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e. A banker's acceptance is a commitment by a bank to make a requested future payment. The request will typically specify the payee, the amount, and the date on which it is eligible for payment. After acceptance, the request becomes an unconditional liability of the bank. Banker's acceptances are distinguished from ordinary time drafts in that ...
Berks County Trust Company. Wyomissing Valley Bank, Temple State Bank, Mount Penn Trust Company, Reamstown Exchange Bank, Schuylkill Trust Company. Berks County Trust Company (1964 as American Bank and Trust Co or American Bankcorp) Wells Fargo. 1964. National Bank of Commerce. Texas National Bank.
Acceptance credit. An acceptance credit is a type of letter of credit that is paid by a time draft authorizing payment on or after a specific date, if the terms of the letter of credit have been complied with. The bank "accepts" bills of exchange drawn on the bank by the debtor, discounts them and agrees to pay for them when they mature.
Acquiring bank. An acquiring bank (also known simply as an acquirer) is a bank or financial institution that processes credit or debit card payments on behalf of a merchant. [1] The acquirer allows merchants to accept credit card payments from the card-issuing banks within a card association, such as Visa, MasterCard, Discover, China UnionPay ...
A confirming bank is a bank other than the issuing bank that adds its confirmation to credit upon the issuing bank's authorization or request thus providing more security to the beneficiary. A complying presentation is a set of documents that meet with the requirements of the letter of credit and all of the rules relating to letters of credit.
A 1926 promissory note from the Imperial Bank of India, Rangoon, Burma for 20,000 rupees plus interest. A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or ...
The redemption movement is an element of the pseudolaw movement, mainly active in the United States and Canada, that promotes fraudulent debt and tax payment schemes. [1] The movement is also called redemptionism. [2] Redemption promoters allege that a secret fund is created for every citizen at birth and that a procedure exists to "redeem" or ...
Depository institution. Colloquially, a depository institution is a financial institution in the United States (such as a savings bank, commercial bank, savings and loan associations, or credit unions) that is legally allowed to accept monetary deposits from consumers. Under federal law, however, a "depository institution" is limited to banks ...