![]() Automatic funds transferĪn arrangement that automatically moves funds from your account to another on a date you choose for example, every payday. Automated Clearing House (ACH)Ī nationwide funds transfer network that enables participating financial institutions to electronically credit, debit and settle entries to bank accounts. ![]() Includes both interest paid on the amount held in the account, as well as compounded interest for the year. The total amount of interest paid by the bank on your deposit account ( checking, savings, CDs, IRAs) during the year. Active accountĪn open bank account in which transactions can be made usually an account that has had activity within the last 3 years. See “collected balance.” Account statementĪ printed or online statement of all the funds paid out by or paid into your account during a statement cycle. The amount of money in an account at the start of the business day, including all deposits and withdrawals posted the previous night, whether or not the funds have been collected.
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