The financial world often refers to compound interest as magic.Compound interest can be thought of as “interest building on interest” which adds to your principal.
A daylight overdraft occurs when a bank transfers out more in a day than it has in its reserves. Let's say Bank XYZ has assets of $100 million.

A demand deposit is an account with a bank or other financial institution that allows the depositor to withdraw his or her funds from the account without warning or with less than seven days' notice.

An electronic funds transfer (EFT) allows payments between two parties via electronic signals.Electronic funds transfers began in the 1960s but became widespread in the 1970s with the introduction of the automatic teller machine (ATM).  Since then, electronic fund transfers have become ubiquitous, with millions of transactions taking place every day.
Created by Congress in 1932, the Federal Home Loan Bank System (FHLB) is a lending system for financial institutions. FHL banks offer loans to their members, which are other banks, credit unions, community development financial institutions and insurance companies.
LIBOR is one of the most widely used benchmarks for short-term interest rates and is unlike the prime rate in the United States, which is somewhat arbitrarily based on certain banks' lending costs plus a profit margin.Borrowers thus generally support the use of LIBOR in interest-rate calculations because it represents a true market rate.
Managed currency is currency whose exchange rate is controlled by a central bank. Let's say Country X's currency is called the Widget.
The broadest definition of mobile banking refers to any banking activities conducted on a cell phone.Common functions of mobile banking include receiving text alerts for fraudulent activities, accessing your account via the bank’s app, and using the bank’s website on your mobile device.
Non-sufficient funds (NSF) occurs when a bank customer writes a check that is presented on an account that doesn’t exist or that has insufficient funds to cover the amount of the check. Let’s assume that John Doe has $1,000 in his checking account today.
An overdraft, also called non-sufficient funds (NSF), occurs when a bank customer writes a check that is presented on an account that doesn’t exist or that has insufficient funds to cover the amount of the check. Let’s assume John Doe has $1,000 in his checking account today.
A person to person payment allows customers to transfer funds from their online bank account or credit card to another individual's account.  You may also see person-to-person payments referred to as peer-to-peer payments and P2P.  There are two general approaches for initiating a person-to-person payment: P2P Fund Transfer Using a Third-Party Vendor  Using third-party P2P apps (e.g.Venmo, Paypal, Google Pay), users establish secure accounts with a trusted third-party vendor.