A stored-value card is a payments card with a monetary value stored on the card itself, not in an external account maintained by a financial institution. Stored-value cards differ from debit cards, where money is on deposit with the issuer, and credit cards which are subject to credit limits set by the issuer.

A reverse mortgage or home equity conversion mortgage (HECM) is a special type of home loan for older home owners (62 years or older) that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and home owner’s insurance.

An overdraft is an extension of credit from a lending institution when an account reaches zero. An overdraft allows the individual to continue withdrawing money even if the account has no funds in it.

Tax evasion is an illegal practice where a person, organization or corporation intentionally avoids paying his/her/its true tax liability. Those caught evading taxes are generally subject to criminal charges and substantial penalties.

Tax break is a term referring to any item which avoids taxes, including any tax exemption, tax deduction, or tax credit.

Large number of potential buyers but only a few sellers is known as Oligopoly.

A Multi-City Cheque (MCC) is one that can be written by the customer in favour of his client and is payable at par at all branches of the Bank. These are issued as Order Cheque.

Traveller’s cheque is a medium of exchange that can be used in place of hard currency. Traveller’s cheques are often used by individuals travelling on vacation to foreign countries.

A mutual fund redemption fee, also referred to as a “market timing fee”, or “short-term trading fee”, is a charge by a mutual fund company to discourage investors from making a short-term “round trip” (i.e. a purchase, typically a transfer, followed by a sale within a short period of time).

A loan that is secured by property or real estate is called a mortgage. In exchange for funds received by the homebuyer to buy property or a home, a lender gets the promise of that buyer to pay back the funds within a certain time frame for a certain cost.