Here's the wikipedia entry, looks like I was correct:
Commonly designed in a style called five-way or universal, such binding posts allow the connection of several different types of connections:
Banana plugs, inserted into the open end of the binding post
Pin connectors, inserted into a hole drilled through the metal post and clamped by the screw-down portion of the binding post.
Bare wire inserted through the same hole and clamped, or
Wrapped around the metal post and clamped.
A lug terminal inserted around the metal post and clamped.