Glossary of terms

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.

The Agency is a point of work of the branch.

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.

A series of fixed payments paid at regular intervals over the specified period of the annuity. It is composed of interest + the outstanding.

A mixed operation of buying and selling of goods or values that is based on the estimation of present or future rates.

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.

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).

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.

The balance sheet represents the list of transactions perfomed on your account/s, on a selected period of time.

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.

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 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.

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 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.

A written order directing that a specified sum of money be paid to a specified person.

A document evidencing the receipt of goods for shipment, issued by a person engaged in the business of transporting or forwarding goods.

A separate legal entity listed as a corporation or partnership required to file its own taxes and compile its own financial statements.

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.

A broker is a party that mediates between a buyer and a seller.

Land register; an official register of the quantity, value, and ownership of real estate used in apportioning taxes; A cadastral map is a map showing boundaries and ownership of land. Some cadastral maps show, as well as boundaries and ownership details, such details as Survey District Names, Block Numbers (within each Survey District), Certificate of Title numbers, positions of existing older structures. The cadastre expert must be authorized by the National Agency of Cadastre and Land Registration.

A graduate rise by adding. In case of interest capitalization, the interest is automatically added at maturity of the deposit to the initial amount of money.

An account linked to one or more cards, it acts like a current account.

The Card Security Code (CSC), sometimes called Card Verification Value or Code (CVV or CVC), is a security feature for credit card transactions, giving protection against credit card fraud. The first, called CVC1 or CVV1, is encoded on the magnetic stripe of the card and used for in-person transactions. The second one, and the most cited, is CVV2 or CVC2. It is often used to secure "card not present" transactions occurring over the Internet, by mail, or over the phone.

A measure of cash inflow and outflow from the business. Positive cash flow means more money is coming into the business than is leaving it. Negative cash flow is the converse.

A certificate, issued by a bank to a depositor, indicating a sum of money has been deposited for a specified term and on which interest is paid.

Most broadly, cession (to cede) is the assignment of property to another entity. It is voluntary, as opposed to annexation, which is forcible. It is the transfer of rights from the debtor in favor of the creditor, over incomes, civil and commercial contracts. Usually the cession is in favor of a bank as a guarantee, in case the borrower fails to pay back the loan.

A written order to a bank to pay the amount specified from funds on deposit; a draft.

In banking and finance, clearing denotes all activities from the time a transaction is made until it is finally settled. It is the process of moving payments between accounts from different banks or branches.

Delivery of goods or personal property as security for a debt or obligation: a loan requiring a pledge of property. It is a solemn binding promise to do, give, or refrain from doing something.

Is a limited usufruct that offers the owner the right or the possibility to make use of it.

A bank that acts as an agent for a foreign bank. It is a bank that has direct access to the international banking system for international transfers.

A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs.

The party which contracts to lend a certain amount of money to the debtor on given terms embodied in a loan agreement or similar document.

Trustworthiness with money as based on a person's credit history; it is a general qualification for borrowing.

A bankcard used to make an electronic withdrawal from funds on deposit in a bank, as in purchasing goods or obtaining cash advances.

A person or company owing money to another person or company. A company is therefore owed money by its debtors and the people it owes money to are its creditors.

A negative retained earnings balance. A deficit results when the accumulated losses and dividend payments of a business exceed its earnings. A situation in which liabilities exceed assets, expenditures exceed income, imports exceed exports, or losses exceed profits.

Deflation is a decrease in the general price level, over a period of time. Deflation may likewise be regarded as a increase in the purchasing power of money. Deflation is the opposite of inflation.

A specific sum of money taken and held on account by the bank that pays the client interest on the funds deposited.

A decrease in the value of a particular currency relative to other currencies.

The reduction in value of a currency with respect to another.

Distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.

It is a commission charged when making early repayments for you loan and it is aplicable to the amount brought in advance.

Eligibility is an amount of criteria's and conditions that an individual can fulfill or not when soliciting a loan.

A condition in which an image/text is pressed into a material to create an image/text that is raised above the normal level of the material. So this type of care has the user's name is raised above the normal level.

To mold or carve in relief identification data of a client on a bank card.

An inscription (as a signature or notation) on a document or instrument; usually on the back of a negotiable instrument that transfers or guarantees the instrument.

Escrow is a legal arrangement whereby an asset is delivered to a third party (called an escrow agent) to be held in trust or otherwise pending a contingency or the fulfillment of a condition or conditions in a contract. An escrow account is often used in the context of real estate, specifically in mortgages where the mortgage company will establish an escrow account to pay property tax and insurance during the term of the mortgage.

Euribor (Euro Interbank Offered Rate) is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the euro wholesale (or "interbank") money market. Euribor rates are used as a reference rate for euro-denominated forward rate agreements, short term interest rate futures contracts and interest rate swaps, in very much the same way as LIBOR rates are used for US dollar-denominated instruments.

Europay International - is a non-profit organization including MasterCard International and Eurocard International. The two types of card that are being issued are MasterCard and Eurocard.

A situation in which assets exceed liabilities, income exceeds expenditures, exports exceed imports, or profits exceed losses.

The price of one country's currency expressed in another country's currency. The rate at which one currency can be exchanged for another.

When you decide to apply for a loan, you have to fill in certain forms and hand in certain documents requested by the bank. All these files will be analyzed and evaluated by the bank's specialized team. After this analysis you will be given an answer regarding your request.

The interest rate stays fixed throughout the life of the debt.

It is a card who's text is printed on the plastic material, without being raised above the normal level. This type of card assures a higher level of security, the bank authorization being necessary when making payments or withdrawals.

The interest rate is usually determined by a reference rate, such as LIBOR or a consumer price index.

Forward contracts are personalized between parties. Standardized forward contracts are called futures contracts and traded on a futures exchange.

In finance, a futures contract is a standardized contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a pre-set price.

It is a commission charged one time when the credit is granted.

A guarantee added to a debt obligation by a third party who ensures payment should the issuing person default.

The term most often refers to technical support centers for IT, specific technologies, management techniques etc.

Computerized system enabling customers to have access to a banking service via a terminal in their own homes.

International Bank Account Number 
An account number standard primarily used in Europe that helps streamline cross border payments.

A device to produce an image of the embossed characters of the bankcard on all copies of sales drafts and credit slips.

To definitely record an ownership right or a real estate right in the land book. In order to record this change you must address to the Law Court in your area.

An index that describes the financial status of a company, meaning its independence regarding creditors. It's calculated by comparing the registered capital and the long and short term debts.

The price paid for borrowing money. It is expressed as a percentage rate over a period of time and reflects the rate of exchange of present consumption for future consumption. Also, a share or title in property.

The reference index for loans granted in LEI with variable interest (IRCC) is published each working day on the website of the National Bank of Romania and represents the interest rate calculated as a weighted average of interest rates with the volumes of transactions on the interbank market. The index is calculated at the end of each quarter, as the arithmetic average of the daily interest rates determined for the previous quarter, to be applied for the next quarter. The evolution of this index can be tracked, for example, on the www.bnro.ro website.

It is an account for person aged under 26 years old, with an preferential interest rate for the purpose of accumulating funds. For Junior Plus (age 14-18) and Junior Max (age 18-26) Accounts the owner can choose to solicit a Junior debit card.

Ingatlan-nyilvántartás, minden természetes vagy jogi személy tulajdonában lévő ingatlan adatait tartalmazza, bizonyitva az adott személy tulajdonjogát.

A letter issued by a bank authorizing the bearer to draw a stated amount of money from the issuing bank, its branches, or other associated banks or agencies.

London Interbank Offered Rate (or LIBOR) is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the London wholesale (or "interbank") money market. For the Euro, however, the usual reference rates are the Euribor rates compiled by the European Banking Federation, from a larger bank panel.

The degree to which an asset or security can be bought or sold in the market without affecting the asset's price. Liquidity is characterized by a high level of trading activity.

Maestro is an international debit card service; a joint venture by MasterCard and Europay International. Maestro cards are obtained from associate banks and linked to the cardholder's current account.

A retailer, or any other person, firm, or corporation that (pursuant to a merchant agreement) agrees to accept credit cards, debit cards, or both, when properly presented.

MoneyGram International provides money transfer services, money orders, and bill payment services to consumers. MoneyGram International offers products and services through a network of agents and financial institution customers.

A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt. The building is mortgaged in favor of the bank.

The bank loans the amount of money that represent the value of the building, set by a specialized assessment. The value of the building taken into consideration for a mortgage loan is the minimum between the market price and the evaluated value.

The mortgage loan is a type of loan solicited to buy a building, guaranteed in various ways.

A facility (usually at a bank or other financial institution) enabling an account holder to borrow up to an agreed amount and often for an agreed time.

A higher interest rate applied when the debtor doesn't fulfill the legal stipulation for a loan contract.

Personal Loan is a credit for financing the studies, holidays / trips, medical treatment , symposium in foreign countries and another debtor's necessity.

POS or PoS is an abbreviation for point of sale (or point of service). This can mean a retail shop, a checkout counter in a shop, or a variable location where a transaction occurs. The acronym EPOS for Electronic Point Of Sale is used in preference.

A signed statement promising to pay to a specified person or the bearer a particular sum of money on a fixed date or on demand.

ROBOR represents the interest rate for the deposits in RON. The National Bank of Romania publishes a daily reference interest rate for deposits (ROBID) and placed (ROBOR) on the interbank money market. The evolution of this indicator can be observed, for example, on the www.bnr.ro website.

Romanian Association of Banks a non-profit association that represents and defends the professional interests of its members (financial institutions).

Savings Accounts are accounts maintained by a customer with a depository institution for the purpose of accumulating funds over a period of time, having a higher interest rate then the current account.

A security became a type of transferable interest representing financial value. Traditionally, securities have been categorized into debt and equity securities, and between bearer and registered securities. 
They are often represented by a certificate. They include shares of corporate stock or mutual funds, bonds issued by corporations or governmental agencies, stock options or other options, limited partnership units, and various other formal "investment instruments.

Certificate evidencing ownership of a fraction of the capital of the company that issued it. Shares can yield dividends and entitle the holder to vote at general meetings. They may be listed on a stock exchange. Also known as a stock or an equity.

The total par value or the stated value of issues of authorized stock.

The Credit Bureau is a private institution having commercial banks as shareholders. The data base includes information related to contracted loans by individuals. The information are being used by banks in order to correctly analyze the credit files of clients and their financial history. Also see Banking Risk Central Office (CRB).

The date when a client orders a transaction.

Cheques issued by credit card and charge card companies and banks etc which enable the holder to obtain cash or pay for goods and services when visiting a foreign country. The cheques are signed by the traveller on their receipt and again when payment is being made. They are covered against loss provided the issuing company is notified within a specified period.

Are bonds issued by the state (Finance Ministry) on short term (maximum 365 days) in order to obtain financial resources from banking and non-banking agents.

The total amount of products and services offered and consumed on the market in a certain period for a certain company.

Este persoana care accepta sa sustina solicitantul in contractarea creditului si garanteaza in favoarea solicitantului cu o suma de bani sau cu un alt imobil; creditul ipotecar a diminuat mult rolul girantilor, dar mai exista inca banci care cer si giranti ; girantul poate garanta in favoarea solicitantului cu o suma de bani sau cu un alt imobil.