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Glossary of Financial Terms

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E

Earnings Credit
An allowance to a customer, offsetting part or all of the service charges on an account and calculated on the basis of the average balance in the account during a period and the earnings credit rate in effect at the time.

E - Commerce
When a person or business conducts all or some of their operations on-line (on the internet).

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Effective Date
The date that a transaction becomes effective, regardless of the processing date or any other dates relating to the transaction.

Electronic Funds Transfer (EFT)
An industry term meaning monies transferred from one account to another electronically.

Embossed
Information that is raised on the front of a plastic card, i.e., the customer name and the account number.

Employer Identification Number (EIN)
A 9-digit tax identification number used by businesses and organizations. The format is NN-NNNNNNN.

Endorsement
The legal transfer of one's rights to an instrument, also, the co-signer on a loan.

Equal Credit Opportunity Act
Federal legislation requiring all creditors to make credit equally available without any form of discrimination.

  • First Central Savings Bank is fully FDIC Insured and an Equal Opportunity Lender.

Equity
Ownership interest, represented by stockholders investment and retained earnings; the excess of a firms assets over its liabilities.

Escheat
The legal principle by which a state government is entitled to receive funds that have remained in inactive accounts for a stated period of time.

Escrow
The holding of funds, documents, securities, or other property by an impartial third party for the other two participants in a business transaction. When the transaction is completed, the escrow agent releases the entrusted property.

Estate
The sum total, as determined by a complete inventory, of all assets of a decedent.

Executor
A party named in a decedentís valid will to settle an estate and qualified by a court to act in this capacity.

Expedited Funds Availability Act
A portion (Title IV) of the Competitive Equality Banking Act of 1987 directed at limiting the amount of time checks can be placed on hold.

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