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GLOSSARY
Child and dependent care credit
The child and dependent care credit is a tax break offered to taxpayers who must incur childcare or dependent care expenses in order to work or seek employment.
Child tax credit
A child tax credit is a tax break available to taxpayers who claim a dependent child, or children, on their tax returns.
Christmas club
A Christmas Club is a deposit account designed to help accountholders save for Christmas expenses. The account may be structured to fund itself via automatic monthly transfers from a linked checking account. Typically, the Christmas Club would pay interest on the deposits, and may assess penalties if the money is withdrawn before a specific date.
Circuit breaker
A circuit breaker is a mechanism that shuts off the flow of electricity to certain parts of a building for safety purposes. In investing, the term refers to procedures implemented by stock exchanges to prevent massive, panic-driven sell-offs. The most common of these is a trading halt that goes into effect when a particular index starts dropping significantly in value.
Citizenship test
Citizenship test is one of the requirements that must be met for a person to qualify as a dependent on a U.S. tax return. To pass the citizenship test, the dependent must be a U.S. citizen, an adopted foreign child that has lived in the household throughout the tax year, or a resident of Mexico or Canada.
Classic card
Classic card is the name that VISA uses in reference to its standard credit card.
Classified loan
A classified loan is an approved debt facility that's later identified by bank auditors as troubled or substandard.
Classified property tax
Classified property tax is an assessment system that charges different rates depending on whether the property is commercial or residential.
Clawback
A clawback is a decrease in value that follows an increase in value. In the stock market, a clawback occurs when a stock's value rises, and then falls shortly thereafter. In personal finance, a clawback occurs when one receives financial benefits which must subsequently be returned because stated contigencies weren't met.
Clean
Clean means debt-free.
Clear title
As the name implies it is clear and free of legal encumberances and liens vis-vis the ownership of the property
Clearance sale
A clearance sale happens when a retailer discounts prices in order to clear out slow-moving inventory and make room for next season's merchandise.
Clearinghouse
A clearinghouse is an agency or organization that settles transactions. In banking, a clearinghouse facilitates the exchange of checks and the corresponding settlement of account balances. In futures trading, clearinghouses are responsible for trade settlement as well as reporting trade information, collecting margin funds, and ensuring contract fulfillment. Each futures exchange has its own clearinghouse.
Clearinghouse funds
Clearinghouse funds are monies that are in the process of being settled by a central clearing agency. This settlement process often results in a delay between when a check is deposited into an account and when those funds are available for withdrawal.
Client-based
Client-based describes banking arrangements that allows customers to access their bank records remotely, usually by way of the Internet.