Terms used in banking business such as Cheque Truncation, Cheque,Claimant Bank,Clearing House Funds,Client Head etc


The terms used in banking business such as Cheque Truncation, Cheque,Claimant Bank,Clearing House Funds,Client Head etc


This post explains about terms used in banking such as Check Conversion,Check Truncation,Check safekeeping,Check-to-Image Conversion,Cheque Truncation, Cheque,Claimant Bank,Clearing House Funds,Client Head,Closed-end (Mutual) Fund, Coinage etc. These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.


The terms used in banking business


charge card-- A card that requires a user to pay off the entire balance every month.


Check 21 Act: Check Clearing for the 21st Century Act.


check-- Any written document instructing a bank to pay money from the writer's account.


Check card:See “Debit Card.”


Check Conversion: The processes of converting a source document (a paper check) to an ACH debit or ATM/POS debit. Check conversion is different from check truncation, which as facilitated by the Check 21 Act. When a check is truncated, the transaction remains subject to check law. When a check is converted to an ACH debit, the rules of the National Automated Clearing House Association apply.


Check image: A service that provides images of canceled checks. Each account statement includes images of checks (up to 10 per page) that posted to the account during the statement cycle. You can view and print copies of the front and back of checks posted within the last 12 months by signing on to Online Banking. You can also request copies of checks by visiting your nearest Bank of America banking center, or by calling the customer service number on your statement. As it relates to the Mobile Check Deposit service, a check image is an electronic image of the front and back of a check created within Bank of America’s Mobile App using your mobile device, which is transmitted for deposit.


Check safekeeping: A service where the bank keeps a copy or digital image of all checks written against your account for 7 years instead of returning them with the account statement. You can view photocopies of canceled checks posted within the last 12 months by signing in to Online Banking or visiting your nearest Bank of America banking center.


Check Truncation: Refers to a number of processes for removing the paper check from the forward collection or return process while sending the check data forward in the check collection system.

checking account -- An account for which the holder can write checks. Checking accounts pay less interest than savings accounts, or none at all.


The terms used in banking  business such as Cheque Truncation, Cheque,Claimant Bank,Clearing House Funds,Client Head etcChecking account:A type of deposit account that enables customers to deposit funds and withdraw available funds on demand, typically by writing a check or using a debit card. These accounts are sometimes interest-bearing.


Check-to-Image Conversion: A process by which a check image is created from an original check or substitute check. Check images are processed through the check clearing system and posted to a customer account in the same manner as a paper check.


Cheque Book - A small, bound booklet of cheques. A cheque is a piece of paper produced by your bank with your account number, sort-code and cheque number printed on it. The account number distinguishes your account from other accounts; the sort-code is your bank's special code which distinguishes it from any other bank.


Cheque Clearing - This is the process of getting the money from the cheque-writer's account into the cheque receiver's account.


Cheque Truncation: Cheque truncation truncates or stops the flow of cheques through the banking system. Generally truncation takes place at the collecting branch, which sends the electronic image of the cheques to the paying branch through the clearing house and stores the paper cheques with it.


Cheque: A written order on a bank instrument for payment of a certain amount of money.


Cheque: A written order tied to your chequing account that you fill out with a specified amount of money to pay a person or business. The cheque, once signed, directs your bank to pay the money out of your account.


Cheque: Cheque is an order in writing issued by the drawer to a bank. If the customer has sufficient amount in his account, the cheque is paid by the bank. Cheques are used in place of cash money.


Cheque: Cheque is a bill of exchange drawn on a specified banker ordering the banker to pay a certain sum of money to the drawer of cheque or another person. Money is generally withdrawn by clients by cheques. Cheque is always payable on demand.


Cheque: It is written by an individual to transfer amount between two accounts of the same bank or a different bank and the money is withdrawn form the account.


Chequing Account: An account which allows you to write cheques against deposited funds, or against a loan linked to the account, such as a line of credit.


Chinese walls: information barriers within investment banks to manage potential compliance and conflict of interest issues.


CIBIL:Credit Information Bureau of India Ltd.


CIF: Cost, Insurance and Freight


Circle: Indicating an interest in a specified amount of bonds by making a nonbinding commitment to buy the issue; may become a final sale that is binding to both parties.


Claimant Bank: A Bank that submits a claim for recredit to an Indemnifying Bank.


CLB:Company Law Board


Clean-up merger: Also called Take-out merger. The consolidation of the acquired firm into the acquiring firm after the acquirer has obtained control.


clear -- A check "clears" when its amount is debited (subtracted) from the payer's account and credited (added) to the payee's account.


Clear: To carry out a trade: the seller delivers securities, and the buyer delivers funds. A trade that does not clear is said to fail.


Clearing Bank: Clearing bank is one which settles the debits and credits of the commercial banks. Even of the cash balances are lesser, clearing bank facilitates banking operation of the commercial bank.


Clearing House Funds: Monies within the New York Clearing House Interbank Payments System. Funds are transferred from bank to bank to allow settlement in the various areas served by a particular clearing house. Clearing house funds are available the next day.


Clearing House: Clearing house is an institution which helps to settle the mutual indebtedness that occurs among the members of its organisation.


Clearing: the mechanism for making transactions happen: matching the buyer and seller, making sure the buyer has the cash and the seller has the securities.


Client Head (PM): The ‘Client Head’ is the super user at the PM end. Only ‘Client Head’ has privileges to perform actions like create GAH users, modify users, suspend users, unlock, log-off users, reset the login password of users, set risk limits & take action on client bids etc. Only one user is possible in every PM environment.


Closed Economy: Closed economy refers to the economy having no foreign trade (i.e., export and import). Such economies depend exclusively on their own internal domestic resources and have no dependence on outside world.


Closed-end (Mutual) Fund: A fund with a fixed number of shares issued, and all trading is done between investors in the open market. The share prices are determined by market prices instead of their net asset value.


CMO Class: A group of bonds within a collateralized mortgaged obligation (CMO) issue. Each class has a specific rate and principal-redemption schedule. Also referred to as a tranche.


CMS: Cash Management Services.


Coinage: Art and practice of making coins is called coinage. The metal is melted and moulded to shape into a coin. The coinage is a medium of exchange (money).


The above details describes about terms called in banking such as Check Conversion,Check Truncation,Check safekeeping,Check-to-Image Conversion,Cheque Truncation, Cheque,Claimant Bank,Clearing House Funds,Client Head,Closed-end (Mutual) Fund, Coinage etc.These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in overseas trade below this post.Terms used in banking business such as Capital Adequacy Ratio,Capital Funds,Cash Reserve Ratio ,Census,Certificate of Deposit etc


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