Acronyms
A beneficiary that can only access an account upon the death of the account owner.
What is the POD?
This type of check is considered "guaranteed funds" and can't be issued unless those are collected.
What is an Official Check?
This is what we call an account when it only has one owner.
What is a sole account?
This is what it's called when you add money to your account.
What is a deposit?
This will be required for any cash transaction $10,000.01 or more.
What is a CTR?
Insurance coverage that protects customers' money while on deposit at a bank.
What is FDIC?
This check is able to be printed for a customer at the branch if they run out of their regular checks.
What is a temporary check?
Another term used for a checking account.
What is a demand deposit?
This is the type of purchase made when you swipe or tap your debit card.
What is POS?
The special report that should be filled out if a customer or transaction appears suspicious.
What is a SAR or Suspicious Activity Report?
Machine that allows you to withdraw money from your account and also talk to a live teller if needed.
What is an ITM?
This is what we call a check that is drawn on VeraBank.
What is an On-Us Check?
Also known as a multiple party account.
What is a joint account?
An electronic method of transferring guaranteed funds from one person or company to another.
What is a wire transfer?
When a business is operating under an assumed name, it is often referred to as this.
What is a DBA?
If an item is returned because the funds were not available, it is considered this.
What is NSF?
This is the signature on the back of the check that is required for it to be negotiated.
What is an endorsement?
The balance in an account that includes any pending transactions.
What is the available balance?
This type of transfer moves funds from one account to another on a regular basis.
What is an auto or recurring transfer?
The specific time a transaction has to be processed by to be on today's business.
What is the cut-off time?
Our policy to identify bank customers and maintain compliance with the USA Patriot Act. Commonly known as "Know Your Customer".
What is CIP?
These are the printed numbers in the MICR line of a check that are specific for the bank it is drawn on.
What are the Routing Numbers?
This will happen to an account if it stays overdrawn for an extended period of time.
What is charge-off?
An electronic transfer of funds between banks and credit unions across the Automated Clearing House network.
What is an ACH?
A detailed list of all transactions that were made on an account during a specific period of time.
What is a statement?