Payment Glossary

FDIC (Federal Deposit Insurance Corporation)

The Federal Deposit Insurance Corporation provides deposit insurance to depositors within U.S. banks. Its primary source of funding is through member dues from included banks.

Related Terms

  • Authorizations (Card Processing)

    All transactions must be authorized via terminal, cash register, voice authorization, or automated voice response phone system (IVR).

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  • EFT (Electronic Funds Transfer)

    The electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

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