Check safekeepingĪ service where the bank keeps copies or digital images of all checks written against your account for 7 years, instead of returning them with account statements. 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. 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. Each account statement includes images of checks (up to 10 per page) that posted to the account during the statement cycle. Check cardĪ service that provides images of canceled checks. These accounts are sometimes interest-bearing. Checking accountĪ 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. See "Federal Deposit Insurance Corporation." Certified checkĪ check for which the bank guarantees payment. If early withdrawal from the CD prior to the end of the term is permitted, a penalty is usually assessed.
CDs are insured by the FDIC up to applicable limits. Certificate of Deposit (CD)Ī time deposit that is payable at the end of a specified amount of time or "term." CDs generally pay a fixed rate of interest and offer a higher interest rate than other types of deposit accounts. A cashier's check will not usually bounce because the amount it is written for is paid to the bank when it is issued, and the bank then assumes the obligation. Cashier’s checkĪ check issued by a bank and paid from its funds. A canceled check is usually acceptable as legal proof of payment. Bounced checkĪ check that is returned to the depositor because there are not sufficient funds to pay the amount of the check.Ī check that has been paid. Bill PayĪn optional service from Bank of America that lets you pay your bills online. There are more than 5,700 Bank of America banking center locations. Banking centerĪ Bank of America branch office. When a debit clears that exceeds the funds available in your account, money will be transferred from the linked Balance Connect™ for overdraft protection account. Balance Connect™ for overdraft protection Transfer FeeĪn Balance Connect™ for overdraft protection Transfer fee occurs whenever funds must be provided to cover a transaction that overdraws your checking account. You can apply for Balance Connect™ for overdraft protection by visiting a banking center or calling us at 1.800.432.1000 between Monday-Friday 7a.m.-10 p.m. See "minimum daily balance."ī Balance Connect™ for overdraft protectionīalance Connect ™ for overdraft protection links your Bank of America checking account to another Bank of America account-such as savings, credit card, second checking account, or line of credit-and automatically transfers available funds to cover purchases, prevent returned checks and declined items when you don't have enough money in your checking account. May be used to determine whether a service charge applies or whether your account qualifies for special services or discounts. The sum of all the daily account balances during an accounting period (usually a monthly statement cycle), divided by the number of days in the same period. The amount of money in your account that is available for immediate use. Automatic paymentĪn arrangement that automatically deducts funds from your account (usually a checking account) on the day you choose in order to pay a recurring bill (such as car, insurance, mortgage payments, etc.) Available balance 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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