the cardholder's designee.
Bond, U.S. Savings:
Savings bonds are issued in face value denominations by the U.S. Government in denominations ranging from $50 to $10,000. They are typically long-term, low-risk investment tools.
A budget is a plan on how much to save each week or month to make a purchase or to reach a savings goal.