Archives: Glossary Terms

financial literacy

Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources. Understanding basic financial concepts allows people to know how to navigate in the financial system. People with appropriate financial literacy training make better financial decisions and manage money […]

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accountability partner

An accountability partner is someone who coaches another person to help him/ her keep a commitment.

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summary of information reported to ChexSystems

  Activity Description When It’s Deleted Involuntary Account Closure Bank closes your account usually “for cause” (e.g., writing too many bad checks or fraud) After 5 years (unless you successfully dispute the listingor the bank or ChexSystems deletes the listing sooner) Bounced Checks and/or Overdrafts Usually for multiple instances Unpaid Negative Balances Usually for outstanding overdraft/nonsufficient […]

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second chance checking account

Some banks and credit unions offer “second chance” checking accounts for people who have been reported to ChexSystems. The accounts can help people rebuild their banking histories, but they don’t have all the services that come with regular checking accounts. Second chance checking accounts usually have monthly fees that can’t be waived, and they often carry […]

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ChexSystems

Chex Systems, Inc. (ChexSystems) is a nationwide specialty consumer reporting agency under the federal Fair Credit Reporting Act (FCRA). ChexSystems’ clients regularly contribute information on closed checking and savings accounts. ChexSystems provides services to financial institutions and other types of companies that have a permissible purpose under the FCRA. ChexSystems’ services primarily assist its clients in […]

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prenuptial agreement

An agreement made by a couple before they marry concerning the ownership of their respective assets should the marriage fail.

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community property

Nine states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin) have laws saying that generally everything obtained once a couple is married is considered jointly owned.

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common law

Forty-one states and the District of Columbia operate under statutes evolved from English law. Property acquired by one member of a married couple is owned completely by that person — even if obtained during marriage.

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cashier’s check

A cashier’s check is a check guaranteed by a bank, drawn on the bank’s own funds and signed by a cashier or a teller. Cashier’s checks are treated as guaranteed funds because the bank, rather than the purchaser, is responsible for paying the amount.

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notarized

Banks, other financial institutions and the court system often require documents to be notarized. It’s the Notary Public’s role to verify the identity of the person signing the document. The Notary will also confirm the signatory understands the meaning of what she or he is signing.

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