REDEMPTION FEE
\ɹɪdˈɛmpʃən fˈiː], \ɹɪdˈɛmpʃən fˈiː], \ɹ_ɪ_d_ˈɛ_m_p_ʃ_ə_n f_ˈiː]\
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1. Banking: Penalty charged by the lender f a mortgage is paid off (1) before its maturity date, (2) after its maturity or foreclosure date. 2. Mutual fund: Penalty charged for withdrawals of invested funds by the investor before a specified period after investment.
By Henry Campbell Black
Word of the day
hydromorphic
- [Greek] Structurally adapted to an aquatic environment, as organs of water plants.