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Industrial bank

A financial institution with a limited scope of services. They sell certificates that are labeled as investment shares and also accept customer deposits. They then invest the proceeds in installment loans for consumers and small businesses.

 

Initiated Status

The status an applicant once the registration process has started, but has not been placed in Manual Review, Denied status, or Verified status.

 

Insufficient funds

Occurs when an account does not have enough funds to satisfy a payment demand.

 

Interest

Any payment to a consumer or to an account for the use of funds in an account, calculated by applying a periodic rate to the balance.

 

Interest rate

The annual rate of interest paid on an account and does not reflect compounding.