Rates Current as of Thursday February 09, 2012

Finance Charge

The total dollar amount paid to obtain credit.

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Credit Bureau

An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. Frequently referred to as consumer-reporting agency or credit-reporting agency.

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Application

Under the Equal Credit Opportunity Act (ECOA), an oral or written request for an extension of credit that is made in accordance with the procedures established by a creditor for the type of credit requested.

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Direct Deposit

A form of payment that automatically deposits wages or benefits to a customer’s bank account.

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Member Bank

Depository institution that is a member of the Federal Reserve System. All federally chartered banks are automatically members of the System. State-chartered banks are divided into those that are members of the System, state member banks, and those that are not or nonmember banks.

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Magnetic Ink Character Recognition

MICR. A special type of ink which enables special characters printed in magnetic ink to be read and input rapidly to a computer.

I closed an interest bearing account I had with my bank, but the bank did not pay me all the accrued interest that should have be due. Can they do this?

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The periodic examination of escrow accounts by a mortgage company to verify that monthly deposits are sufficient to pay taxes, insurance, and other escrow-related items on when due.

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If I am concerned about rising inflation how should I manage my bank finances better to handle this situation?

Laddering is one fundamental strategy to protect your assets and maximize returns in a rising inflationary market. Laddering involves buying securities, in this case – bank certificate of deposits that mature at varying intervals. With this strategy your CDs with short terms will have a slightly lower rate of return than the longer

My bank is charging high maintenance fees on my checking account. Is this legal?

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