Annual Percentage Rate ("APR") - The amount of interest you pay in a year on a loan plus fees expressed as a percent.
Annual Percentage Yield ("APY") - The amount of interest a bank will pay you in a year on a deposit account expressed as a percent.
Average Daily Balance - A method used for calculating interest on loans and deposits by taking the average balance each day over the course of a monthly cycle and applying the interest rate to that average.
Charge-off - When a bank decides it is unlikely to collect an amount you owe so it considers its value to be zero dollars. (These will severely harm your credit score).
Certificate of Deposit - A deposit account where you cannot access the funds for a specified period of time, but often get a higher rate of interest in return.
Delinquency - When you are considered late on your payment under the terms of your loan agreement.
Default - When you fail to comply with the terms of your loan agreement.
Interest - The cost for you to borrow money from the bank, or that the bank pays to you to hold your money.
Lien - A public notice that a creditor (aka the bank) has an interest in something you possess.
Money Market - A savings account where you can access the funds, but cannot exceed six withdrawal transactions. These often pay a higher rate of interest.
Overdraft - When you exceed the balance available in your checking account.
Promissory Note - a contract where you agree to pay a loan made to you.
Title - The document which identifies the owner of a vehicle.