General banking

General banking

Banking related terms and phrases in general.

Industry: Banking

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General banking

base rate / prime rate

Banking; General banking

The interest rate at which British banks lend to their best customers is called 'base rate'. In the US, the same interest rate is called 'prime rate'.

Any and all persons designated and authorized to transact business on behalf of an account. Each account holder's signature needs to be on file with the bank. The signature authorizes that person to ...