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Glossary of Financial Terms

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M

Magnetic Ink Character Recognition (MICR)
The American Bankers Association program that provides for encoding of checks and documents with characters in magnetic ink so that they can be electronically read and processed. On a plastic card, information is stored on the magnetic stripe.

Mail Deposit
A deposit received through the mail, as opposed to an over-the-counter transaction.

Maker
The party who executes an instrument, such as a check, draft, or note.

Maturity
The date on which a note, loan, draft, bond, time deposit, or acceptance becomes due. Also known as due date.

Maturity Notice
A notice produced when a savings term account reaches its maturity date. The maturity date, account number, balance and interest rate the account was earning through the maturity date will appear on the form. The form can state that the ACCOUNT WILL RENEW or the ACCOUNT WILL MATURE AND NOT RENEW.

Note:
Maturity notices are also created for Consumer Loans and Mortgage Loans.

Member Number
The number used to differentiate multiple plastic cards issued under the same card and account number. The Member Number allows a bank to lock out an individual card linked to an account rather than locking out an entire account.

Example: If on a joint account, a husbandís card is lost or stolen, then just his card with his member number can be locked out and the wifeís card may continue to be used.

Merger
The combination of two or more formerly independent firms under a single ownership

Monetary Control Act
The 1980 legislation that provided for the gradual phase out of interest rate ceilings, made all financials subject to reserve requirements, and gave expanded powers to thrift institutions.

Mortgage Insurance Premium
Home mortgages with a down payment of less than 20% must pay this premium to insure the mortgage. Also referred to as Private Mortgage Insurance or PMI.

Mortgage Loan (ML)
The general banking term for loans extended to individuals to purchase homes. These loans usually have monthly repayment plans.

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Mortgagee
Party to whom the property is mortgaged, the lender.

Mortgagor
The customer borrowing money from an institution. The person who mortgages the property.

Municipal Bond
A bond issued by any local or state government, or agency or authority of government, other than the federal government.

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