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A joint transaction refers to transactions involving two or more parties. Joint can also refer to liability, such as when two people share a debt. Joint is used in many situations ranging from joint accounts to joint ventures. Unified Payment Interface (UPI)
September 25, 2022 Unified Payments Interface (UPI) is a smartphone banking application in India. Account Balance
September 25, 2022 The account balance represents the available funds or present value of an account of a particular financial account, such as a checking, savings or investment account. Annual Equivalent Rate (AER)
September 25, 2022 The annual equivalent rate (AER) is the actual interest rate on investments, loans or savings accounts that can be obtained after compounding interest. Bounced Check
September 25, 2022 A check bounce occurs when the issuer of the check does not have enough funds to fulfill the payment amount on the check to the payee. Canceled Check
September 25, 2022 A canceled check is a check that has been redeemed by cashing or depositing it, making the check invalid for further transactions and cannot be reused. Check
September 25, 2022 A check is a written, dated and signed document that directs a bank to pay a certain amount of money to the bearer. Debit Card
September 25, 2022 Debit cards eliminate the need to carry cash or physical checks to make purchases, and can also be used at ATMs to withdraw cash. Electronic Check
September 25, 2022 An electronic check is a form of payment over the Internet designed to perform the same function as a regular paper check. Insufficient Funds
September 25, 2022 A checking account is said to have “insufficient funds” (NSF) or “insufficient funds” when it does not have enough money needed to cover transactions. Linked Savings Account
September 25, 2022 Linked savings accounts are linked to another account, such as a checking or checking account for withdrawals, making it easy to transfer money between accounts. Negotiable Instrument
September 25, 2022 A negotiable document is a signed document that promises the amount of payment to a named person or assignee. Negotiable Order of Withdrawal (NOW)
September 25, 2022 The NOW account was a popular interest-bearing demand deposit account prior to the passage of the Dodd-Frank Act. Non-Sufficient Funds
September 25, 2022 A checking account is said to have “insufficient funds” (NSF) or “insufficient funds” when it does not have enough money needed to cover transactions. Offline Debit Card
September 25, 2022 The offline debit card is not connected to the online system when used. Thus, the funds are withdrawn from the account after 24-72 hours. Outstanding Check
September 25, 2022 An outstanding check is a financial instrument that has not yet been deposited or cashed by the recipient. Overdraft Protection
September 25, 2022 Overdraft protection is a guarantee that a check, ATM, bank transfer or debit card transaction will be canceled if the account balance falls below zero. Routing Transit Number (RTN)
September 25, 2022 A transit routing number is a nine-digit number used to identify a bank or financial institution when settling funds or processing checks. Savings Account
September 25, 2022 Because savings accounts pay interest while still keeping your funds available, they are a good option for emergency or short-term cash. Zero Balance Account (ZBA)
September 25, 2022 A zero balance account (ZBA) is an account that maintains a zero balance by transferring funds to and from the main account. 3-6-3 Rule
September 25, 2022 The 3-6-3 rule is a slang term for an informal practice in banking, especially in the 1950s, 1960s and 1970s, that was the result of the industry’s uncompetitive and simplistic conditions. 341 Meeting
September 25, 2022 The 341 meeting is an important milestone in the Chapter 7 bankruptcy process. 60-Plus Delinquencies
September 25, 2022 An arrears rate of more than 60 is a metric commonly used to measure the number of mortgages that are more than 60 days overdue on monthly payments. Account Number
September 25, 2022 The account number is a unique identifier of the owner of the service and allows access to it. Account Statement
September 25, 2022 An account statement is a periodic statement that summarizes account activity over a specified period of time. Advanced Internal Rating-Based (AIRB)
September 25, 2022 Advanced Internal Ratings (AIRB) is a way to accurately measure the risk factors of a financial firm.