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credit union
credit union cooperative financial institution that makes low-interest personal loans to its members. It is usually composed of persons from the same occupational group or the same local community. Funds for lending come from the sale of shares to members and from the members' savings deposits. Coo...
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Social Credit
Social Credit economic plan in Canada, based on the theories of Clifford Hugh Douglas . The central idea is that the problems fundamental to economic depression are those of unequal distribution owing to lack of purchasing power. To solve these difficulties Douglas proposed a system of issuing to ...
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savings bank
savings bank financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. A common form of savings bank, the mutual savings bank, was traditiona...
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discount
discount in banking and investment, fee for lending money, which the banker deducts from the loan when it is given. Thus, with a $1,000 loan at a 6% discount, the borrower receives $940 and repays $1,000. Unlike a discount, interest is paid periodically. Central banks, as in the U.S. Federal Res...
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credit
credit granting of goods, services, or money in return for a promise of future payment. Most credit is accompanied by an interest charge, which usually makes the future payment greater than an immediate payment would have been. The credit system is founded upon the lender's confidence in the borr...
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banking
banking primarily the business of dealing in money and instruments of credit. Banks were traditionally differentiated from other financial institutions by their principal functions of accepting deposits—subject to withdrawal or transfer by check—and of making loans.
Types of Banks...
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Clifford Hugh Douglas
Clifford Hugh Douglas 1879-1952, English engineer and social economist, educated at Cambridge. Author of the economic theory of Social Credit , he became (1935) chief reconstruction adviser to the Social Credit government of Alberta, Canada, but, differing with some of its policies, he shortly res...
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amortization
amortization , reduction, liquidation, or satisfaction of a debt. The term amortization may also refer to the sum used for that purpose. The term is commonly used in ascertaining the investment value of securities. Thus, if a security is bought at more than its face value (i.e., at a premium), a p...
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bond
bond in finance, usually a formal certificate of indebtedness issued in writing by governments or business corporations in return for loans. It bears interest and promises to pay a certain sum of money to the holder after a definite period, usually 10 to 20 years. Security is usually pledged agains...
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American Automobile Association
American Automobile Association (AAA), federation of American automobile clubs, est. 1902. AAA provides a number of benefits to its members, including emergency road service; national and international travel assistance, e.g., state maps, guidebooks, and trip routing; financial and credit services;...
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