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- Debit Card
A debit card is a plastic card that looks like a credit card, and can be used like a credit card when making purchases. But there is one major difference: when the debit card is used, the funds are deducted directly from the related bank account rather than loaned to you on credit. A debit card can also be used to withdraw money from a bank account at an automatic teller machine (ATM).
- Debt Consolidation
Debt consolidation refers to the process of combining multiple debts into one. The purpose of debt consolidation is twofold: to pay off debts more easily by having one payment instead of several, and, hopefully, to save on interest rates and penalties. You can consolidate your debts yourself, by transferring all your unpaid balances to one loan account, or with the help of a credit counseling agency.
- Default
Default is the term applied to a debt account that has not been paid according to the terms of the loan. Often, a default status is applied to an account after several late payments.
There are two types of defaults: one is debt services default and the second is technical default. Debt service default applies when the borrower is unwilling or unable to make a scheduled payment on either the interest or the principal. Technical default happens when a term or condition of the loan is violated. Defaults have a serious negative impact on your credit report.
- EFT (Electronic Funds Transfer)
Electronic funds transfer, or EFT, is a broadly-used term for any money transferred through electronic data systems, whether it's between consumers, companies or financial institutions.
EFT systems fall into two categories: One consists of large dollar wire transfer systems such as the Treasury, member banks, or the private wire network Clearing House Interbank Payment System (CHIPS). The second is the consumer electronic payment systems. These include the retail merchant point-of-sale debit card systems, ATM networks, and telephone bill payment systems.
- Encryption
Encryption is the process of putting credit card information into code so that it can be safely transmitted through credit processing networks or the Internet.
When encrypted, plain text and numbers are translated, through algorithmic schemes, into cyphertext. Cyphertext can only be read with a "key," used by the receiver of the encoded information to convert it back to its original text format.
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