A check that a bank has paid, charged to the account holder's account, and then endorsed. Once canceled, a check is no longer negotiable.
A check that a bank has paid, charged to the account holder's account, and then endorsed. Once canceled, a check is no longer negotiable.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Alteration, Canceled Check, certificate of deposit, Check 21 Act, Check truncation, Electronic Funds Transfer (EFT), Encoding, Forgery, money forwarder [transmitter] and issuer of money orders and travelers checks, Return Item, Substitute check, Time certificate of deposit
A check drawn on the funds of the bank, not against the funds in a depositor's account. However, the depositor paid for the cashier's check with funds from their account. The primary benefit of a cashier's check is that the recipient of the check is assured that the funds are available.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA check drawn on the funds of the bank, not against the funds in a depositor's account. However, the depositor paid for the cashier's check with funds from their account. The primary benefit of a cashier's check is that the recipient of the check is assured that the funds are available.
- Browse Related Terms: affidavit, Cashier's Check, Certified check, Drawee bank, Float, Forged Check, Insufficient funds, Official Check, Outstanding check, Signature card
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A letter requesting that a company stops the activity mentioned in the letter.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA letter requesting that a company stops the activity mentioned in the letter.
- Browse Related Terms: Cease and Desist Letter, Escrow Funds, Federal Emergency Management Agency (FEMA), flood insurance, Flood Plain, Mobile home, National Flood Insurance Program (NFIP), Participating Community, Wire transfer
A negotiable instrument issued by a bank in exchange for funds, usually bearing interest, deposited with the bank.
A negotiable instrument issued by a bank in exchange for funds, usually bearing interest, deposited with the bank.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Alteration, Canceled Check, certificate of deposit, Check 21 Act, Check truncation, Electronic Funds Transfer (EFT), Encoding, Forgery, money forwarder [transmitter] and issuer of money orders and travelers checks, Return Item, Substitute check, Time certificate of deposit
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A certificate signed by a lender indicating that a mortgage has been fully paid and all debts satisfied.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA certificate signed by a lender indicating that a mortgage has been fully paid and all debts satisfied.
- Browse Related Terms: Certificate of release, mortgage correspondent lender, mortgage lender, Mortgagee, Mortgagor, Redlining, Satisfaction of mortgage, Real Estate Owned (REO)
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.
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 (1) the signature of the drawer is genuine, and (2) sufficient funds are on deposit and earmarked for payment of the check.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: affidavit, Cashier's Check, Certified check, Drawee bank, Float, Forged Check, Insufficient funds, Official Check, Outstanding check, Signature card
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The balance on a credit obligation that a lender no longer expects to be repaid and writes off as a bad debt.
The balance on a credit obligation that a lender no longer expects to be repaid and writes off as a bad debt.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: amortization, Charge-off, Collection agency, Consumer Credit Counseling Service, Credit Repair Organization, Debt collector, Debtor, Deferred payment, Guarantor, Pre-payment, Prepayment, Prepayment Clause, Principal Balance
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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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionA 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.
- Browse Related Terms: Check, Co-Signer, Collection Items, Draft, Drawee, Drawer, Payee, Paying (payor) bank
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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.
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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Alteration, Canceled Check, certificate of deposit, Check 21 Act, Check truncation, Electronic Funds Transfer (EFT), Encoding, Forgery, money forwarder [transmitter] and issuer of money orders and travelers checks, Return Item, Substitute check, Time certificate of deposit
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(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 .
- Browse Related Terms: Acquiring bank, Banking day, branch, bank, branch, credit union, Business Day, check cashing service, franchise, limited branch, mobile branch, Safe (or Safety) Deposit Box, Safekeeping
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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe 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.
- Browse Related Terms: Alteration, Canceled Check, certificate of deposit, Check 21 Act, Check truncation, Electronic Funds Transfer (EFT), Encoding, Forgery, money forwarder [transmitter] and issuer of money orders and travelers checks, Return Item, Substitute check, Time certificate of deposit
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A demand deposit account subject to withdrawal of funds by check.
A demand deposit account subject to withdrawal of funds by check.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Availability date, bank and trust company, Checking account, Collected Funds, Kiting, Local check, Minimum balance, Negotiable Order of Withdrawal Account (NOW), Overdraw, Stale-Dated Check, Stop payment
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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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe 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.
- Browse Related Terms: Account holder, ChexSystems, Electronic banking, Escrow, Foreign transaction fees, Joint Account, Online Banking, Payment Due Date, Service Charge, Trust administrator
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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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionGenerally, 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.
- Browse Related Terms: Appraisal, Closed-end credit, Closed-End Loan, Closing a mortgage loan, Collateral, First Mortgage, mortgage, Mortgage Loan, Real Estate Settlement Procedures Act (RESPA), Release of Lien
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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionGenerally, 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.
- Browse Related Terms: Appraisal, Closed-end credit, Closed-End Loan, Closing a mortgage loan, Collateral, First Mortgage, mortgage, Mortgage Loan, Real Estate Settlement Procedures Act (RESPA), Release of Lien
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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 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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Appraisal, Closed-end credit, Closed-End Loan, Closing a mortgage loan, Collateral, First Mortgage, mortgage, Mortgage Loan, Real Estate Settlement Procedures Act (RESPA), Release of Lien
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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.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe 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.
- Browse Related Terms: Closing Costs, Credit application, Credit Report, Debt Elimination Scheme, Derogatory Information, Embezzlement, Equal Credit Opportunity Act (ECOA), interest, Lease, Manufactured (mobile) home, mortgage broker, mortgage loan originator, Preferred Risk Policy (PRP)
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A person who signs a note to guarantee a loan made to another person and is jointly liable with the maker for repayment of the loan. (Also known as a Co-signer.)
A person who signs a note to guarantee a loan made to another person and is jointly liable with the maker for repayment of the loan. (Also known as a Co-signer.)
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Agency Mortgage-Backed Security (MBS), Co-maker, Commercial Mortgage-Backed Securities (CMBS), Credit Disability Insurance, Credit Life Insurance, first mortgage loan, Guaranteed Student Loan, Home Equity Loan, Insurance (Hazard), Residential Mortgage-Backed Securities (RMBS), Reverse mortgage, secondary mortgage loan
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An individual who signs the note of another person as support for the credit of the primary signer and who becomes responsible for the obligation. (Also known as a Co-maker.)
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionAn individual who signs the note of another person as support for the credit of the primary signer and who becomes responsible for the obligation. (Also known as a Co-maker.)
- Browse Related Terms: Check, Co-Signer, Collection Items, Draft, Drawee, Drawer, Payee, Paying (payor) bank
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Assets that are offered to secure a loan or other credit. For example, if you get a real estate mortgage, the bank's collateral is typically your house. Collateral becomes subject to seizure on default.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionAssets that are offered to secure a loan or other credit. For example, if you get a real estate mortgage, the bank's collateral is typically your house. Collateral becomes subject to seizure on default.
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