From the course: Foundations of Business Banking
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Banking terminology
From the course: Foundations of Business Banking
Banking terminology
- Like any other field, banking has its specialized terms and acronyms that can be intimidating to the outsider. Here are some of my favorites. Now this list isn't exhaustive, but it does include many of the banking specific terms that a person will run across. We won't take the time to discuss all of these terms, but here are some of the more important ones with which you may not be familiar. ACH, that's Automated Clearing House. That's an electronic funds transfer and EFT system used in the United States. In 2020, this system handled transactions with a total value of $61.9 trillion. Now the term credit, that's an increase in a depositor's account. So when a depositor puts money in the bank, that amount is credited to the depositor's account. The term debit, that's a decrease in a depositor's account. When a service charge is subtracted from a depositor's account, that amount is debited. Both the debit and the credit…
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