What Does Omni-channel Mean? Omni-channel (or omnichannel) refers to a sales approach that uses multiple channels to reach customers and provide them with an excellent shopping experience. It covers all the ways brands and customers interact with each other. Whether they are shopping at a physical store, by phone or mobile device or laptop, an…
What is Escheatment? Escheatment is the process through which unclaimed assets are turned over to the state. Every year, many bank accounts remain unclaimed and properties are left abandoned. After a period of time, the assets are turned over to the state. Once the property has been taken over by the government, the owner can…
Who is an Executor? The executor of a will is responsible for sorting out or distributing the finances of an individual after the latter’s death. They serve as a “legal personal representative” and manage the estate of the deceased in accordance with the terms stated in the will. They ensure that the debts and taxes…
What is Negotiation? Negotiation is a dialogue between two or more parties with the intention of reaching a mutually beneficial outcome or resolving a conflict. In negotiation, each party will try to persuade the other one to agree with his or her point of view. The goal is to avoid arguments and disputes and reach…
What is a Negotiable Order of Withdrawal (NOW)? A negotiable order of withdrawal, also known as a NOW account, is a type of deposit account that provides interest and allows the depositor to write drafts against the money that is held on deposit. In the U.S, commercial banks, lending associations, and mutual savings…
What is a Negotiable Certificate of Deposit (NCD)? A negotiable certificate of deposit (NCD) refers to a certificate of deposit with a minimum par value of $100,000, although typically, NCDs will carry a much higher face value. They are also known as jumbo CDs. NCDs are guaranteed by a bank and can be traded in…
What is a Household? A household refers to a social unit of people who live together under one roof and share resources, even if they are not related to each other. In the US, the Census Bureau categorizes households as family or non-family. A family household comprises members who are related by blood, whereas a…
What is the Negotiated Dealing System (NDS)? The Negotiated Dealing System (NDS) is a fully electronic trading platform that is instituted and operated by the Reserve Bank of India (RBI) with the mandate of facilitating the issuance and secondary trading of government-issued securities and other types of money market instruments. In February 2002,…
What is an Adjusting Journal Entry? An adjusting journal entry is usually made at the end of an accounting period to recognize an income or expense in the period that it is incurred. It is a result of accrual accounting and follows the matching and revenue recognition principles. Generally, adjusting journal entries are made for…
