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Houston Mortgage > Glossary >
Credit Card > O 1-10
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Office of Comptroller of the Currency
Known as OCC: Charters, regulates and supervises all national banks. It also supervises all federal branches and agencies of foreign banks.
Office of Thrift Supervision
A bureau of the U.S. Treasury Department established in August 1989. OTS has the authority to charter federal Thrift Institutions and serves as the primary regulator of approximately 2,000 federal and state chartered thrifts.
Offline debit card
Cards that share traits of both ATM and credit cards. Offline debit cards have the VISA or MasterCard logo on them and can be issued by a bank, either instead of or in addition to an ATM card. These cards can be used at any establishment that displays the VISA or MasterCard logo, but using them doesn''t access a line of credit -- it debits a customer''s checking account. It is "offline" because the account isn''t directly accessed -- there''s a delay of 24 to 72 hours before the debit is made in the account. If you sign a slip of paper to conclude the transaction, it was offline. In the U.S., no Personal Identification Number (PIN) is required to use an offline debit card.
One-Year Treasury Constant Maturity
An index published by the Federal Reserve Board based on the average yield of a range of Treasury securities, all adjusted to the equivalent of a one-year maturity. Yields on Treasury securities at constant maturity are determined by the U.S. Treasury from the daily yield curve. That is based on the closing market-bid yields on actively traded Treasury securities in the over-the-counter market.
Online banking
Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution¡¯s web site on the Internet. Also known as Internet banking.
Online bill payment
A service offered by online banks, usually for a small monthly fee, that relieves consumers from having to write checks and lick stamps to pay their monthly bills. Online bill payment systems allow people to enter the names of their creditors and the numbers of their utility accounts and pay virtually all routine bills.
Online debit card
An online debit card deducts funds from the bank account immediately, as soon as the card is used. It may have the VISA or MasterCard logo, or only the issuing bank''s logo, like an ATM card. There is no delay for processing the transaction -- the money is immediately deducted from your account. In the U.S., if you entered a Personal Identification Number (PIN) during the transaction, it was online.
open-end credit
A line of credit that may be used up to a set limit. Also called a charge account or revolving credit.
Oral agreement
A spoken, unwritten legal agreement that is as valid as a written agreement, in most cases, though its existence is more difficult to prove. Oral agreements are not enforceable in real estate transactions.
Original principal balance
The amount borrowed.
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