General

What is Fedwire service

Fedwire is an abbreviation for the funds transfer system which operates in the United States of America. The Fedwire system is also known as the Federal Reserve Wire Network which essentially facilitates electronic funds transfer between participating financial institutions…

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What is a clearing house

A clearing house refers to a financial institution that offers clearing and settlement facilities to financial and commodities derivatives and securities transactions. A clearing house facilitates the relationship between two clearing firms and ensures that they fulfill their contracts…

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What is Automatic Transfer Service

An automatic transfer service (ATS) is a type of service offered by banks to customers in order to combine a standard checking account and a standard savings account. This service enables clients to cover outstanding balances in their checking accounts through extracting funds…

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Documents required for bankruptcy

In the event that your bank or financial institution is facing bankruptcy, either through voluntary or involuntary dissolution, there are several documents that need to be filed to the relevant regulatory body. Individuals and companies are advised to consult an attorney or business professional…

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Bankruptcy Abuse Prevention and Consumer Protection Act

The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 is a legislation that was imposed in the United States, altering the previous legislative act of the United States Bankruptcy Code. This act was established in order to make filing for bankruptcy…

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What is a means test

A means test is a method by which the US government determines whether or not debtors are entitled to pay a portion of the debt they have accrued to their creditors. The US government carries out a means test on individuals that wish to file for bankruptcy in order to verify their financial standing…

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What is an investment portfolio

Individuals that engage in making a number of high value investments often tend to have an investment portfolio. This is typically set up by an individual’s bank in order to manage and maintain their investments in an efficient manner. An investment portfolio is a system that is set up…

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What is bankruptcy

An individual or company declares bankruptcy in the event that they are unable to pay back debt that is owed to creditors. The state of bankruptcy is usually enforced by the local court or, in some cases, by the entity that owes…

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What is a financial institution

A financial institution is an economical term for any institution that offers financial services to individuals and companies. In order to become a financial institution, applicants must meet specific criteria to obtain the relevant license from…

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What is a banking institute

A banking institute is a financial intermediary that provides monetary services to its clients. A banking institute can range from a traditional bank to a building society and enables its clients to carry out financial transactions, from depositing…

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