Glossary of Economic Terms: W

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wire transfer

Electronic transfer of funds; usually involves large dollar payments.

wraparound

A financing device that permits an existing loan to be refinanced and new money to be advanced at an interest rate between the rate charged on the old loan and the current market interest rate. The creditor combines or ‘wraps’ the remainder of the old loan with the new loan at the intermediate rate.

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Last updated February 6, 2004