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| Nondischargeable debt | A debt that cannot be eliminated in bankruptcy. Examples include some taxes and, usually, federally guaranteed education loans. |
| NSF | Also referred to as a returned or "bounced" check charge or non-sufficient funds fee. The amount of money charged to an account holder whose account has insufficient funds available to pay the check, which is returned to the party who cashed it unpaid. (The bank did not advance the funds to cover check.) |
| Office of Comptroller of the Currency | Known as OCC: Charters, regulates and supervises all national banks. It also supervises all federal branches and agencies of foreign banks. |
| Offline debit card | Cards that share traits of both ATM and credit cards. Offline debit cards have the VISA or MasterCard logo on them and can be issued by a bank, either instead of or in addition to an ATM card. These cards can be used at any establishment that displays the VISA or MasterCard logo, but using them doesn't access a line of credit -- it debits a customer's checking account. It is "offline" because the account isn't directly accessed -- there's a delay of 24 to 72 hours before the debit is made in the account. If you sign a slip of paper to conclude the transaction, it was offline. In the U.S., no Personal Identification Number (PIN) is required to use an offline debit card. |
| Online banking | Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution?s web site on the Internet. Also known as Internet banking. |
| Online bill payment | A service offered by online banks, usually for a small monthly fee, that relieves consumers from having to write checks and lick stamps to pay their monthly bills. Online bill payment systems allow people to enter the names of their creditors and the numbers of their utility accounts and pay virtually all routine bills. |
| Online debit card | An online debit card deducts funds from the bank account immediately, as soon as the card is used. It may have the VISA or MasterCard logo, or only the issuing bank's logo, like an ATM card. There is no delay for processing the transaction -- the money is immediately deducted from your account. In the U.S., if you entered a Personal Identification Number (PIN) during the transaction, it was online. |
| Open-end credit | A line of credit that may be used up to a set limit. Also called a charge account or revolving credit. |
| Original principal balance | The amount borrowed. |
| Over-the-limit fee | A fee charged for exceeding the credit limit on the card. |
| Overdraft | The amount that a check exceeds the available balance in the payor's account; also insufficient funds. |
| Overdraft protection | A service that allows a checking account to be linked to another savings or line of credit to provide protection against insufficient funds or overdrafts. |
| Payment cap | A contractual limit on the size of the monthly payment of an adjustable-rate mortgage or other variable rate loan. |
| Penalty rate | Several percentage points higher than a card's current annual percentage rate, which goes into effect after at least one late payment. |
| Periodic rate | The interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is the cost of credit per month; the daily periodic rate is the cost of credit per day. |
| Personal Identification Number | A confidential personal identification code, usually consisting of four to six digits, used by bank customers to access their account balances when using a self-service automated teller machine (ATM). Also known as a PIN. |
| PIN | Personal Identification Number. A confidential personal identification code, usually consisting of four to six digits, used by bank customers to access their account balances when using a self-service automated teller machine (ATM). |
| Point-of-Sale | An electronic payment system for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from a customer?s checking account. Also known as POS. |
| POS | Point of Sale. An electronic payment system for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from a customer?s checking account. |
| Power of attorney | A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and checks, for example. |
