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
dust storm
- a windstorm that lifts up clouds of dust or sand a windstorm that lifts up clouds dust or sand; "it was the kind of duster not experienced in years"