Banking Terms to Know

Banks are extremely important in social life and are in the lives of many people. It is therefore useful to know some terms related to banking.

• Bank

Banks are organizations that provide money flow to their individual or corporate customers with interest, credit transactions, commercial transactions, SME transactions for small businesses to be in the sector for longer periods of time.

Banking Terms 

• Akit

It is an agreement or contract between two people to do or not to do something.

• Bono

It is a debt instrument that includes the signature of the issuer, the date of issuance, the name of the creditor, and the words "bond" or "promissory note".

• Budget

A table or guide presenting a reciprocal list of projected revenues and expenditures for subsequent periods.

• Check

Used instead of money; it is a written order or instruction stating that the person who has an account in any bank / organization will be paid to the creditor on the date specified on the negotiable instrument.

• EFT

This system, called electronic funds transfer, is a payment transfer system that allows money to be transferred from one bank to another within the hours allowed by the bank.

• Interest

The profit that banks or credit institutions receive on the use of a certain amount of money by operating it means return.

• Foreclosure

It is the forced collection of the movable and immovable property of the debtor related to the debts of the debtor by the creditor by the court.

• Share Certificates

Negotiable instruments representing capital shares by joint stock companies Valuable paper representing the capital shares put forward by the company and offered to the public and traded on the stock exchange.

• Bankruptcy

The status of the merchant/trader in relation to the announcement of the due debts by a court decision after the debtor becomes unable to pay them.

• Credit

Providing a person or organization/enterprise with the opportunity to grow and develop on the condition that they will buy it back after a period of time, and providing the person with power or resources at the point of purchase.

• Surety

When buying a product/service, the seller asks the customer to provide a guarantor to take the risk of the customer's failure to pay the debt or to assume responsibility in case the customer does not keep his/her promise.

• Taxpayer

In the light of the information contained in the tax law, natural or legal persons on whom/to whom a tax liability is imposed are called taxpayers. 

• Portfolio

It is a file where documents/information regarding the risk inclination or assets to be invested by the investor are brought together.