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Banker > Definitions > Flashcards

Definitions Flashcards

1
Q

3rd Party Check

A

When someone writes a check to one person, and that person signs it over to someone else.

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2
Q

Account Holder

A

A person designated or authorized to transact on an account.

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3
Q

Account Number

A

A unique number given to each account.

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4
Q

Accrued Interest

A

Interest that has been earned but not yet paid.

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5
Q

ACH

A

Automated Clearing House; an electronic network for financial transactions within the United states.

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6
Q

Available Balance

A

The balance in an account that the owners have available for them to use at that moment.

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7
Q

Bait Money

A

Money that has had the serial number recorded and should be given to a robber during a robbery situation.

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8
Q

Balance

A

The amount of money in an account.

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9
Q

BSA

A

Bank Secrecy Act; requires banks to assist US agencies in detecting and preventing money laundering.

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10
Q

Beneficial Owner

A

A person who owns 25% or more of a business.

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11
Q

Beneficiary

A

The person(s) entitled to the funds within the account they are beneficiary on if the account holder were to pass away.

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12
Q

Charge Off

A

An account that has went negative or unpaid for a specific amount of time.

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13
Q

Checking Account (DDA)

A

A transactional account in which checks, or debit cards can be used.

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14
Q

Collected Funds

A

Cash deposits or checks that have been presented for payment and for which payment has been received.

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15
Q

Commercial Banking

A

Banking focused on products and services to provide to businesses.

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16
Q

Compensating Balance

A

A banking account balance that allows not-on-us checks to be cashed against. The not-on-us checks can be cashed as long as the customer has a compensating balance in their deposit account with Busey to cover the amount of check at the time of the transaction.

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17
Q

Consumer Banking

A

Banking focused on products and services to provide to the general public.

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18
Q

Control Prong

A

Identifies the individual with a significant responsibility to control, manage or direct the activities of the legal entity. Generally, this is an officer, partner or member of the business.

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19
Q

Counterfit

A

Fake

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20
Q

Credit

A

Money being added to an account balance.

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21
Q

CTR

A

Currency Transaction Report; a report we are required by Federal Law to complete if a customer has a transaction with greater than $10,000.00 in cash.

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22
Q

Debit

A

Money being subtracted from an account.

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23
Q

Deposit

A

Money being put into an account.

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24
Q

Disclosures

A

Information that the Federal and State laws require financial institutions to give to their customers regarding the uses of an account.

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25
Q

Endorsment

A

The signature on the back of a check, it must match the payee on the front of the check.

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26
Q

Escheated

A

The right of the government to that ownership of assets or unclaimed property.

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27
Q

Federal Reserve System

A

The central bank of the United States.

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28
Q

Forgery

A

The fraudulent signing or altercation of another’s name.

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29
Q

Fruad

A

Wrongful or criminal deception intended to result in financial gain.

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30
Q

Hold

A

When the bank delays the timing in which funds from a deposit will be available due to the deposit meeting certain criteria.

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31
Q

Insufficient Funds

A

When the customer’s account has inadequate amount to cover a payment or debit; would cause the customer’s account to go negative.

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32
Q

Joint Owner

A

An account owner by two or more people.

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33
Q

Kiting

A

A form of check fraud that involves taking advantage of the float to make use of non-existent funds in a bank account.

34
Q

LEC

A

Legal Entity Customer; the name given to a business required to provide Beneficial Ownership information. Only certain types of businesses fall into this category.

35
Q

Loan Payment

A

A payment made towards a loan held at our financial institution.

36
Q

Regular Payment

A

A payment made on the regularly scheduled date and for the scheduled amount.

37
Q

Principal

A

The purchase amount of the loan, this does not include interest.

38
Q

Interest

A

The fee the bank is charging for you to use the money that was loaned.

39
Q

Payoff

A

The total to pay the balance of a loan to $0.

40
Q

Late Payment

A

When a payment is made after the regularity scheduled date.

41
Q

Mailing Address

A

Where a customer’s mail will be sent.

42
Q

MICR Line

A

Magnetic Ink Character Recognition Line; the line of number and characters on the bottom of the check that is printed in special ink and allows the number/characters to be read by teller scanners.

43
Q

MIL

A

Monetary Instrument Log; used when an official check is purchased with cash between $3,000 and $10.000.

44
Q

Money Laundering

A

The process of concealing the origin of money obtained from illegal activities, by converting it into a legitimate source.

45
Q

Money Market

A

A type of savings account that can be attached to an existing debit card for ATM access only, and also has check writing ability.

46
Q

OFAC

A

Office of foreign Assets Control; OFAC maintains a list of countries, businesses, and individuals which banks may not do business or must use caution.

47
Q

Official Check

A

A check the bank is able to issue in place of a personal check with available funds from their account.

48
Q

On-Us-Check

A

Checks written off of another Busey bank account.

49
Q

Outstanding Check

A

A check that has been written, but is has not been cashed, deposited, or otherwise cleared the bank.

50
Q

Overdraft

A

This occurs when a customer uses more money than what is available in their account.

51
Q

Payable Upon Death

A

A person who is entitled to money in a specific account only after the account holder passes away.

52
Q

Payee

A

A person to whom a check is made payable to.

53
Q

Physical Address

A

The address at which a customer is living.

54
Q

POS

A

Point of Sale; a type of purchase or transaction made with a debit card, typically in a card reader or requiring a PIN to be entered.

55
Q

Post Dated Check

A

A check dated in the future.

56
Q

POA

A

Power of Attorney; a person who can act on behalf of another person.

57
Q

Pre-Authorized Transfer

A

This occurs when the balance in an account drops below zero and funds are transferred from a connected account to prevent an overdraft. Typically, a checking account becomes overdrawn, and the bank is authorized to transfer money from savings.

58
Q

Primary Owner

A

The main owner of an account.

59
Q

Proof Work

A

All the different pieces of a transaction put together.

60
Q

Recourse

A

Having a matching balance in your account if the check comes back.

61
Q

Regulation

A

A rule or directive made and maintained by an authority.

62
Q

Regulation CC

A

A set of rules and procedures that enforce the expected Funds Availability Act; tells banks how long funds in a deposit may be held before the customer can access them.

63
Q

Regulation D

A

Limits the number of withdrawals that may be made from a savings or money market account.

64
Q

Regulation DD

A

Ensures that Busey discloses required information to customers.

65
Q

Regulation E

A

Permission to authorize debit card transactions that will overdraw their checking account.

66
Q

Opt in

A

Permission given to overdraw an account using a debit card.

67
Q

Opt Out

A

Denying permission to overdraw an account using a debit card.

68
Q

Remitter

A

The person who is sending a payment.

69
Q

Routing Number

A

A nine digit code used by financial institutions to identify which account.

70
Q

SAR

A

Suspicious Activity Report

71
Q

Savings Account

A

An account used to save money, typically not to be used for daily transactions.

72
Q

Signature Card

A

A document the financial institutions use to authenticate a customer’s signature for personal or business accounts.

73
Q

Signer

A

Someone who has access to act on an account.

74
Q

Sole Proprietorship

A

An unincorporated business with a single owner who pays personal income taxes on business profits.

75
Q

Stale Dated Check

A

Any check that is more than six months old.

76
Q

Statement

A

An official document provided by the bank to show all the transactions and balance on an account during a period, typically a month or quarter.

77
Q

Stop Payment

A

A request to cancel a payment, such as a check that has not yet been deposited, cashed or cleared.

78
Q

Structuring

A

The act of performing transactions under the federal reporting limit to avoid being reported.

79
Q

Terms Deposit Rates

A

The rate at which you earn money from a bank on your deposits in an interest bearing account.

80
Q

Withdrawl

A

Money being taken out of an account.

Banker (3 decks)

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