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Financial Services Glossary
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Debit Card A card that allows purchases to be deducted directly from your personal checking account.
Debt Consolidation (Loan) A personal loan allowing you to amalgamate various debts into one, so that you only have one monthly payment at a lower interest rate.
Default Failure to fulfill an agreed-upon financial obligation, such as making a loan payment.
Deferred Annuity An annuity that pays at a future date—usually for at least one year.
Deferred Interest Mortgage A mortgage in which the interest isn’t charged and instead added to the outstanding mortgage in early years; geared toward young professionals whose salaries will increase and/or at times of high interest rates.
Deflation The opposite of inflation; a persistent price decline of goods and services, usually occurring during a recession when supply exceeds demand.
Delinquency (30, 60 or 90 days) Past-due payment on a loan.
Dependant A family member who relies on another person for support (especially financial support).
Deposit A down payment; a partial payment made at the time of purchase with the balance to be paid later.
Discretionary Income The money you have left over when all expenses and other financial obligations are paid.
Disposable Income Money left over after taxes are deducted.
Dispute To question the accuracy of information on a credit report.
Double Indemnity A clause, in life or accident policies, which provides twice the standard policy benefits for death or injury occurring in certain circumstances.
Early Redemption Penalty A fee that is sometimes imposed if a loan is paid back earlier than previously agreed.
Early Repayment Charge A charge applied if the amount of a loan is repaid in full or in part before a date specified in the contract.
Equity Release A type of mortgage in which the borrower owns a house outright and wishes to use the value of the property as security against a loan.
Escrow Money, securities, or other assets that are held by a neutral third party until a contract's conditions are met.
Family Income Policy An insurance policy that supplements a household's income by combining ordinary life and decreasing term insurance.
Federal Reserve The central bank of the United States, which regulates rates for many commercial banks.
Fixed Rate The rate of interest charged does not move up and down with the general interest rate, but is fixed.
Fixed Rate Mortgages A mortgage in which the interest rate is set or fixed for the term of the loan.
Foreclosure A legal process in which property/real estate is used as collateral for a loan and sold to help repay a defaulted loan.
Fund Manager A professional who invests and manages the assets of others, deciding what shares or bonds should be bought or sold.
Fund Supermarkets An online distribution channel offering potentially thousands of different funds from a wide selection of individual fund managers.
 
 
 
 
 
 
 
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