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Definitions (108)
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annual percentage rate
The cost of carrying a balance on a loan expressed as an annual percentage. To calculate the amount owed in interest each month, divide the APR by twelve. For example, if the APR is 18% the monthly rate is 1.5%.
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annual percentage yield
This calculation displays the effective annual rate of return, taking into account the effect of compounding interest.
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appraisal
A professional opinion of the market value of a property.
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appraisal fee
The charge for estimating the value of property offered as security.
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authorized user
A person who has been given permission to make changes to a credit account. This status must be given by the primary account user. An authorized user is not legally responsible for repaying the account.
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automated clearing house
A secure payment transfer system that connects all U.S. financial institutions. The ACH network acts as the central clearing facility for all Electronic Fund Transfer (EFT) transactions that occur nationwide, representing a crucial link in the national banking system.
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automated teller machines
The terminals for user initiated banking transactions.
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automatic payment
An arrangement that authorizes payments to be deducted automatically from a bank or credit union account to pay bills (such as insurance payments, rent, mortgage or loan payments). Payments are usually scheduled to be made on a certain day of the month.
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automatic transfer
An arrangement that moves funds from one account to another automatically on a pre-arranged schedule: for example, every payday or once a month.
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available balance
The portion of an account balance available for immediate withdrawals on which the financial institution has placed no restrictions.
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