An arrangement in which a home owner borrows against the equity and the person’s home and receive regular monthly tax free payments from the lender.

In case of default, the dishonoured bill is returned to its holder by the banker.

Act whereby a bank returns to the collector a payment document ( check, invoice, bill of exchange, direct debit receipt) due to lack of funds

Retail banking is when a bank executes transactions directly with consumers, rather than corporations or other banks. Services offered include savings and transactional accounts, mortgages,

The providing of banking services to very wealthy individuals and families. (source: http://www.investorwords.com/5946/private_banking.html)

A bank account held as security to guarantee payment of a debt. The account provides additional collateral for the loan.

Agreement that make one liable for one’s own or a third party’s debts or obligations. A personal guarantee signifies that the lender (obligee) can lay

Loss of interest or charge incurred on partial withdrawal or closure of account where account conditions allow. (source: http://www.financeglossary.net/definition/2609-Penalty_Interest)

Interest calculated for late payments.