glossary of terms
Date of entry
In Scotland, this is the same as exchanging contracts
Debit card
Debit cards look like credit cards or ATM (automated teller machine) cards, but operate like electronic cash or a personal cheque. When a purchase is made with a debit card, the amount is automatically deducted from the associated account. No credit is extended to the cardholder and hence no debt or interest charge is incurred
Declining Grant
A multi-year grant that becomes smaller each year, in the expectation that the recipient organization will increase its fundraising from other sources
Deeds Fee
An administration charge made by lenders when you repay the mortgage to release the deeds of the property. Also known as a sealing fee
Deferred Annuity
An arrangement by which a premium is paid in return for annuity payments that will commence at a future date
Deflation
Deflation is the opposite to inflation and means that the money you have today will be worth more tomorrow. Unfortunately it makes people reluctant to spend, which is harmful for the economy. It is also very uncommon
Dependant
An individual, a spouse or child or someone who depends on another for financial support and maintenance with regard to the normal necessities of life
Deposit
1. A sum of money paid by a buyer as part of the sale price of something in order to reserve it. Depending on the terms agreed, the deposit may or may not be returned if the sale is not completed. 2. A sum of money left with an organisation, such as a bank, for safekeeping or to earn interest or with a broker, dealer, etc., as a security to cover any trading losses incurred.
Deposit Account
An account with a bank or building society, which pays a variable rate of interest. Higher rates are often available if you are willing to give notice before withdrawing your money
Deposit Premium
The premium deposit paid when an application is made for an insurance policy
Direct Debit
A procedure under which an organisation to whom a payment is due claims the amount directly from the bank account of its debtor
Discounted Rate
An arrangement which gives you a set reduction, or 'discount' off the standard variable rate for a specified period of time. At the end of the specified period your mortgage rate will change to the standard variable rate in force at the time. Sometimes there are redemption penalties associated with this type of deal
Discretionary Funds
Grant monies which are distributed according to a donor's judgement of requests as they are received, rather than funds whose purpose is predetermined
Distribution
The payments of any investment income generated by a fund, usually made either half-yearly or quarterly. You can choose to have each distribution paid to you or to reinvest it in the fund for greater capital growth
Donee
Individual or organisation that receives a grant. Also called a grantee
Donor
Individual or organisation that makes a grant. Also called a grantor
Double Indemnity
Payment of twice the policy normal benefit for specific kinds of losses under certain conditions
