Banking Terms

noun a description or explanation of an event or situation

verb to give an explanation or justification

• Please make sure to keep track of your expenses and record them in your account.
• Don't forget to update your account with all your recent transactions.
• I'm gonna check my account before we go out tonight.
• In order to succeed in life, one must take into account all the obstacles and challenges.

noun the difference between the nominal value of coin and that for which it is exchanged

• The investment firm charged a premium agio for their services.
• I had to pay an extra agio for expedited shipping on my order.
• They tacked on an agio fee for last-minute changes to the reservation.
• She always seems to have an agio on her opinions, making them more valuable to others.

noun The land alongside or sloping down to a river or lake

verb To tilt or cause to tilt in a particular direction

• The bank is a financial institution that accepts deposits from the public and creates credit.
• I'll meet you at the bank after work to deposit the check.
• Let's hit up the bank and withdraw some cash.
• Trust is like a bank account, you need to deposit honesty to withdraw trust.

noun the most important city or town of a country or region, usually its seat of government and administrative center

adjective involving or punishable by death

• The capital city of France is Paris.
• I heard the capital of Japan is Tokyo.
• She's living it up in the capital of cool.
• Education is the capital that brings the best interest.

noun a form of currency, such as coins or banknotes, that can be used to exchange goods and services

verb to exchange a check or other negotiable instrument for money

adjective related to or involving money in the form of coins or banknotes

• The customer insisted on paying with cash instead of a credit card.
• I always make sure to have some cash on me just in case.
• I need to hit up the ATM to grab some cash for the concert.
• His quick thinking saved the project, he really came through in the cash.

noun something pledged as security for repayment of a loan, to be forfeited in the event of a default

adjective additional but subordinate; secondary

• The bank required collateral in the form of property before approving the loan.
• I had to put up my car as collateral to borrow money from my friend.
• I had to pony up some collateral to get my hands on that new phone.
• Trust is the collateral of any successful relationship.

noun a type of financial institution that offers similar services to a bank, but is owned by its members rather than by shareholders

• I decided to open a savings account at the credit union for better interest rates.
• I'm thinking about switching to the credit union because they have lower fees.
• I heard the credit union is the place to be for getting a good deal on loans.
• Joining the credit union felt like joining a supportive community.

verb to give someone credit for something, to believe or acknowledge that someone is responsible for a particular achievement or good quality

• The payment was credited to my account within 24 hours.
• I checked my bank account and the money was credited already.
• I was so surprised when I saw my account credited with extra cash.
• Her hard work and dedication were credited for the success of the project.

noun the fact or quality of being generally accepted or in use

• The exchange rate between the two currencies fluctuates daily.
• I need to exchange my currency before traveling abroad.
• I'm broke, I don't have any currency left.
• Time is the currency of life, spend it wisely.

noun a place where people can watch movies from their cars

verb to enter a place or location by driving a vehicle

• The drive-in movie theater was a popular form of entertainment in the 1950s.
• Let's go catch a movie at the drive-in tonight.
• I love the vibe at the drive-in, it's so chill.
• His determination to succeed was like a drive-in force pushing him towards his goals.

noun the management of large amounts of money, especially by governments or large companies

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• The company's finance department is responsible for managing the budget and financial transactions.
• I'm looking into my personal finance to see where I can save some money.
• I need to figure out how to get my finance in order before the end of the month.
• Investing in your education is a way to finance your future success.

noun A person or organization that provides or raises money for a project or business

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• The financer of the project has requested a detailed financial report.
• The project's financer wants to see a breakdown of the expenses.
• The financer dude is asking for all the money stuff to be sorted out.
• She was the financer of his dreams, providing the support he needed to succeed.

verb to take possession of a property from a borrower in default of mortgage payments

• The bank may foreclose on the property if the mortgage payments are not made.
• If you don't pay your mortgage, the bank can foreclose on your house.
• Dude, if you keep missing payments, the bank is gonna foreclose on your place.
• Failure to address the issue promptly may foreclose any chance of reaching a resolution.

adjective describing the state of being unencumbered or unrestricted

conjunction used to join two words or phrases together

• After paying off the mortgage, the homeowner finally owned the property free and clear.
• I finished all my assignments so now I'm free and clear to enjoy the weekend.
• Once I broke up with my toxic ex, I felt free and clear of all the drama.
• With a clear conscience, he walked away from the situation free and clear.

noun a legal process that allows a creditor to take money directly from a debtor's wages or bank account to settle a debt

• The court issued a garnishment order to collect the unpaid debt.
• They're taking money out of my paycheck for garnishment.
• I can't believe they're hitting me with a garnishment for that old bill.
• His constant negativity was like a garnishment on my happiness.

verb to officially approve, support, or endorse something

• The company will indorse the new policy at the upcoming board meeting.
• I will indorse your application for the scholarship.
• I'll indorse that restaurant, it's really good.
• Her actions indorse her commitment to the cause.

noun a medium of payment recognized by a legal system

adjective related to or recognized by the law

• In this country, the national currency is considered legal tender for all transactions.
• You can use cash as legal tender to pay for your groceries at the store.
• I always make sure to have enough legal tender on me when I go out with friends.
• Time is the legal tender of relationships, spend it wisely.

noun a document issued by a bank or financial institution guaranteeing payment to a seller on behalf of a buyer

• The seller requested a letter of credit as a guarantee of payment from the buyer.
• The seller wanted a letter of credit to make sure they get paid by the buyer.
• The seller needed a letter of credit to cover their back with the buyer.
• The letter of credit acted as a safety net for the seller in the transaction.

noun a printed order for payment of a specified sum, issued by a bank or post office

• Please make sure to fill out the money order completely before sending it.
• Hey, can you grab a money order for me at the post office?
• I'll just swing by the store and pick up a money order real quick.
• Her trust in him was like a blank money order - easily filled in by anyone.

noun the point at which something begins or is created

• The origination of the company can be traced back to the early 1900s.
• I'm not sure about the origination of this tradition, but it's been around for a long time.
• I heard a crazy story about the origination of that meme, but who knows if it's true.
• The origination of his success can be attributed to his hard work and dedication.

verb to pay back or return money that was borrowed or owed

• The borrower promised to repay the loan within five years.
• I'll make sure to repay you for helping me move next weekend.
• I owe you big time, I'll repay the favor soon.
• Kindness is a currency that we can never repay fully.

noun the act of setting off; a counterbalance or equivalent

verb to counterbalance or compensate for

• The company used the setoff clause in the contract to deduct the amount owed from the final payment.
• I heard they're planning to do a setoff of the expenses against the profits.
• Let's do a setoff of our bills and see how much we have left to spend.
• Her kindness was a setoff against his harsh words, balancing out the negative energy.

noun an instruction or directive that is consistently followed

• I have set up a standing order to automatically transfer funds to my savings account each month.
• I've arranged a standing order to send money to my mom every payday.
• I've got a standing order to move money into my rainy day fund.
• His dedication to volunteer work is like a standing order of kindness that never stops giving.

noun a business deal or action; the act of conducting business or other dealings

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• The bank requires a signature for every transaction over $1,000.
• I'll Venmo you for our lunch transaction later.
• Let's make this transaction quick and easy, no need to drag it out.
• Their friendship was built on a transactional basis, always expecting something in return.

noun IDR is an abbreviation for the Indonesian Rupiah, the official currency of Indonesia.

• The value of the product is listed in Indonesian Rupiah (IDR).
• I need to exchange my USD to IDR before my trip to Bali.
• Let's grab some street food with our last bit of IDR.
• His knowledge in economics is worth more than a million IDR.

noun a specific organization or entity

• The Federal Deposit Insurance Corporation is an independent agency that provides deposit insurance to depositors in US banks.
• You don't have to worry about losing your money in the bank because of the Federal Deposit Insurance Corporation.
• The FDIC has got your back when it comes to keeping your money safe in the bank.
• The Federal Deposit Insurance Corporation acts as a financial safety net for depositors in case of bank failures.

noun Rate refers to the amount of one currency or commodity exchanged for another.

• The financial advisor warned against being a rate tart and advised diversifying investments.
• She's known as a bit of a rate tart, always chasing the best deals on savings accounts.
• Don't be such a rate tart, just pick a credit card and stick with it.
• In the world of travel hacking, being a rate tart can help you score free flights and hotel stays.

noun a type of financial agreement in which a buyer agrees to pay a seller at a later date for goods or services received

• The company requested an acceptance credit from the bank to facilitate international trade.
• The seller asked for an acceptance credit to make the transaction smoother.
• I heard they got an acceptance credit to seal the deal.
• In the world of business, having acceptance credit is like having a golden ticket.

noun a bill of exchange that is accepted by a bank on behalf of a customer

• The accommodation bill for the conference attendees was settled by the company.
• We split the accommodation bill for the weekend getaway.
• I'll cover the accom bill for the hotel room.
• Paying the accommodation bill symbolizes our commitment to hospitality.

noun a record or statement of financial transactions

adjective up to date or current

• It is important to keep your accounts current to ensure accurate financial records.
• Make sure you stay on top of your accounts so everything is up to date.
• Don't let your accounts fall behind, keep them current.
• Keeping your accounts current is like staying on top of your game in the financial world.

noun abbreviation for 'account', a record or statement of financial transactions

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• Please provide your acct number for verification purposes.
• Hey, can you send me your acct details so I can transfer you the money?
• I can't access my acct right now, it's acting up.
• Her success in the business world has skyrocketed her acct balance.