Banking

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Terms in Banking

3-6-3 Rule

The 3-6-3 rule is a slang term that refers to an unofficial practice in the banking industry in the 1950s, 1960s, and 1970s that was the result of non-competitive and simplistic conditions in the industry. read more

American Bankers Association (ABA)

The American Bankers Association (ABA) is the largest banking trade association in the United States, and it represents banks of all sizes. read more

Acceptor

An acceptor is the third party that accepts responsibility for payment in a bill of exchange. read more

Account Activity

Account activity refers to the transactions made within a particular account. These include cash withdrawals, bill payments, and wire transfers.  read more

Account Aggregation

Account aggregation is a process in which data from many, or all, of an individual's or household’s financial accounts are collected in one place. read more

What Is an Account Freeze?

An account freeze includes actions taken by a bank, brokerage or government to prevent transactions in an account. read more

Account Hold

Account hold is a restriction on the account owner's ability to access funds in the account due to various reasons. read more

Account Number

An account number is a unique string of numbers and, sometimes, letters or other characters that identifies the owner of the account. read more

Account Reconcilement

Account reconcilement is the process of confirming that two separate records of transactions in an account are equal.  read more

Account Statement & Examples

An account statement is a periodic summary of account activity with a beginning date and an ending date. read more

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