A wrongful or criminal deceptive activity used to obtain money, assets, or other property.

Floor limit

A specific dollar limit used to determine which card transactions you must authorize. For example, if your business has a floor limit of $1,000, you must get authorization for any transaction over that amount. Note: All airline, telephone, and mail order transactions must be authorized, even if the amount is under your floor limit.

Financial Institution

An institution that collects funds from the public to place in financial assets such as stocks, bonds, money market instruments, bank deposits, or loans. Depository institutions such as banks, savings and loans, credit unions, and savings banks, pay interest on deposits and invest the deposit money mostly in loans.

Federal Reserve Bank

A bank that, along with its branches, is one of 12 banks that make up the Federal Reserve System. The role of each Federal Reserve Bank is to monitor the commercial and savings banks in its region to ensure that they follow Federal Reserve Board regulations. The reserve banks act as depositories for member banks in their regions, providing money transfer and other services.