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Mutual Fund
A fund comprising of securities and cash belonging ab indiviso to more that one person. It is administered by regulations approved by the Hellenic Capital Market Commission and subject to the Commission''s approval, it is established under the administration of a mutual Fund Management Company. The assets of the M/F are divided into shares by issuing a relative title. The M/F can be related to:
Bond and treasury bond management, meaning fixed income securities,
Stock management
Fixed and variable income security management
Greek and foreign deed management
Compound Interest
Interest resulting from the periodic addition of simple interest to principal, the new basis thus established being the principal for the computation of interest for the next following period. The amount consisting of the initial principal and interest generated in the period is called the final value.
Opening an account
The process of providing a unique number for the monitoring of the deposits or withdrawals of a client and of the credits and debits in general for any transaction.
Value date
The date when the amount of the client''s transaction begins generating interest.
Nominal value
The value written on a document, security (share, bond) or currency. It is often different than the market value, which is determined by supply and demand.
Securities
Shares, cheques, bills of exchange, promissory notes, treasury bonds, bills of lading etc.
Savings
Bank deposits that are safely and securely kept while the principal is strengthened with the generated interest and compound interest. This principal is channelled by the Banks to productive investments (through loans or directly) and constitutes the productive axis of the Economy.
Reference number
A unique number characterising your transaction. Take a note of this number and the transaction date and use it for any investigation you may request from the Bank.
Blocked / Unclear amount
The amount blocked by the Bank for a specific reason. Transactions that may create such amounts are cheque deposits, ATM deposits etc.
Available Balance
The amount that you can withdraw from your account. It is calculated using the formula (Available Balance = Balance - Blocked balance + Overdraft Limit).
Unclear date
The date when the relevant blocked or deposited amount becomes available. In the case of zero working days the amount is unblocked by the bank within the same day.
Outstanding amounts
The amounts that are owed to the Bank but were not automatically debited to your account (i.e. ATM withdrawal wile off-line, chequebook expenses etc.) as the Available Balance was not adequate.
Interest payment
The payment of interest on the amount of the deposit (balance). It is determined by the Banks according to the type of deposit account (product).
Remittance
The forwarding of funds through a Bank. The sender pays the amount to the Bank and usually at a commission the amount is forwarded to the beneficiary as directed by the sender, usually through an on-line system.
Cheques / Chequebook
A security incorporating value or a document recognising a right. It is the written instruction given by the issuer to the Bank to make payment to the bearer-beneficiary out of his account. The following must be mentioned: date and place of issue, the amount in numbers and written in full and the issuer''s signature.
Cheques Payable
Cheques that you have issued and that will be payable by charging your account.
Crossed Cheque
The issuer or bearer may add two parallel crossing marks in pen on the cheque and make the note "non-negotiable" between them in order to restrict payment to the payee and not a third party. Payroll cheques or pension cheques are usually crossed cheques.
Cashier''s Cheque or Bank Cheque
A cheque drawn by a Bank on its own funds for payment of an amount to a third party. They are payable at sight, at any Bank as long as they are signed by the executives authorized by the Bank to do so.
Cheque endorsement
An endorsement transfers all the rights attached to the cheque. The endorser is responsible for the payment of the cheque, unless otherwise stated.
Tiered interest rate
This is (usually) a deposit account interest rate, which follows the balance as it changes tiers. The interest rate corresponding to the highest tier the amount will reach, will apply to the entire amount.
Stepped interest rate
This is the interest rate that is applied in steps: a specific interest rate for each deposit balance step and the sum of the interest of each step is the total interest.
Nominal interest rate
The interest offered by the Bank, which is applied to the account, before taxes.
Net interest rate
The balance of the nominal interest rate after the tax surcharge has been deducted.
Penalty rate
The rate (2,5% today) that is added to the loan rate, when the instalment is overdue.
Interest rate
The percentage applied to the managed or borrowed capital and bears the interest.
Hellenic Capital Market Commission
The Commission supervises the sound operation of the Stock Exchange, is consulted on the introduction of new listed shares etc. According to L. 1806/1988 the Minister of National Economy in consultation with the Commission establishes the operation and supervision regulations of the Stock exchange.
Institutional Investors
Public and private organizations (social security funds, insurance companies, mutual funds, investment firms etc.) They are well informed and dispose of the organization, knowledge and executives to take advantage of investment opportunities.
Statement
Monthly detailed statement of your account''s transactions.
Maturity date (Term deposit)
The date when you can withdraw the balance of your term depoist (the initial amount plus the interest).
Effective date (Term deposit)
The first day of the term your deposit will earn interest for.
Account holder (Main / Secondary)
All account holders can make transactions of the same type. The main account holder can also add secondary holders to the account and close the account..
Balance past due
The amount owed to the Bank from an earlier date is immediately payable and you are charged with penalty interest rates for the time you are overdue.
Term Deposit Account
A term deposit μίας, usually lasting over a month. Withdrawals are made upon the end of the term. In the event you want to access the funds before the end of the term a fee is paid to the Bank. Upon maturity and increased interest rate is given to the depositor.
Notice Account
A savings account with the condition the Bank is given prior notice before each withdrawal. An increased interest rate is paid to the depositor.
Joint Account
This account belongs to two or more account holders. They have joint rights, meaning they can equally make any transaction.
Checking Account
An instant payment Deposit Account. It is widely used by companies through cheques while offering an overdraft option.
Savings account
An interest bearing deposit account. Withdrawals are made through bank branches and ATMs, while balances and transactions are logged in a Passbook.
Current Account
An instant payment Deposit Account. It is widely used by individuals through cheques while offering an overdraft option.
Partial Payment
The clients desire to execute a simple standing order with a smaller amount than the one predetermined.
Overdraft Limit
The amount that the Depositor can access in addition to his account balance, in agreement with the branch where he maintains the account.
Payment period
The time period by which a simple standing order is made. The period can be from one (1) month to twelve (12) months.
Penalty
The amount of interest calculated by the bank according to the overdue balance of the loan or the account.
Account balance
The available amount in an account which results from the deduction of the total amount debited (withdrawals-charges) from the total amount credited (deposits). If the value of the debits is greater we have a debit balance, and if the value of the credits is greater then we have a credit balance.
Portfolio
The total of the stocks in an investor''s posession.
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