Doral Bank - Glossary

Annual Percentage Yield (APY): A percentage rate that reflects the total amount of interest paid on a deposit account (e .g. checking, savings, CD or IRA). It is based on the interest rate earned on your account and the frequency of compounding for a 365-day period.
Automated Clearing House (ACH): A nationwide electronic funds transfer system that provides for inter-bank clearing of electronic transactions (i.e., money is moved electronically between banks). Some examples of ACH transactions are Direct Deposit of payroll, Social Security and other pensions or direct payments.
Available Balance: The amount of money you have in your account that is available for withdrawal. It reflects the latest balance based on transactions recorded to your account today including deposited funds, paid checks, withdrawals and point-of-sale purchases made with your ATH debit card or Doral Banking Card.
Average Daily Balance: The daily ending balance divided by the number of days in the statement cycle.
Banking Card: A debit card issued by the bank that looks like and is treated like a Visa credit card; however, the amount of the purchase or cash withdrawal is subtracted from your deposit account
Cancelled Check: A check that the bank has paid against money or funds in your account.
CD or Certificate of Deposit: An FDIC-insured time deposit account where you agree to keep the money on deposit for a specified period of time. The interest rate paid is usually higher than the rate paid on traditional savings accounts.
Check: A written order you have authorized instructing the bank to pay a specific person or entity a specified amount of money from your checking account.
Checking Account: A bank account that allows you to deposit and withdraw money, make point-of-sale purchases and write checks.
Credit: A deposit made to your account that increases your available balance.
Debit: Any item that reduces the balance in your bank account. A check, ATM withdrawal, and debit card purchase are all considered debits.
Deposit: To put money into your account and increase their balance.
Direct Deposit: Direct Deposit is a free service that automatically deposits to your checking or savings account your recurring income. Income received from your employer, Social Security, pension and retirement plans may all qualify for Direct Deposit.
FDIC- Federal Deposit Insurance Corporation: An agency of the federal government that insures deposit accounts at financial institutions. Consumer accounts are insured up to $100,000 per account, while Retirement accounts are insured up to $250,000.
Interest: A fixed amount paid on deposits or a fixed charge for borrowing money, usually a percentage of the amount deposited or borrowed.
Interest Bearing: Deposit accounts that earn interest, either fixed or variable interest rate.
Interest Rate: The amount of interest paid to a deposit customer or charged to a loan customer, usually expressed as a percentage calculated over a year's time.
Joint Account: A bank account owned by two or more people who are equally responsible for the account
Minimum Balance: a specific amount of money that the bank requires to open or maintain a particular account, or avoid a service fee.
Non-sufficient Funds (NSF): A term used to indicate when an item such as a check, debit card purchase or other transaction presented for payment is returned unpaid because the available balance in your deposit account is less than the amount of the item.
Online Banking: A service that allows you to handle most banking activities from your computer via the Internet.
Overdraft: A term used to indicate when an item such as a check, check card purchase or other transaction presented for payment is paid even though the available balance in your deposit account is less than the amount of the item, thereby creating an overdraft (or negative balance) in your account.
Personal Identification Number (PIN): A secret combination of letters or numbers you use to gain access to your account, usually used with your debit card.
Savings Account: An FDIC-insured deposit account that earns interest.
Stop Payment Order: When you ask the bank to not pay a particular check/transaction that you have written on your account.
Variable Rate: An interest rate that can change on a periodic basis
Wire Transfer: Electronically moving money between accounts at different banks. A wire transfer allows you to quickly receive or send a certain amount of money without physically withdrawing the money or writing a check.
Withdrawal: To take money out of your account. You can do this in any of the following ways: writing a check, debit card purchase, getting cash from any ATMs worldwide or at any Doral Bank branch.

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