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Home Dictionary R Routing Transit Number (RTN) A transit routing number is a nine-digit number used to identify a bank or financial institution when settling funds or processing checks. In 1910, the American Bankers Association (ABA) established transit route numbers. These numbers are also used in online banking and clearinghouses for financial transactions. Routing transit numbers are often used when setting up a bank transfer or direct deposit. While SWIFT or IBAN numbers are used for international transactions, routing numbers are often required for domestic transfers. 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. 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. Joint
September 25, 2022 A joint transaction refers to transactions involving two or more parties. Negotiable Instrument
September 25, 2022 A negotiable document is a signed document that promises the amount of payment to a named person or assignee. 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. 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. 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. 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. Annual Percentage Rate (APR)
September 25, 2022 The annual interest rate (APR) is the annual rate charged on a loan or earned by an investment. Automated Teller Machine (ATM)
September 25, 2022 ATMs (ATMs) are electronic banking points that allow people to make transactions without going to their bank branch. Available Balance
September 25, 2022 Available balance is the balance available for immediate use in the client’s account. Back-to-Back Letters of Credit
September 25, 2022 A back-to-back letter of credit includes two letters of credit to provide financing for one transaction. Bancassurance
September 25, 2022 Bancassurance is an agreement between a bank and an insurance company, through which the insurer can sell its products to the bank’s customers.