BANKING DICTIONARY
Abusive clause
Where, in a contract concluded between a client and a professional, there is an imbalance of rights and obligations to the detriment of the client. The latter may invoke the pretext of unfair terms in order to lodge a complaint, for example.
Account Agreement
Written contract between a banking institution and an individual when an account is opened. It specifies the operating conditions, including the amount and duration of any overdraft authorization. This agreement is mandatory to open an account.
When opening a deposit account, the subscriber signs an account agreement. It mainly defines everything that will affect the operation of the account, such as opening, closing, means of payment, incidents and pricing. The agreement must obligatorily be given to the client when the account is opened.
Account Entitlement
It is a procedure whereby a person who has been refused the opening of an account applies to the central bank (BEAC) for the latter to automatically designate a banking institution to open an account for him.
Account statement
It is a clear representation of the situation of an account taken at time T, which can be a credit or debit account. When an account is closed, the statement of account is said to be final.
A transaction that periodically determines the position of an account, i.e. what the customer holds at the bank or what he or she owes to the bank.
Adjustment of an unpaid cheque
Procedure for lifting the banking ban.
Administrative fees
These are the fees for the instruction (of a service) of an overdraft authorization or even an unauthorized overdraft.
Affected credit
It is a form of consumer credit that relates to a specific object (for example, the purchase of a car). The purchase will then be paid directly by the bank to the supplier.
Agent
A third person who has accepted a power of attorney from an account holder to carry out all
or several transactions on that account. The power of attorney can only be used for certain
accounts.
Agios ticket
Monthly or quarterly invoicing detailing interest charges, the highest overdraft commission, the overrunning commission, the turnover commission and account maintenance fees.
For the pricing of overdrafts to individuals, the value scale and the premium ticket are generally not sent to customers (unlike professionals). Only the amount of the premiums and the TAEG appear on the account statement.
In addition, depending on the institution, there may be other commissions charged to professionals and sometimes to individuals:
Annual Fee Summary
A document now sent to customers every year, summarising the charges invoiced by banks: product and service fees, interest and commissions related to the operation of the account, operating incident costs.
Annuitant
Refers to an individual who receives one or more annuities.
Anonymous saving bonds
It is a special form of savings bond where the identity of the subscriber is not included, the primary interest being to be able to invest money tax-free. Moreover, being in paper form anyone can cash it in without the holder being compensated, the same applies in case of deterioration (fire, floods...). This type of investment was very popular until the 1980s, when other forms of investment, such as life insurance, offered a better return with much lower taxation.
Automatic teller machine (ATM)
An automatic machine that allows bank customers to withdraw notes from their accounts using
a card.
Balance confirmation certificate
This is a business object in Account Management, which represents a legally binding information medium used by the bank for customers. This displays the current balance of a bank account, and depending on the settings, also interest information.
Bank
It is a credit institution authorised by the State to carry out all banking operations such as credit
and deposit, these operations being defined in the Monetary and Financial Code. There are
several categories of bank, with specialisation for certain types of operations: investment
banks, commercial banks, cooperative and mutual banks or municipal credit unions, which have a monopoly on pawnbroking...
Bank cheque
It is a cheque drawn on the bank's account, the bank having first debited the corresponding
amount and the fees from its client's account. The bank cheque can also be made from a
savings account. It is often used when buying a large amount of money, such as a car.
Bank domiciliation certificate
It is a document issued by a credit institution to its client which proves the existence of his bank account and attests to the domiciliation of his income.
Bank drawee
When a customer writes a cheque to pay for a purchase, his bank is said to be "drawee" because it will debit his customer's account to the benefit of the remitter's bank, which will cash the cheque.
Bank Identity Statement (RIB)
An official document that identifies a bank account using 23 characters. In order: the bank code, the counter code, the account number and the control key.
Bank overdraft
An account is overdrawn when it is in debit, i.e. when its balance is negative. Banks generally tolerate overdrafts of small amounts and grant what they call an "overdraft authorization", a "overdraft facility" or (for professionals or businesses) a "credit line". The overdraft is then authorised but limited in amount and duration.
Bank transfer certificate
Act issued by any bank or financial institution confirming a deposit of transfer order
Banking Agency
Bank branch refers to the commercial premises, usually located in the city centre, in which banks welcome their customers.
Banking Machine (GAB)
More complete than the ATM, the Banking Machine allows, in addition to cash withdrawal, the deposit of cheques, the remittance of funds, the order of checkbooks ...
Banking operations
These operations consist of credit transactions, the provision and management of means of payment and the receipt of funds from the public.
Banking secrecy
In the same way as medical secrecy or the secrecy of confession, it is an obligation for bank
employees not to reveal to a third party the confidential information of their clients. However,
it is possible to lift this secrecy in the course of an investigation, at the request of certain judicial
authorities.
Banned from holding a checkbook / bank account
A measure designed to prohibit a client from holding a cheque book following the issuance of an NSF cheque (the amount of which exceeds the account balance or authorized overdraft).
BIC or Bank Identifier Code.
This international code allows any bank to identify a bank account on the planet. It is mainly
used for bank transfers, but also by the police to determine the origin or destination of a sum
of money.
Blocked account
An account whose balance cannot be used following the death of its holder or a judicial seizure. An account can be blocked only on debit, or both credit and debit.
Bridging loan
Often used in the real estate field, this credit makes it possible to borrow money for an acquisition while waiting for the sale of the borrower's property to take place.
Capital loss
A negative result is the difference between the purchase price, plus expenses, and the sale price, less expenses, of a security or asset. If there is no sale, it is called an unrealized loss of value. Conversely, if there is a gain, it is called a capital gain.
Capitalization
It is a transaction whereby the bank adds the interest on a financial investment to the capital.
This new capital then produces new interest. On term accounts, this capitalization is made at the end of the term.
Card with systematic authorization
It is a restrictive payment card, generally distributed to young people or people who are banned from banking. Withdrawal and payment limits are lower than those of a traditional card, and the balance must be consulted for each transaction. In case of overdraft or insufficient balance, the transaction will be refused.
Cash - pooling
Cash - pooling (or centralized cash management) is a method of centrally managing the accounts of the company codes in a group. Its aim is to optimise cash requirements and surpluses by balancing all the accounts of the companies in a group in order to reduce overall debt in the short term and to be able to negotiate optimum banking conditions. Thus, it enables the optimisation of debit balances, by eliminating overdrafts, which generate financial expenses, but also credit balances (optimisation of interest rates, more favourable legislation).it also enables the structuring of a group (centralised risk management) and the control of subsidiaries (formalisation of reporting, rationalisation of the banking environment, etc.).finally, it gives a relatively large group, but made up of small companies, the possibility of accessing the financial markets thanks to a mass effect.
Cash (or fiat money)
This term refers to coins and banknotes.
Cash withdrawals off site
Withdrawing money from an ATM belonging to your bank's network, in a location other than the one where you opened your account.
Certificate of financial capacity
Certificate of non-indebtedness
It is a certificate issued to a customer that has paid off all the debts previously owed to a bank. The letter tells whoever it may concern that the customer has done well to clear all the debts previously recorded that he/she was owing.
Certificate of non-payment
When a client presents a cheque for cashing and it turns out to be unpaid, his bank issues a Certificate of Non-Payment which allows the client to seize a bailiff in order to recover his due from the issuer of the cheque.
Certified check
A certified cheque allows its bearer to benefit from a certificate from the bank guaranteeing the payment of the sum for a given period. It is a guarantee of security for the beneficiary of the cheque. Today, the certified cheque is replaced by the bank cheque.
Cheque
Means of payment created at the end of the 19th century and popularized since then. A cheque allows a person (the drawee) with a bank account to pay for a purchase or to make a donation to an individual or a company/association (the drawer).
Cheque issue
A writing by which a person, the drawer, instructs a Credit Institution or an authorized person, the drawee, to pay on demand a certain amount to a beneficiary. In its structure, a cheque resembles a bill of exchange.
Cheque without provision
A cheque that has been rejected by the drawee's bank due to an insufficient balance or overdraft. The rejection of a cheque results in bank and tax charges since the drawee must regularize its situation by paying penalties that depend on the amount of the cheque. The drawee is moreover declared banned from banking until the regularization and can no longer issue cheques.
Circularization
The circularization or "direct confirmation procedure" is a request made to a third party, having business relations with your company, to confirm directly to your auditor (Chartered Accountant or Auditor) any transactions, balances or other information.
Collection
An order given by a bank's customer to a bank to collect debts (e.g., a cheque) on his or her
behalf.
Commission
Commissions correspond to the fees paid by the customer to his bank for the products and services that the bank sells him. It is an act of commerce that is found in all banking and insurance products and in a large number of professions.
Consumer Credit
This concerns all appropriations relating to movable property or property for non-business use.
Credit
An operation whereby a bank or credit institution makes a sum of money available to an individual or company in return for the payment of interest.
Credit institution
Credit institutions include authorised banks and specialised institutions whose scope of action
is limited to the provision of credit (e.g. consumer credit).
Credit or bank card
It appeared in the early 1980s and has been widely distributed by banking institutions ever since. It is a means of payment that allows its holder to make purchases and withdraw money. There are 2 types of credit cards: immediate debit (systematic debit at each purchase) or deferred debit (all purchases are debited once a month).
Crossed check
Today the vast majority of cheques are crossed out, which means that they must be cashed on a bank account. In contrast, a cheque that was not crossed out could be reimbursed in cash at the bank counter.
Debt clearance certificate
The certificate of non-royalty is a document issued by a credit institution (bank or EMF) to a client stating that the latter (the client) does not owe him (bank or EMF)
Debt ratio
Percentage share of a household's expenses on its income. In terms of credit, the rule is not to exceed one third of income, but this is not a legal obligation.
Deposit account (check account, current account)
This type of account is very frequently used by bank customers. In addition to issuing means
of payment such as a bank card or a cheque book, it allows them to direct their income, cash, cheques and issue and receive transfers from other accounts. The bank undertakes to return the sums deposited in its customer's account as soon as the customer expresses the need for them. The term "current account" is mainly used for merchants and companies.
Direct debit authorisation
It's one of the bank's payment methods. A direct debit authorisation is an act by which a
customer gives his or her agreement to his or her bank to allow an organisation to debit a
receivable (usually an invoice) directly from his or her account on a specific (or regular) date.
Direct debit authorization
A transaction in which an individual or business authorizes a person or organization to withdraw funds from their account in one or more installments.
Discount
A transaction in which a bank buys a commercial paper before its maturity from its beneficiary. It is a form of credit that incurs charges, such as interest or commissions.
Displaced cash withdrawal
Some banks charge for withdrawals from ATMs other than those in their own network. When
you withdraw money from an ATM that is not in the bank's network, it is called a "displaced
withdrawal". Be careful when withdrawing cash from ATMs in your bank network. Consult your
contract, as it informs you about the conditions for withdrawals outside the network. Some
banks charge only after several misplaced withdrawals, others charge for the first withdrawal.
You should also be aware that some banks do not charge any fees for this type of transaction.
Disposal or transfer of receivables
The act by which a creditor (a bank) transfers receivables it has from one of its customers (a credit, for example) to a third party (such as a collection agency) called an "assignee". The customer then becomes the debtor of this organization.
Draft collection
When the holder of a bank account receives cheques (money owed to him, premiums,
refunds of medical expenses, etc.), he gives them to his bank for collection in his account. He
fills out a cheque remittance or draft collection slips, indicating the name of the drawee and
the issuing bank.
Early repayment
In the case of a loan, this procedure makes it possible to settle all or part of the remaining
capital owed to the bank. This transaction may give rise to early repayment indemnities (IRAs).
Electronic money
Electronic money is legally a currency stored on electronic memories independently of a bank account. In the categories of the money supply, it is opposed to paper money (coins and notes) or scriptural money (deposit account).
Electronic wallet
In the form of a reloadable bank card, the e-purse is designed to pay for small purchases (a few euros) at retailers.
Employee savings
Possibility given to an employee of a company, to save or subscribe to the capital of the company, via a specific account. The company can offer its employees financial benefits (remuneration, employer's contribution, etc.).
Endorsement
A transaction in which a person called the endorser transfers ownership of a security to
another person called the endorser. This is done by having the endorser write his or her
contact information and signature on the back of the security. This is called endorsing a
cheque.
Extension
The act by which a contract is renewed for a new term, at the request of the holder, or automatically.
Foreign exchange transaction
It consists of changing the currency from one country to another, from XAF to dollars for
example.
Free credit
This credit does not give rise to the collection of interest by the lender. It is mainly found in consumer credit, the objective being to encourage the purchase of this or that object. The buyer has the right to refuse it, the seller will then have to reduce his selling price.
Guaranteed remuneration
Contract signed between the client and the bank stipulating that the bank undertakes to pay remuneration over a given period to the subscriber of an investment.
Heritage
Regroups all of a person's assets and debts (bank, real estate...).
IBAN (International Bank Account Number)
This common international standard makes it possible to identify a bank account anywhere on the planet. It is composed, in order, of the country code of the account, the control key, and the national identifier of the account.
Initial Deposit
A deposit to validate the opening of a bank account, which by definition allows you to deposit and withdraw money.
Note: in fact it is made compulsory by all banking institutions. Very often banks use this
"mattress" to avoid that there is no provision on the account to ensure the payment of account
maintenance fees. If you open an account and the bank can't find any money in it, then it will
pay the account management fees itself by making your account debit your account. Knowing
that this situation could generate new fees, it would be quite absurd. Leaving a minimum
amount in your account every month would therefore avoid this type of problem.
This money is not "lost"! It is immediately placed in the bank account or savings account. It will be immediately available, so you will be able to withdraw it and your account may be at 0 Fcfa, or even debtor depending on the overdraft agreements you have negotiated with your bank (be careful with the premiums, however.
Insolvable
Refers to any person whose income, bank assets or assets are not sufficient to repay a debt of an amount and due date known in advance.
Interbank Payment Order
Means of payment where the recovery of a debt (invoice, rent, etc.) is made at the initiative of the creditor in the form of a direct debit. However, the creditor must request the agreement of his debtor (signature) before each transaction.
Interest expense (or premium)
Interest received by the bank (due to the bank) on an account with a debit balance. The calculation of premiums is daily and takes value dates into account. In addition, even the use of an authorised overdraft gives rise to the payment of premiums.
Interest income
Interest on a bank investment paid on a date defined by the bank to the account holder.
Interest rates
Percentage used to calculate both the profitability of an investment and the cost of a loan. It is usually expressed on an annual basis.
Internet banking
This is everything that concerns operations carried out outside the walls of a bank, such as consulting balances, transfers, orders for bank account details, cheque books, etc. These operations are then carried out by telephone or via the Internet.
Intervention Commission
Commission levied by banks each time an intervention on an account is necessary, for example to authorise a debit transaction on an overdrawn account. The amount of this fee is fixed and capped by regulation.
Only traditional banks charge intervention fees, online banks do not charge any.
Joint account
The joint account is open to several joint account holders with no limit on the number or family
ties. Each joint holder may operate it independently with his or her signature alone, but all are
jointly and severally liable whether the balance is in credit or in debit; however, it is possible
to designate one of the holders as "responsible" for the account. This account also has the
advantage of not being blocked in the event of the death of one of the account holders.
Pricing Conditions or General Banking Conditions
They include all the services offered by a bank as well as their underwriting and operating costs. They are renewable each year and must be made available to customers in branches on request and on the bank's website.
Judicial prohibition
A more restrictive measure than the ban on cheques because, in addition to the ban on issuing cheques, the person cannot be an account holder and may, by court order, be prohibited from holding a bank card.
Leasing
This credit is a form of lease with the possibility of sale to the subscriber at the end of the term. The contract defines in advance the monthly payments and the duration of the credit as well as the terms and conditions at the end of the term: continue to rent, cancel or buy at a price fixed at the outset. This type of credit is mainly used in the automotive sector.
Legal capacity
It is one of the duties of a bank to verify the legal capacity of a customer when opening an account for example. Persons under legal administration, such as minors and protected adults (curatorship and guardianship) cannot carry out banking transactions such as taking out an account or a loan on their own.
Legal entity
Unlike a natural person (an individual) it is an entity such as a company. A legal entity can hold bank accounts in its name or apply for credits.
Lump-sum levy (Prélèvement forfaitaire)
Tax levied on income (sale of securities, interest payments, etc.) at a rate set by the state.
The client often has the choice between the flat-rate withholding tax and the income tax return.
Management Mandate
Contract for the delegation of the management of one or more accounts of a client to a bank or an accredited asset management firm.
Maturity
Remaining term to maturity of an investment
Maximum rate
Set quarterly by the BEAC, it is a maximum interest rate above which banks cannot lend money.
Means of payment
They include all the instruments used to carry out a financial transaction. The most commonly used are credit cards and cheques.
Minimum balance
It is the smallest amount of money which must be kept in an account to qualify for the services provided
Minimum Banking Services
Within the framework of the banking la N°000005/MINFI on 13 January 2011 relating to account entitlement, the Minimum Banking Services allows the customer to benefit from certain services free of charge, such as the issuing of bank account details, cash withdrawals/deposits or the sending of monthly account statements.
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Mortgage
A type of real security in a mortgage loan. The operation consists in authorizing the bank to
seize the property if the holder of the loan does not refund any more his monthly payments.
As the mortgage is generally not renewable, it requires a release if the property is resold before
the term of the loan. The costs of setting up and releasing the mortgage are the responsibility
of the borrower.
Multiple transfer
The multiple transfer is a transfer reserved for companies or professionals who hold a Professional or Business account. The multiple transfer, also called mass transfer or XML transfer, allows operations to be carried out to a specific list of beneficiaries.
Notice of collection
Following the direct debit authorisation, the notice allows the bank to inform its customer
(usually by mail) of the payment of a due date to a creditor such as electricity bill payment…
Notice to Third Party Holders
When a person owes funds to the Public Treasury, the latter may order the bank holding the account to block the said sum in its favour.
Occasional or one-off overdraft
This is a simple cash facility granted on an ad hoc basis to meet a particular expense. This type of overdraft is not subject to any particular formalism (credit offer in particular). Your banker can accept these small, occasional, non-contractual overdrafts, but he is under no obligation to do so. It all depends on your profile and the relationship you have with your banker. Your banker can therefore refuse you this flexibility at any time and put you in difficulty, hence the need to formalise your overdraft in writing.
Occasional or one-off transfers
The order is given for a single payment.
Operation date
The date on which a transaction is physically carried out (e.g. cheque deposit at the teller's
counter).
Opposition
Transaction that is carried out on a check or direct debit. The customer instructs his or her
bank not to pay the beneficiary of the transaction in question. However, the grounds for
stopping payment on cheques are strict and may be sanctioned in the event of abuse.
Order for payment
Official document issued by a magistrate or commercial court ordering a debtor client to pay his debt immediately, failing which the debt will be seized.
Overdraft Authorization
Possibility of returning a debit account pending receipt of funds.
The overdraft facility is a credit agreement under which the bank expressly authorises the account holder to dispose of funds when the balance of the account is zero or empty;
Overdraft facility (or calendar credit)
Short-term credit in the form of an authorized overdraft on a current account, it is mainly used to facilitate month-end transactions for merchants.
Overrunning commission
A fee charged by the bank when a customer does not comply with the maximum authorization given to him or her to use a line of credit. When it is exceeded, particularly in the case of overdrafts, the Bank will take action. The Bank rejects payment transactions to the customer's account and charges bank fees.
Package
A commercial offer, often offered as part of a checking account, that combines several products and services into a single offer. The customer can always subscribe to individual services outside the package.
Payment incident
Transaction occurring when a debit is refused by the bank on a current account because of an unauthorized overdraft or when an authorized overdraft is exceeded.
Peak overdraft Commission
The peak overdraft commission is a commission taken from the bank accounts of
professionals and companies when they are in the red (below zero). In concrete terms, each
month or each quarter, your bank looks at the highest overdraft amount you have reached and
applies a percentage fee to it.
Penalty at discharge
They are the fees that the issuer of an unpaid cheque must pay to recover the ability to use a chequebook on its accounts.
Performance
Calculation to measure the profitability of an investment (interest). It is usually gross returns, from which the tax impact must be removed to get a net return.
Permanent transfer
This is a regular transfer order for the same amount for the same person or company, executed automatically according to a frequency determined by you (usually monthly). You can change or terminate the standing order at your bank at any time.
NB: a standing order allows you to save every month or make regular payments without having to think about it (for rent payments, for example).
Personal loan or unallocated credit
A credit is said to be "unallocated" when the borrower can dispose of the funds made available to him or her as he or she sees fit. It is the opposite of restricted credit.
Pledge
Real guarantee taken by the bank on an asset or an account of one of its customers for the granting of a credit.
Postdating
In contrast to backdating, post-dating means putting a date on a document (such as a loan offer) that is later than the actual date.
Privilege
Security that allows a creditor to be paid before other creditors.
Power of Attorney
Authorization given by the account holder to a third party to operate the account. The person giving the power of attorney is called the principal; the person receiving the power of attorney is called the proxy. The power of attorney may be limited to certain transactions or it may be full. It can be given to several persons who can act separately or jointly. With regard to third parties, the proxy is not personally liable and only the account holder is liable. The proxy remains, however, liable vis-à-vis his principal.
Provision
An account must have sufficient funds to allow for the payment of a cheque or a debit, even in the case of an authorized overdraft.
Pulling/Shooting
When a cheque is issued, the drawee bank (the bank that issues the cheque) pays the drawee bank (the bank that receives the cheque) by debiting its client's account.
Real estate loan
The real estate credit, or real estate loan, is a loan intended to finance all or part of the
acquisition of a real estate property, the construction operation, or work on such a property.
Real estate loan
This credit can only be granted for transactions relating to real estate: the acquisition of land,
main, secondary or rental residences as well as improvements (expansion or renovation). This
credit is also highly regulated by the Consumer Code, the aim being to protect the borrower.
Rechargeable mortgage
The rechargeable mortgage allows you to use, as you repay a loan for a property already mortgaged, the paid-up shares that can be used as security for a new loan.
Refusal Certificate
It is a document given by the bank to a person whose application for credit has been refused. This allows him to cancel the current purchase procedure without incurring financial penalties.
Regulated savings
This includes all accounts, passbooks and other bank investments whose legislation and operation are strictly identical from one bank to another.
Release
This act enables a borrower to be released from a real guarantee contracted during a credit on an asset (mortgage) or an account (pledge).
Rescheduling
In the context of a loan repurchase or over indebtedness, rescheduling allows the initial conditions to be modified to the borrower's advantage (lower rates, reduced monthly payments, etc.).
Revolving credit or permanent credit
This cash reserve allows its holder to make purchases with the same credit as many times as he wishes, provided he has enough capital. The revolving credit facility is replenished as the monthly payments are made. In general, the interest rate is very high.
Saving bonds
The precursor of the term account, the cash voucher is in paper form (no account opening). The bank and the subscriber commit themselves for a precise duration with a rate determined in advance, the bank undertaking to remit to the holder the agreed sum at term via the "paper" voucher. A medium-term note can be either registered or bearer. Because of the fall in interest rates and the risk of investing in physical form (paper), medium-term notes have gradually been replaced by passbooks and life insurance policies.
Scriptural money
Currency in electronic form, the main exchanges of which are made by means of cheque, bank card or bank transfer thanks to computerized writing.
Securities
A set of financial instruments that are bought and sold on specific markets. The best known are shares and bonds, which are invested via a securities account or a PEA.
Share
When an account or property is in undivided ownership, each undivided co-owner holds a share, or fraction of ownership.
Social share
It is a share of share capital owned by a member in a mutual bank. See shares.
Subscription commission (or entry fee)
This commission applies when a client pays money into an investment such as a life insurance
contract. These fees vary from one institution to another and can be negotiated
by the client.
Tacit renewal
Automatic renewal of an expiring contract for the same period.
Talon
Portion of the cheque related to the stump to be kept for 10 years. The stub bears the cheque
number as well as other information to be noted as an indication (amount, date, purpose).
Telepayment
Includes means of payment such as telephone or internet.
Term Account
Funds paid into a term account are blocked for a given period. The remuneration is known and fixed at the time of subscription in the general terms and conditions of the contract.
Title
Often used in the field of securities, it is characterized by a document and/or a computer
record.
Tontine
A form of mutualist contract in which each member owns a share of an asset. Each time a member dies, his share is redistributed among the others. Tontines have existed since the mid-19th century.
Transfer
Means of payment where the debtor instructs his bank to credit the account of one or more beneficiaries.
Transfer order
A transaction in which a customer instructs his or her bank to transfer a sum of money to the account of a beneficiary.
Traveller's cheques
A form of cheque widely used for travel abroad, this cheque was used to pay for purchases and to withdraw money from the bank's counters in the country visited.
Treasury
Total sums available "on demand" in the bank accounts of a person (natural or legal entity).
Turnover Commission
The turnover commission is a proportional commission charged on bank accounts of individuals and companies. It is charged monthly or quarterly - it depends on the banks.
The turnover commission is applied to each debit transaction on your account (payment of
your suppliers, payment of your employees, etc.). However, some transactions are exempt
from it:
● The withdrawals made by your bank such as the settlement of your account formula
or premiums
● Certain transactions that you initiate yourself such as internal transfers from account
to account
Depending on the banking institutions, its price varies. It is possible to negotiate its amount, so don't hesitate to discuss it with your bank advisor.
Unauthorized overdraft
Unauthorised overdraft occurs when the consumer draws down amounts that exceed the available credit on the payment account even though the bank has explicitly prohibited any overdraft exceeding the amount of authorised credit.
Undivided account
A deposit account open to several persons and for which each transaction must be signed by
all the joint holders. The joint holders may designate one or more agents to operate the
account on their behalf. This type of account is mainly used in the context of an estate.
Unseizability
Concerns the income and assets of a debtor that cannot be seized to settle his debt (RMI, social benefits, living and working expenses, etc.).
Value date
Not to be confused with the operation date. The value date is the actual day on which a sum
of money is debited or credited. The value date is the date on which the premium or interest on an investment is calculated. For example, money by cash may be deposited on the 10th and credited to the account on the 11th (D+1). The value dates of all a bank's transactions must be included in its pricing conditions.
Value scale or interest scale
Established by the banks, it is a summary sheet used to calculate the premiums of a debit or
credit account. The transactions and balances of an account are classified according to their
value dates.
Warranty
Security taken by the bank vis-à-vis its client to ensure that the latter does not default on a
loan. The guarantees can be of 2 types: personal (a person acts as a guarantor for the
borrower by pledging his assets) and real (the borrower pledges a specific asset such as his
house or a pledged bank account that may be seized by the bank in case of insolvency).
Withdrawal card
This card can only be used for cash withdrawals at ATMs and counters but not for making purchases.
Withdrawal limit
Maximum amount allowed over a given period of time for a credit card. This limit also exists for payments.