The term 'collection' has various meanings within the financial and banking sectors, including the presentation of negotiable instruments, debt collection, financial conversion of accounts receivable to cash, and a set of collectibles.
A fiscal agent typically refers to a bank or trust company that manages various financial transactions and responsibilities, such as disbursing funds for dividend payments, redeeming bonds and coupons, handling bond-related taxes, and paying rents.
Lock box services are advanced cash management systems used to streamline the collection and processing of receivables to enhance a company's cash flow efficiency.
A multifunctional card is a versatile plastic card issued by banks or building societies, designed to perform multiple financial transactions such as debit card, cash card, and cheque card functions, facilitating easy access to various banking services using a personal identification number (PIN).
A nonbank bank is an institution that provides most of the services of a traditional bank but is not a member of the Federal Reserve System and does not have a charter from a state banking agency.
A regional bank specializes in collecting deposits and making loans within a specific region of the country, differentiating it from money center banks which operate on a national and international level.
Telephone banking is a form of home banking that enables customers to conduct various banking transactions over the phone, providing convenience and accessibility without needing to visit a bank branch.
