Banking definitions beginning with E

A service that allows an account holder to obtain account information and manage certain banking transactions through a personal computer via the financial institution's Web site on the Internet. (This is also known as Internet or online banking.)
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Account holder, Escrow, Foreign transaction fees, Joint account, Online banking, Point of sale (POS), Statement

Electronic check conversion is a process in which your check is used as a source of information-for the check number, your account number, and the number that identifies your financial institution. The information is then used to make a one-time electronic payment from your account-an electronic fund transfer. The check itself is not the method of payment.
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Browse Related Terms: Availability date, Canceled check, Check 21 Act, Check truncation, Encoding, Local check, Reconciliation, Stale-dated check, Substitute check

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The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.)
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Automated teller machine (ATM), Error resolution, Preauthorized electronic fund transfers, Red Cross Scheme, Wire transfer

In most States, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings.
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Browse Related Terms: Annuity, Beneficiary, fiduciary capacity, non-banking corporations acting in a, limited purpose trust company, Trust account, Trust administrator, wholesale banking

The process used to imprint or inscribe MICR characters on checks, deposits, and other financial instruments. [Magnetic Ink Character Recognition (MICR) is a character-recognition technology adopted mainly by the banking industry to facilitate the processing of checks. Each check in encoded at the bottom with the dollar amount of the check. If that information is entered incorrectly, there is an encoding error.]
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Availability date, Canceled check, Check 21 Act, Check truncation, Electronic check conversion, Local check, Reconciliation, Stale-dated check, Substitute check

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Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program.
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Browse Related Terms: Adverse action, Adverse Action Notice, application, Credit application, Credit report, Derogatory information

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Reversion of real or personal property to the State when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time.
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Browse Related Terms: Decedent, Estate account, Frozen account, Garnishment, Overdraft

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A financial instrument held by a third party on behalf of the other two parties in a transaction. The funds are held by the escrow service until it receives the appropriate written or oral instructions-or until obligations have been fulfilled. Securities, funds, and other assets can be held in escrow.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Account holder, Electronic banking, Foreign transaction fees, Joint account, Online banking, Point of sale (POS), Statement