Banking Encyclopedia
Be In The Know
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Whether you're a seasoned banker, a budding financial enthusiast, or a curious individual looking to demystify financial jargon, our carefully curated glossary provides clear and concise definitions for a wide range of banking terms. Navigating the intricacies of financial language has never been easier, as we aim to empower our users with knowledge that fosters a deeper understanding of banking concepts and facilitates informed decision-making. Explore our glossary to enhance your financial literacy and unlock the language of banking with confidence.
Glossary of Banking Terms
There are currently 3 names in this directory beginning with the letter I.
Identity Theft
This is when criminals use an innocent person’s details to open or use an account to carry out financial transactions. It is very easy to do with an individual’s personal details, which is why shredding confidential information is so important.
Identity Verification
This is often used by financial institutions to verify the customer and usually takes the form of a pass-word and the answer to an obscure personal question such as the customers’ mothers’ maiden-name.
Interest
The amount paid or charged on money over time. If you borrow money interest will be charged on the loan. It you invest money, interest will be paid (where appropriate to the investment). Interest rates usually bear a close relationship to the Bank of England’s base rate. It is expressed in percent.