A negative float occurs when the amount of checks written in a checking account exceeds the amount of funds available to cover those checks. This can happen when a check is written for an amount that exceeds the funds available in the account, or when multiple checks are written and post to the account before … Read more
Crossed Check: What It Is, What It Means, and How It Works What is account payee crossing? “Account payee crossing” refers to a bank’s policy of not honoring checks that are made payable to a third party. In order to enforce this policy, banks will typically place a notice on the face of the check … Read more
A bad check is a check that is returned by the bank because it is not backed by sufficient funds. This can happen for a number of reasons, including if the account holder has insufficient funds to cover the check, if the check is fraudulent, or if the check is written on a closed account. … Read more
A postdated check is a check that is dated for a future date. The date on the check is typically one to two weeks after the date the check is written. The check is written on the current date and the payee is given the check with the understanding that they will not deposit or … Read more
Unified Payment Interface (UPI) is an instant real-time payment system developed by the National Payments Corporation of India (NPCI) to facilitate inter-bank transactions. UPI is built over the Immediate Payment Service (IMPS) infrastructure and allows customers to send and receive money instantly with a single identifier such as their mobile number, email address, or a … Read more
A check hold is when a bank puts a temporary freeze on the funds in your account in order to verify that the check is valid. This hold can last anywhere from a few days to a couple of weeks. During this time, you will not be able to access the funds that are being … Read more
A checkable deposit is a deposit that can be withdrawn from by writing a check. This is in contrast to savings deposits, which cannot be withdrawn from using a check. In order to open a checkable deposit account, you will likely need to meet a minimum balance requirement and may be charged a monthly maintenance … Read more
A stored value card is a type of account that allows customers to store money in an account and then use that money to make purchases. These types of accounts are often used by people who do not have a traditional bank account or who want to use their money in a more convenient way. … Read more
Electronic Checks: The Basics What are business checks called? There are many types of business checks, but the most common are called “business checks” or “accounts payable checks.” These checks are used to pay for goods and services purchased by the business. What is the difference between eCheck and ACH? An eCheck is an electronic … Read more
A cashier’s check is a check that is drawn against the funds of a bank, rather than an individual. Cashier’s checks are generally considered to be more secure than personal checks, as they are less likely to bounce. There are a few circumstances in which you might need to use a cashier’s check. For example, … Read more
