| | | |

     24 Hour Card Member Service


Glossary of Financial Terms



Daily Accrual Factor
The amount of interest earned daily on a loan or deposit account. Sometimes referred to as a per diem.
For a simple interest account, the equation is:

Account Balance    X    Interest Rate   /    365 or 366 days

Daily Compounding (Interest)
Interest is accrued to the account daily. The interest earns interest on a daily basis.

A collection of information organized for computer search and retrieval. Generally, databases are organized into a hierarchy of files, records and fields.

DDA Statement
Demand deposit account or checking account statement. For more information see Statement Description.

Debit Access Card
The card used instead of a check for a purchase. A checking account is automatically debited for the amount of the purchase.

Demand Deposit Account
An account that allows a customers to write checks against it. Also called a checking account.

Any placement of cash, checks, of other drafts with a bank for credit to an account. All deposits are liabilities of a bank, since they must be repaid in some form at some future date.

Deposit Items
A listing of the items given a bank for credit to an account.

Deposit Slip
A listing of the items given a bank for credit to an account.

Direct Deposit
The process by which a payer delivers data electronically to the payee's bank for credit to his/her account. The most common example if the federal government program for direct deposit of Social Security payments.

  • Direct Deposit is your key to eliminating Friday afternoon bank lines. Open a no-fee, unlimited checking account with First Central Savings Bank today and start this weekend early!

Any disbursement of funds from a retirement account.

Disk Operating System (DOS)
IBM compatible systems use DOS to communicate with application software and to manage files.

Dormant Account
The status of an account that has had no activity for a bank specified period of time.

Double-Entry Bookkeeping
An accounting system based on the premise that for every debit there must be an equal corresponding credit; all transactions are posted twice.

A signed, written order by which one party (the drawer) instructs another (the drawee) to make payment to a third (the payee). In international banking, a draft is often called a Bill of Exchange.

The party to whom the drawer issues instructions to make payment. In the case of checks, the drawee is bank or other financial institution.

The party who issues a set of written instructions to a drawee, calling for a payment of funds.

Didnít find the answer you were looking for? Speak with one of our knowledgeable & helpful representatives at 1-866-400-FCSB (3272).