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Generally, refers to buying and selling of goods and services and the transfer of funds on the Internet
Early withdrawal penalty
Depositor forfeits interest or is assessed a service charge for withdrawing funds from or closing out a time deposit before its maturity date
Economic growth
An increase in a nation's capacity to produce goods and services
Electronic bill
Allows users to electronically send and receive bill and payment information using technology
Electronic check presentment (ECP)
Captures an electronic image of the check at the point of sale, which is then processed by banks and clearinghouses
Electronic deposit verification (EDV)
Customer protection security process for opening accounts online
Electronic funds transfer (EFT)
Transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs) and electronic payment of bills
Employee stock ownership plan (ESOP)
Plan where employees have a vested interest (stock ownership) in the company
Employer identification number (EIN)
Number obtained by a business from the IRS by filing form SS-4; if a person is a sole proprietorship, the EIN is his/her social security number
Security technology that scrambles information sent over the Internet or any other insecure connection, such as an internal network
Written amendment attached to an insurance policy to change, restrict or broaden coverage
Someone who is willing to assume the responsibility, risk and rewards of starting and operating a business
Equal Credit Opportunity Act
Federal law that prohibits discrimination in credit transactions on the basis of race, color, religion, national origin, sex, marital status, age, source of income or the exercise of any right under the Consumer Credit Protection Act
Equity financing
Involves "selling" a portion of one's company to an outside investor; the business owner has no obligation to repay the funds; venture capital firms provide this type of funding
Temporary monetary deposit with an independent third party by agreement between two parties; the escrow money is released when certain agreed conditions have been met
Estate planning
Planning for the orderly handling, disposition and administration of assets that are left behind after an individual's death; includes drawing up a will, setting up trusts and figuring out ways to minimize estate taxes
Exchange rate
Rate, or price, at which one country's currency is exchanged for the currency of another country
Provision in an insurance policy that excludes or deletes certain risks from the coverages, thus limiting the scope of coverage; lists certain causes and conditions which are not covered
Exempt employee
Also known as salaried, employee is exempt from certain wage and hour laws (i.e. overtime pay); usually applies to administrative, executive or professional employees who receive an annual salary, in equal payments weekly, bi-weekly, or at some other specified time interval
Export subsidy
Lump sum given by the government for the purpose of promoting an enterprise considered beneficial to the public welfare
Goods and services that are produced domestically and sold to buyers in another country
Extension of credit
Granting of credit in any form
External accounts
Accounts that owned at another financial institution