Define zero cost collar In Banking

zero cost collar : A type of arrangement, wherein, the borrower buys a cap from the bank and sells the floor. In this arrangement, the cost of the cap is recovered by sale proceeds of the floor or vice versa.


zero cost collar : The purchase of a floor (or cap) option with the proceeds realized from simultaneous sale of a cap (or floor) option. The levels of the floor and cap are selected so that the proceeds from the option sold exactly offset the cost of the option purchased resulting in a net transaction cost of zero. See cap, collar and floor.

Define zero liability protection In Banking

zero liability protection : If your credit or debit card is lost or stolen, and you report the loss promptly, you may not be responsible for fraudulent purchases made with your card. There is no charge for the Zero Liability Protection program and it is available on all Bank of America consumer credit cards, debit cards, and Home Equity line of credit access cards.
Claims may only be filed against posted and settled transactions subject to dollar limits and subsequent verification, including providing all requested information supporting fraudulent use claim. For debit card transactions, claims must be reported within 60 days of the statement.