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The US dollar Libor rate, short for the London interbank offer rate, is the rate at which banks indicate they are willing to lend to other banks for a specified term. Previously it was the British Banker's Association average of interbank rates for dollar deposits in the London market.
A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts , current accounts or any of several other types of accounts explained below.
The money market is a component of the economy that provides short-term funds. The money market deals in short-term loans, generally for a period of a year or less. As short-term securities became a commodity, the money market became a component of the financial market for assets involved in short-term borrowing, lending, buying and selling with original maturities of one year or less.
A correspondent account is an account (often called a nostro or vostro account) established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another financial institution. Correspondent accounts are established through bilateral agreements between the two banks.
A certificate of deposit — or CD — is a type of deposit or savings account that allows you to grow your savings at higher rates of return than a traditional savings account.
Direct deposit payment or withdrawals of funds initiated by the payer; Direct debit payments in which a business debits the consumer's bank accounts for payment for goods or services; Electronic bill payment in online banking, which may be delivered by EFT or paper check
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Banks that have surplus funds or excess reserves may lend them (often at a multiple of their legal reserve ratio, if any) or deposit them with other banks, who borrow from them. The overnight rate is the amount paid to the bank lending the funds.