Behind Your Business

Any person who uses money and banks is often woefully uninformed about the aspects of the banking and payment systems that exist in the country, as well as the regulations which govern those transactions. Especially in the case of servicing companies that lose payments or collection agencies which draft money unauthorized out of a bank account, a lack of awareness of these issues can cost consumers thousands of dollars, their assets, or their homes. The following are a few terms used in consumer banking transactions that many homeowners have come across but may not have understood what the acronyms...