Across
- 6. A number, roughly between 300 and 800, that measures an individual's credit worthiness.
- 8. A check drawn on a bank and signed by an authorized bank official. (Also known as a cashier's check.)
- 9. A bankrupt person, firm, or corporation has insufficient assets to cover their debts. The debtor seeks relief through a court proceeding to work out a payment schedule or erase debts.
- 11. A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent).
Down
- 1. A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies.
- 2. The complete repayment of a loan, including principal, interest, and any other amounts due. Payoff occurs either over the full term of the loan or through prepayments.
- 3. A payment that is electronically deposited into an individual's account at a depository institution.
- 4. A transfer of funds from one point to another by wire or network such the Federal Reserve Wire Network (also known as FedWire).
- 5. The maximum amount of credit that is available on a credit card or other line of credit account.
- 7. A debt instrument used in a real estate transaction where the property is the collateral for the loan. A mortgage gives the lender a right to take possession of the property if the borrower fails to pay off the loan.
- 10. An amount paid back because of an overpayment or because of the return of an item previously sold.