Common use of Certificate of Deposit Clause in Contracts

Certificate of Deposit. Check: A written order to pay a specific amount of money drawn on, payable through, payable at or processed by a bank or other depository institution. If a Check is sent or returned as an electronic image or as a substitute Check, it is still considered a Check. Chargeback Item Fee: The fee charged to your Account each time a Check or other Item that we either cashed for you or accepted for deposit to your Account is returned to us unpaid. Collected Balance: The balance for the Account, less the portion of funds deposited for which we have not received credit based on our funds availability schedule. All interest-bearing deposit Accounts accrue interest daily on the “Collected Balance” in the Account. Consumer Deposit Account: Any deposit Account primarily for personal, family, or household purposes. These Accounts are usually owned by one or more individuals, or in trust for one or more individuals, or for the benefit of one or more individuals. Current Balance: Your balance at the end of the prior Business Day. It includes the full amount of all deposits to your Account, less payment transactions that actually posted to your Account. Any Holds for purchase transactions, Holds on deposits (see Funds Availability Schedule), or other Checks, payments and fees that have not yet posted will not appear in your Current Balance.