Glossary of terms
- Acces code
The access code of the OTPdirekt service is formed of the last 3 digits of your client code or the last 3 digits before the currency in your IBAN of your account. The access code is linked to your bank card.
- Agency
The Agency is a point of work of the branch.
- Annual Percentage Rate (APR)
Annual Percentage Rate (APR) is an expression of the effective interest rate that will be paid on a loan, taking into account one-time fees and standardizing the way the rate is expressed. The aim of using APR is to calculate a total cost of borrowing. APR is intended to make it easier to compare lenders and loan options.
- Annuity
A series of fixed payments paid at regular intervals over the specified period of the annuity. It is composed of interest + the outstanding
- Arbitrage
A mixed operation of buying and selling of goods or values that is based on the estimation of present or future rates.
- Assets
In business and accounting an asset is anything owned which can produce future economic benefit, whether in possession or by right to take possession, by a person or a group acting together, e.g. a company, the measurement of which can be expressed in monetary terms.
- Audit
An unbiased examination and evaluation of the financial statements of an organization. It can be done internally (by employees of the organization) or externally (by an outside firm).
- Automated Teller Machine
An unattended electronic machine in a public place, connected to a data system and related equipment and activated by a bank customer to obtain cash withdrawals and other banking services. Also called automatic teller machine, cash machine, money machine.
- Balance Sheet
The balance sheet represents the list of transactions perfomed on your account/s, on a selected period of time.
- Bankcard
Is a plastic card issued by a bank, that allows the owner to withdraw money from ATMs and purchase goods and services, using electronic means, like POS in supermarkets, stores, gas stations etc. Also, the owner can pay up his debts and transfer money electronically. Depending on the funds available, there are 2 types of cards: credit and debit cards.
- Bank current acccount
Funds deposited in a bank that are credited to and subject to withdrawal by the depositor. A bank account offers a number of facilities including cheque book for debt settlement, deposits, direct debits and where applicable, overdrafts. This type of account is normally used for ongoing transactions (for example monthly direct debits and writing of cheques etc.) as opposed to a deposit account.
- Banking Risk Central Office
Banking Risk Central Office is part of the National Bank of Romania and handles the information regarding banking risk and card frauds. The information is being offered by the commercial banks in Romania, CRB processes and distributes it and includes identification data about debtors, the individual or legal entity, and their transaction in RON or foreign currencies.
- Bank loan
A loan is a type of debt. A loan entails the redistribution of financial assets over time, between the lender and the borrower. The borrower initially receives an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt. Bank loans and credit are one way to increase the money supply.
- Bankruptcy
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. A declared state of bankruptcy can be requested by creditors in an effort to recoup a portion of what they are owed; however, in the overwhelming majority of cases, the bankruptcy is initiated by the bankrupt individual or organization.
- Bill of exchange
A written order directing that a specified sum of money be paid to a specified person.
- Bill of lading
A document evidencing the receipt of goods for shipment, issued by a person engaged in the business of transporting or forwarding goods.
- Branch
A separate legal entity listed as a corporation or partnership required to file its own taxes and compile its own financial statements.
- Bridge loan
A short-term loan intended to provide or extend financing until a more permanent arrangement is made. This type of financing allows the user to meet current obligations by providing immediate cash flow. The loans are short-term (up to one year) with relatively high interest rates and are backed by some form of collateral such as real estate or inventory.
- Broker
A broker is a party that mediates between a buyer and a seller.