Glossary

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Accessibility

To ensure that all products and services are easily and equally accessible to all members, enabling disabled people to conduct their business without difficulty.

Account Balance

The account balance includes any funds that have not cleared or not finished processing. This means that if you deposited a cheque and it has not yet cleared, or if you have a direct debit payment processing, these funds will still show in the account balance.

Account Number

This is a unique number which identifies your account or accounts.

Accounts List

This shows you a list of all of the accounts that can be viewed and accessed via the internet bank.

Active X

Active X is a software module that emerged from Microsoft's Component Object Model. They can be used by several applications on a computer or shared on a network. While these components can be utilized for common operating tasks by Macintosh and Microsoft systems, they are most often downloaded and used by web pages for animation displays.

Activity Summary

This displays a summary of all the activity performed during an internet banking session.

Additional Borrowing (Mortgage)

Sometimes called a further advance. This is the term used when an existing mortgage customer wishes to increase their mortgage borrowing. Usually used to fund home improvements.

Administration Fee (Mortgage)

This is a non-refundable fee which covers the cost of processing the mortgage application and setting up an account.

Administrator

This is the person who obtains Letters of Administration to deal with the estate if no Will was made.

ADSL (Asymmetric Digital Subscriber Line)

Is a form of data communications technology that enables faster data transmission over copper telephone lines. It does this by utilizing frequencies that are not used by a voice.

Adware

Is software that displays adverts, some adware will collect information about the user in order to display specific advertisements to that user. If any personal information is collected, with or without the display of adverts, then the software is classed as spyware.

AER (Annual Equivalent Rate)

Illustrates what the interest rate would be if interest was paid and added to an account each year.

AGM (Annual General Meeting)

An AGM is generally held every year to inform members of previous and future activities. It also gives members a chance to put questions to senior members of the organisation.

Annual Report

An Annual report is a comprehensive report on a company's activities throughout the preceding year. Annual reports are intended to give shareholders and other interested persons information about the company's activities and financial performance

Anti Virus Software

Anti virus software is a program that searches your hard disk for viruses and removes any that are found.

APR (Annual Percentage Rate)

APR stands for Annual Percentage Rate. It is the rate you are charged for borrowing money. Mortgage, credit cards, and personal loans all charge an APR.

Aquisition

The process by which a company acquires a controlling interest in the voting shares or the assets of another company.

Arrears

An account is defined as being in arrears when the due date has passed and payment for that month has not been made.

Arrears Fees (Mortgage)

These are fees that are charged when an account is in arrears. Any charges applied will be added to your mortgage account and interest will be charged on them.

Assets

Money, property or goods measured as funds belonging to a person.

Assurance

A policy that you take out and pay for, which will pay money to your dependants upon your death.

ATM (Automated Teller Machine)

Customers can access their accounts in order to make cash withdrawals and check their account balances. ATMs are known by various casual terms including automated banking machine, cash machine, hole-in-the-wall, cash point or Bancomat (in Europe and Russia).

ATM Card

Another name for the card you use to make withdrawals from cash machines.

ATM Only Card

Also known as a cash card. A plastic card that can be used in ATMs for cash withdrawals. But which cannot be used to make payments, for example, in shops or online.

Available Balance

The available balance on an account only includes funds which have cleared. If you have just deposited a cheque and it has not yet cleared, those funds will not yet show in your available balance.