Glossay
AB | CD | EF | GH | IJ | KL | MN | OP | QR | ST | UV | WX | YZ
AB
The balance in an account at the beginning of each business day; includes all deposits and withdrawals that were posted from the previous night, whether or not funds have been collected. See also Glossary term, "Collected Balance."
A printed or online statement of all the debit and credit transactions on an account for a given statement cycle.
(Annual Percentage Rate) The yearly rate of interest over the life of a loan.
An arrangement that moves funds from one account to another automatically on a pre-arranged schedule; for example, every payday or once a month.
An arrangement that authorizes payments to be deducted automatically from a bank account (usually a Checking Account) to pay bills (such as insurance payments, rent, mortgage or loan payments). Payments are usually scheduled to be made on a certain day of the month.
The amount of money in an account that is available for immediate use.
The total amount of funds available to you from your own funds and/or other sources that can be used for your down payment and the closing costs associated with a loan.
The average amount in a deposit account that equals the sum of the daily account balances during an accounting period, usually a monthly statement cycle, divided by the number of days in the period. Can sometimes be used to calculate whether a service charge applies or to qualify for special services. See also Glossary term, "Minimum Daily Balance".
A representation of the total amount of funds available for use in a given deposit account.
The act of transferring debt from one account to another. Typically done between Credit Cards to take advantage of a lower rate offer or to consolidate debt to lower monthly payments.
A Bank of America branch office. There are 5,800 Bank of America Banking Centers nationwide. See ATM & Banking Center Locator.
Bill Pay is a service of Online Banking from Bank of America that allows you to pay your bills online. In addition, you can elect to receive e-Bills - electronic versions of your paper bills - from your Bank of America Credit Card and a variety of companies like AT&T Long Distance, Sears and Texaco. See the list of companies currently offering e-Bills.
Terms and conditions for use and repayment of debt between the borrower and the lending institution.
A check which a bank returns unpaid because there are not enough available funds in the account.
CD
A check that has been paid. A cancelled check may generally be used as proof of payment.
Transaction to access cash from a Credit Card Account including through an ATM, at a bank or through an access check.
A purchase of "cash equivalents" from any seller other than a financial institution. Examples of cash equivalents include casino gaming chips, foreign currency, money orders, wire transfers and travelers checks from a non-financial institution.
A type of deposit account, sometimes interest bearing, which enables customers to place funds and withdraw their available funds on demand, typically by writing a check.
A plastic card issued by Bank of America that customers can use anywhere Visa Debit Cards are accepted. Because money is deducted directly from a designated checking account, there are no finance charges. A Check Card can also be used at ATMs so there is no need to carry both a Check Card and an ATM card. Also referred to as a debit card.
A service where you receive images of the front of your cancelled checks. Each account statement includes images of checks (up to 10 per page) that posted to your account during the statement cycle. You can view and print copies of the front and back of checks posted within the last 90 days by signing on to Online Banking, or you can request check copies by visiting your nearest Bank of America banking center, or by calling the customer service number on your statement.
The balance in a deposit account, not including deposited items that have not yet been paid, or collected. See also Glossary term, "Account Balance".
Any combination of balances from linked accounts, such as savings, checking, and CDs. Can be used to meet the balance required to waive the monthly fee on some Checking Accounts.
Interest that is calculated not only on the principal balance in the account, but also on the accumulated interest. The more frequently interest is compounded, the higher the effective yield.
A financial term that refers to an increase in a deposit account balance (such as a deposit made to the account). See also Glossary term, "Debit".
A plastic card issued to an individual for the purpose of purchasing goods and services using credit; a credit limit is established for each card holder.
Credit involves the borrowing of funds with the intent to repay the lender at a later date, such as Credit Cards, car loans and student loans. Credit history includes account types, balances remaining, payment status, collection information and inquiries. The credit bureau collects and organizes information about people who have credit. The information generally goes back seven to 10 years. This report includes your name, address, employer, length of employment and previous credit history.
The maximum amount you can borrow under a line of credit.
A number rating the quality of an individual's credit. Lenders calculate this number, often with the assistance of computer systems, as part of the process of assigning rates and terms to the loans they make.
A service where the bank returns the checks with the account statement.
A transaction is said to have cleared when the funds have been transferred from one account to another.
A time of day specified by the bank before which a transaction must be received for processing to begin on that day.
A financial term that refers to a decrease in a deposit account balance, such as a check posted to the account. See also Glossary term, "Credit".
A plastic card issued by a bank which, in the case of Bank of America Cards, customers can use anywhere Visa debit cards are accepted. Because the money is deducted directly from a designated Checking Account, there are no finance charges. A debit card can also be used at ATMs so there is no need to carry both a debit card and an ATM card. See also Glossary term, "Check Card".
The APR(s) which may be applied to balance transfers, cash advances, and purchases without further notice if you pay less than the full amount due by your payment due date, or allow your balance to exceed your credit limit. Also "Default APR" or "Penalty Rate".
Money added into a customer's account at a financial institution.
With Direct Deposit, your recurring deposits are made electronically into your checking, savings or money market account. Deposits can include salary, pension, Social Security and Supplemental Security Income (SSI) benefits, or other regular monthly income.
Information pertaining to the account services, fees and regulatory requirements.
EF
Electronic Funds Transfer (EFT)
Any transfer of funds initiated by electronic means, such as an electronic terminal, telephone, computer, ATM or magnetic tape.
Extended Overdrawn Balance Charge
An Extended Overdrawn Balance Charge occurs when your account is overdrawn and continues to be overdrawn five consecutive business days. The amount will be in addition to Overdraft Item Fees and NSF: Returned Item Fees.
A finance charge is the sum of the interest, including transaction fees and certain service fees, on your Credit Card Account.
A deception deliberately practiced in order to secure unfair or unlawful gain.
GH
A grace period is an interest free period between the time of a purchase and the payment due date shown on your next statement.
A hold is a delay in the availability of funds you deposit. When we place a hold on a deposit, you will not be able to use the funds held until the hold period expires.
The time between a transaction being initiated and when the funds involved in that transaction are released for use.
An Insufficient Funds Fee (NSF) occurs when there are not sufficient funds in an account to cover a given transaction.
IJ
The rate paid on an interest-bearing account, such as savings, CDs and some checking accounts; also, the rate charged on a loan or line of credit. Different types of accounts and loans pay or charge different rates of interest.
KL
Any account linked to another account at the same financial institution so that funds may be transferred electronically between accounts, and in some cases, the combined balance may be used to help meet the balance required to waive a monthly service charge on one of the accounts.
MN
The lowest end-of-day balance in an account during a statement cycle. It is often required to be kept in an account each day to earn interest, avoid a service charge or qualify for special services. See also Glossary term, "Average Daily Balance".
Mobile Banking lets you check balances, pay bills, transfer funds, locate banking centers and ATMs and more all from your cell phone or smart device.
The fee charged to maintain a particular account, such as a Checking Account. Bank of America offers many options to avoid the maintenance fees on Checking and Savings Accounts.
An ATM or cash machine that does not prominently display a bank's name or logo. Fees generally apply to cash withdrawals at non-bank ATMs. Non-bank ATMs generally do not accept deposits.
OP
A service that allows an account holder to obtain account information and manage certain banking transactions, including bill payment through a personal computer.
An overdraft occurs when you do not have enough available funds in your account to cover a check or other withdrawal, but the bank pays the items and overdraws your account. The overdraft item fee assessed may vary depending on your overdrawn account balance. Also see glossary term "Overdraft Protection".
A service that allows a Checking Account to be linked to another account that helps provide protection against returned items or overdrafts. When your Checking Account does not have sufficient available funds to cover a check, funds are automatically transferred from the available balance in the linked account to cover the check. Choices can include using a Savings Account, Credit Card or a Line of Credit Account as the linked account to provide protection.
A fee assessed in the event of an Overdraft Protection Transfer to a checking account from a savings account, credit card or line of credit.
An account is overdrawn when it has been drawn on in excess of available funds or in excess of available credit.
A transfer of funds from one customer's account to another customer's account.
Personal Identification Number (PIN)
Personal Identification Numbers (PINs) are numbers that customers use with their ATM or Check Card to access their accounts via ATMs or to make purchases with their Check Card. These numbers should always be kept confidential.
When a transaction or item appears on your account statement, it is referred to as having "posted". Depending on the account, this may or may not mean funds have actually moved in or out of the account. See your card or account agreement for details.
The interest rate a bank charges on loans to its most creditworthy customers. Frequently cited as a standard for general interest-rate levels in the economy.
A promotional or introductory rate is lower than your standard interest rate and is valid only for a set term.
QR
A Reduced Overdraft Item Fee will be applied to overdraft items, when your account is overdrawn by an amount less than $5. In this case, we reduce the standard overdraft fee.
For Credit Card balances which are accruing finance charges, this is the amount of interest that accrued from the date of the last statement through the date the balance was actually paid.
When you do not have enough available funds in your account (including any overdraft protection yransfer from another account) to cover a check, the bank may decide not to pay the check and to return it to the payee. A returned item fee may be charged to your account. See your Account Agreement for additional information.
ST
A Deposit Account which pays interest, but funds cannot be withdrawn by check writing.
The interest calculated on a principal sum, not compounded on earned interest.
The period of time represented by a single statement.
When you ask a bank not to pay a check or payment you have written or authorized. Stop payments are generally placed on lost or stolen checks or on checks related to disputed purchases. Stop payment orders generally expire after 6 months and a fee usually applies.
Sequence of events involved in making a purchase. The sequence begins with the selection of merchandise or services and ends with the disbursement of funds to the merchant.
A movement of funds from one account to another.
The fee that may be charged when making certain types of transactions that draw on your credit line.
The section of your statement that itemizes every action on your account during that statement or billing period.
UV
WX
An electronic payment service for transferring funds by wire (for example, through the Federal Reserve Wire Network or the Clearing House Interbank Payments System).
A removal of funds from an account.
YZ
A Bank of America Guarantee. If your card is lost or stolen, you may not be responsible for unauthorized purchases made with your card if you report the theft promptly. The Zero Liability Protection program is free and automatically available on all Bank of America Consumer Credit Cards, Check Cards, and Home Equity Line of Credit Access Cards.
