What is Bank-Owned Life Insurance (BOLI)?DefinitionBank-owned life insurance is a type of life insurance that covers a bank both as the owner and beneficiary. Through the use of some cash-value p...
What is Bank Guarantee (BG)?DefinitionA bank guarantee is a financial term used to refer to the agreement made between three parties—the bank, the beneficiary, and the applicant. The applicant ...
What is Bank Draft?DefinitionA bank draft, also known as teller’s check, is a check provided by a bank to the customer of the bank to remit funds to a specified account. It is drawn on a bank�...
What is Bank Rating?DefinitionBank rating is a set of numerical or alphabetical ranking of banks, thrift, and other financial management organizations by Federal deposit insurance or private comp...
What is the definition of a Bank Stress Test?DefinitionBank stress refers to the exercise carried out by bank managers and regulators to measure a bank’s financial strength during economic down...
What is a Bank Statement?DefinitionA bank statement, also known as account statement, is a financial term used to refer to a confidential document that is sent from a bank to its account holders every...
What is Bank Identification Number (BIN)?Definition A bank identification number (BIN) refers to the first four to six numbers reflected on a bank-issued card. The first digit of the BIN represen...
What is Bank Deposits?DefinitionBank deposit refers to the money an account holder keeps (deposits) in the bank for safekeeping to be accessed at a later date. The account holder has full rights to ac...
What is Bank Reserve? Loans are usually given after a corresponding or overly compensating value of the collateral has been signed in. In like terms, bank reserve refers to the bulk of curre...
What is a Bank? “…an establishment for custody of money, which it pays out on customer’s order.”Oxford DictionaryDefinitionA bank is the major financial institutio...