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Home»Glossary

Glossary 

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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Passing of accounts (Trust and estate)

Submission by an executor of his accounts to the appropriate court for approval.

Payee (Daily banking)

The person or organization to which a cheque is made out.

Personal directive (Trust and estate)

A legal document that gives a trusted person authority to make personal care and health care decisions on behalf of a person who is unable to make decisions for themselves.

Personal effects (Trust and estate)

Goods of a personal nature, such as clothes and jewellry.

Personal identification number (Daily banking)

A numerical code needed to access funds through ATMs and direct payment terminals.

Personal information (Business banking)

Any factual or subjective information that is about or can be linked to an identifiable individual, such as age, address and employment records.

Personal information (Daily banking)

Any factual or subjective information that is about or can be linked to an identifiable individual, such as age, address and employment records.

Personal property (Insurance)

Consumer items, such as household contents, that are not fixed to the property. All property except real property.

Personal property (Trust and estate)

Consumer items, such cars, personal items and industrial or farming equipment. All property except real property.

PIN (Daily banking)

Personal identification number – A numerical code needed to access funds through ATMs and direct payment terminals.

Point of sale (Business banking)

A purchase made at a merchant outlet that is immediately debited from a person’s account through a computer terminal. Also known as direct payment.

Point of sale (Daily banking)

A purchase made at a merchant outlet that is immediately debited from a person’s account through a computer terminal. Also known as direct payment.

Portable mortgage (Mortgages)

An existing mortgage that can be transferred to a new property.

Portfolio (Investment)

The whole of a person’s investments.

POS (Business banking)

Point of sale – A purchase made at a merchant outlet that is immediately debited from a person’s account through a computer terminal. Also known as direct payment.

POS (Daily banking)

Point of sale – A purchase made at a merchant outlet that is immediately debited from a person’s account through a computer terminal. Also known as direct payment.

Power of attorney (Trust and estate)

A legal document that gives a trusted person or a trust company authority to make financial and property decisions on behalf of another person under specific circumstances.

Premium (Insurance)

Money the policyholder pays to the insurance company in exchange for protection against specific risks.

Principal (Borrowing)

The original amount of the loan, before interest.

Principal (Business banking)

The original amount of the loan, before interest.

Principal (Mortgages)

The original amount of the mortgage loan, before interest.

Principal residence (Trust and estate)

An owner-occupied home that can be sold at a profit without paying income or capital gains tax.

Probate (Trust and estate)

The procedure by which the court declares the deceased person’s last will to be valid and confirming the executor’s legal authority to administer the estate.

Professional Practive Program (Business banking)

A Servus Credit Union program that offers specialized financing solutions for health care and business professionals.

Property tax (Mortgages)

A fee (tax) based on the value of a property that is collected by the local municipality to pay for civic services.

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