Understand What Bankers Are Saying
When you are able to understand what it is that your banker is saying it makes you more confident when you are working with a banker. When you have to go to the bank and talk to someone they throw out all these terms that you do not understand it makes it very difficult to be confident and know you are getting the best deal. Learning the terms that bankers use can be very useful.
Manufactured homes are also known as a mobile home. This is a structure that is built on a permanent chassis then transferred to a site in one or more sections and affixed to a permanent foundation. The term does not include any recreational vehicles.
A national bank is subject to the supervision of the Comptroller of the Currency. The office of the comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have “national” or “national association” in its name.
A check drawn on a bank and signed by an authorized bank official is an official check. This is also known as a cashier’s check.
A participating community is a community for which the Federal Emergency Management Agency, also known as FEMA, has authorized the sale of flood insurance under the National Flood Insurance Program also known as NFIP.
Real Estate Settlement Procedures Ac also known as RESPA is a federal law that, among other things, requires lenders to provide “good faith” estimates of settlement costs and make other disclosures regarding the mortgage loan. RESPA also limits the amount of funds held in escrow for real estate taxes and insurance.
A type of safe usually located in groups inside a bank vault and rented to customers for their use in storing valuable items is a safety deposit box. Every bank will charge their own fees to rent a safety deposit box. Most banks have different sizes of boxes, which also means different fees for rental.
Terms are the period of time and interest rate arranged between creditor and debtor to repay a loan.
A portion of a deposit balance that has not yet been collected by the depository bank is known as uncollected funds. Any amount of money owed would be considered an uncollected fund.
Any interest rate or dividend that changes on a periodic basis is a variable rate.
A wire transfer is a transfer of funds from one point to another by wire or network such as the Federal Reserve Wire Network, which is also known as FedWire.
Knowing what it is that bankers are talking about is very helpful in getting what you want. If you do not understand what they are talking about can cause you to lose confidence and could cause you to end up paying more. Understand what they are talking about, grow your confidence, and get what you want.