It’s hard for me to remember my first day that I started at the bank. I know I took a lot of tests to get familiar with regulations and procedures. I learned my responsibilities as a teller and where to direct people as they came in the building.
But one thing that took me weeks to figure out was all of the acronyms! People that work in banks talk in letters sometime. Sample sentence you could hear in any financial institution.
-“Excuse me sir did you want your APY or your APR on your CD?”
-“I would love to open your account; I just need to do an OFAC check.”
-“Just let me get you a form that can change your POD on your IRA.”
- “Here is your balance taking into account your ACH credit and the ATM withdrawal.”
See what I mean!!! So please by all means you do not hurt your bankers’ feelings at all if you ask what an acronym stands for. We try very hard to stop the technical bank talk when explaining things to customers, but every good banker slips now and then.
If you find yourself in an alphabet soup of a conversation at your local bank just smile and ask your representative for your copy of the banking glossary!