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Glossary

Glossary


A - B  |  C - D  |  E - G  |  H - K  |  L - M  |  N - O  |  P - Q  |  R - S  |  T - Z


A


ACH

Automated Clearing House is a nationwide electronic funds transfer network which enables participating financial institutions to distribute electronic credit and debit entries to bank accounts and to settle such entries.

Account History

All transactions on this account for as far back as the information is available for online display.

Account Number

In "My Accounts", a number that uniquely identifies the account; or in Pay Bills, a number that indicates your personal account number with that payee.

Account Positions

A list of securities held in a brokerage account, including the full name of the security, number of shares or units, value of each share or unit and the total value of the security.

Account Type

Kind of account, for example, checking or savings.

Account Transfer Form (ACAT)

The form used to transfer securities from one broker dealer to another.

Accrued Interest

Interest earned for the period of time elapsed since interest was last paid.

Amount Due

Total amount due on a presented bill.

Annual Percentage Rate (APR)

The cost of credit expressed as a yearly rate. The annual percentage rate is often not the same as the interest rate. It is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan.

Annual Percentage Yield (APY)

The compounded rate of interest.

Annual Percentage Yield Earned

An annualized rate that reflects the relationship between the amount of interest actually earned on the account during the statement period, and the average daily balance in the account for the statement period.

Annuity

A contract sold by an insurance company designed to provide payments to the holder at specified intervals, usually after retirement. Fixed annuities guarantee a certain payment amount, while variable annuities do not, but do have the potential for greater returns. All capital in the annuity grows tax-deferred. An early withdrawal penalty often applies.

Automatic Loan Payment

A customer-authorized withdrawal from a deposit account specified by the customer, for the purpose of making a loan payment. The loan payment will be made as a transfer on the same day of each month as designated by the customer in the agreement. If funds are not available on the identified date, the customer is required to make the loan payment to Webster Bank by mail or in person. Late charges apply to payments not received by the end of the grace period of the loan. If any attempt to access the depository account should fail, Webster Bank bears no responsibility for notifying the customer of the same. In the event the funds are not available three (3) times within a calendar year, this service will be discontinued.

Automatic Payment

Payment made as often and as many times as you specify for up to ten years.

Available Balance

Amount of money in deposit accounts available for a banking transaction. This balance is the portion of the current balance that has cleared and no longer has any holds placed on it, plus any overdraft protection you may have.

Available Interest

The amount of interest earned that may be withdrawn.

Average Collected Balance

On interest-bearing checking accounts, interest is calculated on the collected balance. The average collected balance figure is used in the Annual Percentage Yield Earned calculation for the periodic statement.

 

B


Back Taxes

Taxes that are owed to the Town or Municipality for the subject property.

Base Employment Income

The total income earned by the individual (borrower or co-borrower) from their primary employment each month. This does not include overtime, bonuses or commissions.

Bond

A debt instrument issued for a period of more than one year with the purpose of raising capital by borrowing. The Federal government, states, cities, corporations, and many other types of institutions sell bonds. A bond is generally a promise to repay the principal along with interest on a specified date (maturity).

Bonuses

The total amount of monthly bonus income earned by the individual (borrower or CO-borrower).

Broker Dealer

Any individual or firm, which is in the business of buying and selling securities for itself and others. Called an agent or broker when buying securities and a principal or dealer when selling them. Broker/dealers must register with the SEC as well as with the states in which they conduct business.

Business Day

Business Days are every day, except Saturdays, Sundays and holidays.

Buying Power

The amount of margin credit available to a client in a brokerage account for the purchase of additional securities. Purchasing power is determined by the dollar amount of securities that can be margined.

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C


Cash Account

A type of brokerage account in which all transactions are paid for in cash (versus margin, where payment can be made by using a loan against securities held in the account).

Categories

Term that indicates the accounting category in the financial package that Payee accounts belong to.

Certificate of Deposit (CD)

An investment account that pays a higher rate of interest than a savings account.

Checking

A transaction account from which you may pay bills.

Commission

The total amount of monthly commission income earned by the individual (borrower or CO-borrower).

Confirmation Number

Number assigned to keep track of a transaction. A banking transfer is assigned a confirmation number when it is set up.

Credit Limit

The maximum amount available on a Line of Credit.

Current Balance

Balance in deposit accounts.

Current Password

The Password you signed on with for this session.

 

D


Deposit Account

A checking, savings or Money Market account.

Dividends / Interest

The total amount of monthly dividend & interest income earned by the individual (borrower or CO-borrower) from any investments.

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E


Eligible FROM Account

Account type from which funds may be transferred.

Endorser

The person who signs a document to represent the transfer of property to another.

Equity

The difference between fair market value and current indebtedness.

Escrow

Funds to pay taxes and insurance premiums when they become due.

Export

Electronic activity that enables you to create an export file of history transactions. The file can be created in the standard QIF, TXT, QBO or QFX formats. Deposit History transactions can be imported into financial management package versions of Quicken (2001 or later) and Quickbooks (2003 or later).

 

F


Failed

Transaction status that indicates a transfer or bill payment could not be processed; for example, if Web Banking determines that you have insufficient funds to complete the transaction.

First Mortgage (P&I) Expense

The total amount of monthly principal & interest paid by the borrower and CO-borrower on the mortgage of the subject property.

Fiserv Securities, Inc.

A wholly-owned subsidiary of Fiserv, Inc., is a leading national provider of integrated processing and support services to securities brokerage affiliates of banks, independent broker-dealers, insurers, and mutual fund companies.

Fixed Rate

Interest rate that is unchanged.

Flood Insurance

Insurance that compensates for physical damage to a property caused by a flood. Typically not covered under standard hazard insurance.

Flood Insurance Expense

The total amount of monthly fees paid by the borrower and CO-borrower for Flood Insurance.

FROM Account

Account from which funds will be transferred.

Future Transfer

A one-time transfer made on a date you specify.

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H


Hazard Insurance

Protects the insured against loss due to fire or other natural disaster in exchange for a premium paid to the insurer.

Hazard Insurance Expense

The total amount of monthly fees paid by the borrower and CO-borrower for Hazard Insurance.

 

I


Immediate Transfer

Transfer that is attempted immediately. You are notified if the transfer is successful while you are online.

In Box

File with messages you received.

In Process

Transaction status that indicates that a transfer or bill payment is being processed.

Index

A published interest rate, such as the prime rate, LIBOR or T-bill rate.

Interest

Charge paid for borrowing money, usually expressed as a percentage of the amount borrowed or interest rate.

Interest Due

Portion of the mortgage payment that goes toward interest.

Interest Rate

The annual rate of interest, expressed as a percentage of 100.

 

J


Judgements

A decision rendered by a court. If a monetary award is involved, it may become a lien on property owned by the losing party.

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L


Last Interest Paid

The amount of interest credited to an account.

Lien

A legal claim by one person on the property of another for security for payment of a debt.

Loan Purpose

The intended use of the loan proceeds. What will the money be used for?

 

M


Maintenance Call

A call for additional money or securities when a brokerage customer's margin account equity falls below the requirements of the National Association of Securities Dealers (NASD), of the exchanges, or of the brokerage firm.

Margin Account

A brokerage account allowing customers to buy securities with money borrowed from the clearing broker dealer.

Mechanics Lien

A legal claim against property that arises as a statutory right of any person who supplies work or materials to a property and is not compensated for that work.

Messages

Electronic mail activity for communication with Customer Service. You can read, delete, reply to a message and write and send a message.

Money Market Account

Type of savings account with different requirements and privileges.

Money Market Mutual Fund

Money Market Mutual Funds invest in stable, short term debt securities, and attempt to maintain the value of each share at $1.00. Unlike bank money market accounts, money market mutual funds are not FDIC insured.

Mortgage Insurance

Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value.

Mortgage Insurance Expense

The total amount of monthly fees paid by the borrower and CO-borrower for Mortgage Insurance.

Mutual Fund

A professionally managed investment that combines the capital of many different investors. The fund prospectus provides details about its objective, management and expenses.

My Profile

Electronic activity that provides information control. You can change your personal information, manage your accounts, and change your security code.

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N


NASD

National Association of Securities Dealers is a non-profit association supervised by the Securities and Exchange Commission (SEC) whose goal it is to protect investors from misleading information on the risks and rewards of investing. Webster Investment Services is a member of the NASD.

Net Rental Income

The total amount of monthly rental income earned by the individual (borrower or CO-borrower) after all related rental expenses have been deducted.

New Password

The new Password you want to use from now on. Must be 6 to 16 characters and can be a combination of numbers and letters. Passwords cannot contain any "special" characters (i.e., @, #, *, etc.)

Next Transfer Date

Date when the next automatic transfer is scheduled to be processed.

Nickname

The "personalized" name that you give to an account or payee.

Number of Payments

Indicator for how many automatic payments are to be scheduled.

Number of Transfers

Number that indicates how many scheduled transfers will occur automatically.

 

O


One Time Future Transfer

Scheduled transfer that will take place only once, on a date that you specify.

One Time Payment

Payment paid one time, at a time you specify.

Online Brokerage

A service offered to eligible Webster Investment Services customers providing access to certain brokerage accounts as well trading functionality, quotes, research, investment related content and information over the Internet.

Other Expense

The total amount of monthly expenses paid by the individual (borrower or CO-borrower) other than First Mortgage (P&I), Hazard Insurance, Mortgage Insurance, Flood Mortgage, Real Estate Tax and Home Owner's Association Dues.

Other Income

The total amount of monthly income earned by the individual (borrower or CO-borrower) other than base employment, overtime, bonuses, commissions, dividends / interest, rental, pension or social security income.

Other Income Description

The description of the Other Income earned.

Other Liens

Any other legal claims on the property for security for payment of a debt.

Overtime

The total amount of monthly overtime income earned by the individual (borrower or CO-borrower).

Outbox

File with messages you sent.

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P


Password

A 6- to 16-character code that identifies you to Webster Online Services when you sign on. The Password may be alpha or numeric or a combination of both. The Password may not contain any "special" characters (i.e., @, #, *, etc.)

Past Payment

Scheduled payment that has been processed by "Pay Bills."

"Pay Bills"

Electronic bill paying activity. You can set up a scheduled payment (one time or recurring), review and change your scheduled payments, check on past payments and keep your Payee list up to date.

Payee Account

Your account number with a Payee.

Payee Name

The name of the Payee you have set up to receive payments sent through the online bill payment service.

Payment Account

"Pay Bills" account that you have selected to pay a particular scheduled payment.

Payment Date

Date on which a scheduled payment is to be processed.

Payment Frequency

Time interval between automatic payments. You select the Payment Frequency from the following options:

 

One Time - Payment will occur on the start date.


Weekly - Payments will occur every 7 days from the start date. If the next date is a non-business day, the payment will occur on the next business day.


Every Two Weeks - Payments will occur every 14 days from the start date. If the next date is a non-business day, the payment will occur on the next business day.


Monthly - Payments will occur on the same date as the start date for each month. If the 31st is selected as the start day, the payment will occur on the last day of the calendar month. If the next date is a non-business day, the payment will occur on the next business day.


Twice A Month - Payments will occur approximately 15 days apart. If the next date is a non-business day, the payment will occur on the next business day.


Every Two Months - Payments will occur on the same date as the start date at two month intervals. If the 31st is selected as the start day, the payment will occur on the last day of the calendar month. If the next date is a non-business day, the payment will occur on the next business day.


Quarterly - Payments will occur on the same date as the start date at four month intervals. If the 31st is selected as the start day, the payment will occur on the last day of the calendar month. If the next date is a non-business day, the payment will occur on the next business day.


Every Four Months - Payments will occur on the same date as the start date at four month intervals. If the 31st is selected as the start day, the payment will occur on the last day of the calendar month. If the next date is a non-business day, the payment will occur on the next business day.


Twice A Year - Payments will occur on the same date as the start date at six month intervals. If the 31st is selected as the start day, the payment will occur on the last day of the calendar month. If the next date is a non-business day, the payment will occur on the next business day.


Yearly - Payments will occur on the same date as the start date at twelve month intervals. If the 31st is selected as the start day, the payment will occur on the last day of the calendar month. If the next date is a non-business day, the payment will occur on the next business day.

Payment Method

Indicates whether your Online Bill Payment is an electronic transmission or a check mailed through the US Postal Service.

Payment Status

 

In Process - We are in the process of transmitting your payment.


Failed - We were unable to process your payment because there were insufficient funds in your account to cover the payment amount. We will send a message to your In Box whenever this status occurs.


Transmitted - Your payment was electronically transmitted to the payee.


Rejected - Your payee would not accept your payment through electronic transmission so we have returned the payment amount to you. We will send a message to your In Box whenever this status occurs.


Returned - Your payee was unable to post your payment and has returned the payment amount to you. We will send a message to your In Box whenever this status occurs.


Mailed - Your payment was mailed to the payee.

Pension Income

The total amount of monthly pension income received by the individual (borrower or CO-borrower).

Phone Broker

A convenient, easy-to-use automated quote and order entry system. Using a touch-tone phone, you can access your brokerage account at any time to place trades, receive quotes and review your accounts and orders.

Primary Account Number

The account from which fees will be taken (if applicable).

Principal

The amount of the borrowed loan.

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R


Rate

The annual rate of interest.

Real Estate Tax Expense

The total amount of monthly fees paid by the borrower and CO-borrower for Real Estate Taxes related to the subject property.

Refinancing

The repayment of a debt from the proceeds of a new loan using the same property as security.

Register

Term that indicates the account names in the financial package that Web Banking accounts correspond to.

Registration

The legal title of an investment account that indicates ownership type (e.g., individual, joint, Ira, custodial, qualified retirement, etc.)

Reply To

Send a response to a message you received.

 

S


Savings

Interest bearing accounts.

Scheduled Transfer

Transfer made as often and as many times as you specify for up to ten years.

Scheduled Payments

Payments to be made on future dates; specifically one time or automatic payments that you define in the Scheduled Payments function.

Second Mortgage

An additional mortgage placed on a property that has rights that are subordinate to the first mortgage.

Securities

Financial instruments including stocks, bonds, options, rights or warrants.

Sewer Lien

A legal claim by a Town or Municipality on the property for security for payment of sewer installation.

Since Last Date

The most recent date of the transactions displayed on the Export History Preview Screen. This date is recorded after the Export button is depressed. Example: The customer selects a date range of 5/1/02 to 5/31/02. The most recent transaction date on the Export History Preview is 5/24/02. The Since Last Date will be 5/24/02.

SIPC

Securities Investor Protection Corporation (SIPC) is a nonprofit corporation insuring investors against losses from a brokerage firm going bankrupt.

Webster Investment Services is a member of SIPC.

Social Security Income

The total amount of monthly Social Security income received by the individual (borrower or CO-borrower).

Stock

An instrument that signifies an ownership position, or equity, in a corporation, and represents a claim on its proportionate share in the corporation's assets and profits. Also called equities or equity securities or corporate stock.

Status

Indicator for whether a transaction has processed or failed.

Subject Property

The property that will secure the proceeds of this mortgage, home equity loan or equity line of credit.

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T


Third Mortgage

An additional mortgage placed on a property that has rights that are subordinate to the second mortgage.

TO Account

Account to which funds will be transferred.

Total Account Value (brokerage accounts)

The market value of the total assets in your account (including any money market or sweep accounts) less the margin loan outstanding balances and other liabilities.

Transaction Amount

Amount of the transaction.

Transaction Date

Date that indicates when the transaction will be processed.

Transaction Description

Text that describes the financial transaction.

Transfer

Move funds from one Web Banking account to another.

Transfer Amount

Amount of money transferred.

Transfer Date

Date when you have scheduled the transfer to be processed.

Transfer Frequency

Interval between transfers that occur automatically. You select Transfer Frequency from the following options:

 

One Time - Transfer will occur on the start date.


Weekly - Transfers will occur every 7 days from the start date. If the next date is a non-business day, the transfer will occur on the next business day.


Every Two Weeks - Transfers will occur every 14 days from the start date. If the next date is a non-business day, the transfer will occur on the next business day.


Monthly - Transfers will occur on the same date as the start date for each month. If the 31st is selected as the start day, the transfer will occur on the last day of the calendar month. If the next date is a non-business day, the transfer will occur on the next business day.


Twice A Month - Transfers will occur approximately 15 days apart. If the next date is a non-business day, the transfer will occur on the next business day.


Every Two Months - Transfers will occur on the same date as the start date at two month intervals. If the 31st is selected as the start day, the transfer will occur on the last day of the calendar month. If the next date is a non-business day, the transfer will occur on the next business day.


Quarterly - Transfers will occur on the same date as the start date at four month intervals. If the 31st is selected as the start day, the transfer will occur on the last day of the calendar month. If the next date is a non-business day, the transfer will occur on the next business day.


Every Four Months - Transfers will occur on the same date as the start date at four month intervals. If the 31st is selected as the start day, the transfer will occur on the last day of the calendar month. If the next date is a non-business day, the transfer will occur on the next business day.


Twice A Year - Transfers will occur on the same date as the start date at six month intervals. If the 31st is selected as the start day, the transfer will occur on the last day of the calendar month. If the next date is a non-business day, the transfer will occur on the next business day.


Yearly - Transfers will occur on the same date as the start date at twelve month intervals. If the 31st is selected as the start day, the transfer will occur on the last day of the calendar month. If the next date is a non-business day, the transfer will occur on the next business day.

Transfer FROM Account

Account from which funds are transferred.

Transfer History

Record of transfers made through Web Banking.

Transfer - In-Kind

The movement of assets from one custodian directly to another. A direct transfer is not a withdrawal and does not incur any taxes or penalties.

Transfer TO Account

Account to which funds are transferred.

Transfer Type

Term that indicates whether the transfer is immediate, future (one-time) or automatic.

Third Mortgage

An additional mortgage placed on a property that has rights that are subordinate to the second mortgage.

Type New Password

A copy of your new Password information.

 

U


User Name

A code that matches a code stored on Webster Online Service. This code must be 6- to 16-characters and may be alpha or numeric or a combination of both. The User Name may not contain any "special" characters (i.e., @, #, *, etc.).

 

V


Variable Rate

Interest rate base upon an index or market condition.

 

W


Webster Financial Advisors

Webster Financial Advisors is a team of professionals dedicated to serving the comprehensive financial needs of affluent individuals, not-for-profit organizations, and businesses with retirement plans.

Webster Investment Services (WIS)

Webster Investment Services provides a range of services including online trading, brokerage services and personal investment guidance through Investment Executives located at Webster branches.

 

Webster Investment Services is a member NASD & SIPC, is a registered broker dealer and investment advisor, and a wholly owned subsidiary of Webster Bank. Investments, annuities, and advisory services are not deposits, not FDIC insured, not bank guaranteed, not insured by any federal government agency and may lose value.

 

Y


Year-to-Date Interest Paid

Amount of interest paid to your account this year.

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