Unlike huge multi-state and multi-national banks, community banks are locally owned and operated banking institutions. These community banks offer all of the standard banking services including checking, savings, loans and mortgages, safe deposit boxes, etc., for both consumers and business customers.

A closed-account fee is a fee that issuers of credit card accounts will typically charge a customer if the customer closes an account within a certain number of days of opening such account. The amount of the closed-account fee, if any, and the applicable period, can vary from issuer to issuer.

The Federal Discount rate is the rate of interest member banks pay for secured overnight borrowing. The Federal Discount rate is an administered rate meaning that the Board of Directors at each Federal Reserve Bank set this rate, not the market.

Originally enacted in 1971, the Fair Credit Reporting Act is administered by the Federal Trade Commission. The Act was created as a way for consumers to keep track the information that the major credit reporting bureaus are telling (and selling to) authorized third parties.

The Fair Credit Billing Act delineates guidelines for disputing what you believe to be an error on your credit card statement. The Fair Credit Billing Act only applies to accounts considered to be open-end accounts such as your credit card accounts and charge accounts issued by department stores. The Act does not apply to installment loans.

A debit card looks like and is used like a major credit card, but the funding source is different. A debit card typically is linked to the card holder's bank account. As each purchase is made, the purchase amount is automatically and immediately deducted from that account balance.

Because The Equal Credit Opportunity Act prohibits creditors from considering personal information such as race, sex, marital status, national origin, or religion when they are in the process of determining your credit worthiness, lenders have turned to a fair and balanced mathematical Credit Scoring System formula that automatically determines your credit risk by calculating a credit score based upon your debt load, payment performance, and other criteria.

Your credit score is a 3-digit number calculated off the information in your credit report. Your credit score is integral in helping lenders determine how much of a credit risk you are. Basically, a low credit score indicates that you present a higher risk of defaulting on your debt obligations than someone with a high score

Nowadays, shopping online is a very common thing. Making your purchases without leaving your house is an attractive option for many of us. Purchasing items over the internet using your credit card can be quite an unpleasant experience if you don't make sure your payments are safe.

This is the age of plastic money. It's not uncommon for the typical consumer in the western world to go weeks at a time without ever handling a coin or bill. Everything we need is available to us with the simple "swik-swik' sound of a credit card sliding through a reader.