Banking definitions beginning with C

A personal check drawn by an individual that is certified (guaranteed) to be good. The face of the check bears the words "certified" or "accepted," and is signed by an official of the bank or thrift institution issuing the check. The signature signifies that
- the signature of the drawer is genuine, and
- sufficient funds are on deposit and earmarked for payment of the check.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Affidavit, bank and trust company, Cashier's check, Check, check cashing service, Checking account, Collected funds, Float, Forged check, Insufficient funds, Kiting, Official check, Outstanding check, Overdraw, Stop payment

The balance on a credit obligation that a lender no longer expects to be repaid and writes off as a bad debt.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Closed-end credit, Closed-end loan, Credit Life Insurance, Credit Score

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A written order instructing a financial institution to pay immediately on demand a specified amount of money from the check writer's account to the person named on the check or, if a specific person is not named, to whoever bears the check to the institution for payment.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Affidavit, bank and trust company, Cashier's check, Certified check, check cashing service, Checking account, Collected funds, Float, Forged check, Insufficient funds, Kiting, Official check, Outstanding check, Overdraw, Stop payment

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Check 21 is a Federal law that is designed to enable banks to handle more checks electronically, which is intended to make check processing faster and more efficient. Check 21 is the short name for the Check Clearing for the 21st Century Act, which went into effect on October 28, 2004.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Availability date, Canceled check, Check truncation, Electronic check conversion, Encoding, Local check, Reconciliation, Stale-dated check, Substitute check

(1) "General facility" means a facility at a fixed location where a licensee may engage in the business of cashing checks, drafts or money orders and which is open to the general public for at least six hours per day four days per week. (2) "Limited facility" means a mobile facility, where on no more than two days per week, on property occupied by an employer, a licensed operator of a general facility may, under written contract with such employer, engage in the business of cashing payroll checks for the employees of the employer. See list of licensed check cashing services .
Connecticut Deptartment of Banking - Cite This Source - This Definition
Browse Related Terms: Affidavit, bank and trust company, Cashier's check, Certified check, Check, Checking account, Collected funds, Float, Forged check, Insufficient funds, Kiting, Official check, Outstanding check, Overdraw, Stop payment

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The conversion of data on a check into an electronic image after a check enters the processing system. Check truncation eliminates the need to return canceled checks to customers.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Availability date, Canceled check, Check 21 Act, Electronic check conversion, Encoding, Local check, Reconciliation, Stale-dated check, Substitute check

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The ChexSystems, Inc. network is comprised of member financial institutions that regularly contribute information on mishandled checking and savings accounts to a central location. ChexSystems shares this information among member institutions to help them assess the risk of opening new accounts.

ChexSystems only shares information with the member institutions; it does not decide on new account openings. Generally, information remains on ChexSystems for five years.

The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Direct deposit, Individual account, Lender, Service charge

Generally, any credit sale agreement in which the amount advanced, plus any finance charges, is expected to be repaid in full by a specified date. Most real estate and automobile loans are closed-end agreements.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Charge-off, Closed-end loan, Credit Life Insurance, Credit Score

Generally, any loan in which the amount advanced, plus any finance charges, is expected to be repaid in full by a specified date. Most real estate and automobile loans are closed-end agreements.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Charge-off, Closed-end credit, Credit Life Insurance, Credit Score

The consummation of a contractual real estate transaction in which all appropriate documents are signed and the proceeds of the mortgage loan are then disbursed by the lender.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Collateral, first mortgage loan, Foreclosure, Mortgage, Mortgage loan, Mortgagee, Mortgagor, Satisfaction of mortgage, secondary mortgage loan

The expenses incurred by sellers and buyers in transferring ownership in real property. The costs of closing may include the origination fee, discount points, attorneys' fees, loan fees, title search and insurance, survey charge, recordation fees, and the credit report charge.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Disclosures, Finance charge, Interest, Truth in Lending Act (TILA)

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