Bank Terminology

3. Financial instrument held by a third party on behalf of the other two parties in a transaction - held until it receives written or oral instructions or until obligations have been fulfilled
5. Type of insurance that makes payments on the loan if you become ill, injured, or cannot work
7. Payment of a debt before it actually becomes due
9. Certificate signed by lender that a mortgage has been fully paid and all debts satisfied
11. Conversion of data on a check into an electronic image after a check enters the processing system
12. Document issued by a mortgagee when a mortgage is paid in full
13. Government corporation that insures the deposits of all national and state banks
14. Amount of uncollected funds represented by checks in the possession of one bank but drawn on other banks

1. Responsible for maintaining the safety of clients' assets held at one of the custodian's premises or an outside depository
2. Small-dollar, short-term loan that a borrower promises to repay out of their next paycheck or deposit of funds
4. Service provided by banks where securities and valuables are protected in the vaults of the bank for customers
6. Formal statement prepared when a loan payoff is contemplated showing the current status of the loan account, all sums due, and the daily rate of interest
8. A real estate loan which is in first lien position, taking priority over all other liens
10. Business day during which an office of a bank is open to the public for all of its banking functions
11. Time of day established by a bank for receipt of deposits