Inactive Account:
An
account that has little or no activity; neither deposits nor
withdrawals having been posted to the account for a significant period
of time.
Index-linked Certificate of Deposit:
An
index-linked CD is a deposit obligation of the issuing bank and is often
sold through bank branches and affiliated and unaffiliated brokers.
Index-linked CDs provide the investor the ability to participate in the
appreciation, if any, of a particular index, during the term of the CD.
Index-linked CDs may have complicated payout structures and may not be
suitable or appropriate for all investors. Investors should carefully
review the investment risk considerations detailed in the relevant
offering documents and disclosure statements. Index-linked CDs are not
securities and are not registered under securities laws.
Individual Account:
An account in the name of one individual.
Individual Retirement Account (IRA):
A
retirement savings program for individuals to which yearly
tax-deductible contributions up to a specified limit can be made. The
amount contributed is not taxed until withdrawn. Withdrawal is not
permitted without penalty until the individual reaches age 59 1/2.
Insufficient Funds:
When a depositor's checking account balance is inadequate to pay a check presented for payment.
Insurance (Hazard):
Insurance
to protect the homeowner and the lender against physical damage to a
property from sources such as but not limited to fire, wind, or
vandalism.
Insured Deposits:
Deposits held in
financial institutions that are guaranteed by the Federal Deposit
Insurance Corporation (FDIC) against loss due to bank failure.
Interest:
The term interest is used to describe the cost of using money, a right, share, or title in property.
Interest Rate:
The
amount paid by a borrower to a lender in exchange for the use of the
lender's money for a certain period of time. Interest is paid on loans
or on debt instruments, such as notes or bonds, either at regular
intervals or as part of a lump sum payment when the issue matures.
Interest Rate Index:
IA
table of yields or interest rates being paid on debt that is used to
determine interest-rate changes for adjustable-rate mortgages and other
variable-rate loans.
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