Banking terms starting with U

6 terms

1. Uncollected Funds A portion of a deposit balance that has not yet been collected by the depository bank.
2. Uniform Commercial Code (UCC) A set of statutes enacted by the various States to provide consistency among the States' commercial laws.
3. Uniform Gift to Minors Account A UGMA provides a child under the age of 18 (a minor) with a way to own investments.
4. uninsured bank An uninsured bank does not accept retail deposits and need not apply for federal deposit insurance.
5. Usury Charging an illegally high interest rate on a loan.
6. Usury Rates The maximum rate of interest lenders may charge borrowers. The usury rate is generally set by State law.