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CIT Bank - Bank Terminology
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How long is CIT Banks grace period for term accounts?
10-calendar days
Account for which the interest rate applied is based on the balance maintained.
Tiered Rate Account
A rate that will not change during the life of a deposit.
Fixed Rate
Stated rate on an account when compounding of interest is considered, expressed as a percentage. Reg. D requirement
Annual Percentage Yield (APY)
For a deposit account, the rate of interest paid on ac account w/o regard to compounding.
Interest Rate
Rate subject to change during the life of a deposit or loan.
Interest
A forfeiture of funds on a term account for early withdrawal.
Early Withdrawal Penalty (EWP)
Period after maturity date on a term account to transact without penalty.
Grace Period
Deposit account where money is deposited for a specific amount of time.
Term Account or Certificate of Deposit (CD)
Interest on Interest
Compound Interest
A deposit account that has unlimited withdrawal and deposit privileges.
Liquid Account


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