A negotiable document is a signed document that promises the amount of payment to a named person or assignee.
Negotiable instruments, by their nature, are transferable, allowing the holder to receive funds in cash or use them in a manner suitable for the transaction or in accordance with their preferences.
Common examples of negotiable instruments include cheques, money orders and bills of exchange.
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.
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.
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.
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.
The annual equivalent rate (AER) is the actual interest rate on investments, loans or savings accounts that can be obtained after compounding interest.