Automated Clearing House (ACH)

The most common network for electronic financial transactions in the USA. Transactions are processed in large volumes that include both credit and debit transactions. Credit transfers include payments to vendors, payroll deposits, and direct deposits.


Closing

The date in which loan documents are signed and delivered, and the borrower receives the advanced loan funds.


Garnishing/Garnishment

The automatic deduction of money from a worker's wages or salary. This is usually the result of a court order and may continue until the debt is cleared or a payment arrangement is made between the creditor and borrower.