Rates Current as of Thursday February 09, 2012

Collected Funds

Cash deposits or checks that have been presented for payment and for which payment has been received.

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The movement of checks from the banks or other depository institutions where they are deposited back to those on which they are written, and funds movement in the opposite direction. This process results in credits to accounts at the institutions of deposit and corresponding debits to accounts at the paying institutions. The Federal

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A notification by a paying bank that an item presented for payment has been paid or that cannot be honored. Also used in securities to verifying that a customer’s signature is genuine.

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Banking & CD FAQs

I owed my friend in another state some money and I sent a cashiers check, his bank has placed a hold on the money. I thought the purpose of the cashiers check was to have immediate guaranteed funds. Why would the bank do this?

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