The phrase ‘Refer to Maker’ is a banking term used when a check is returned unpaid. It indicates that the paying bank cannot honor the check and directs the payee to contact the person who wrote the check for resolution.
The status of a mortgage refers to the current standing of a home loan in relation to its payment schedule and legal obligations. It indicates whether a loan is current, delinquent, or fully satisfied.
Pre‑authorization debit is a temporary hold placed on a cardholder’s account to verify that sufficient funds are available before a transaction is finalized. It is commonly used by hotels, car‑rental agencies, and online merchants to ensure payment security.
A surcharge‑free ATM is a cash‑dispensing machine that does not charge the cardholder an additional fee for the withdrawal. These machines are typically operated by the cardholder’s own bank or by networks that have agreements to waive fees for certain customers.
An escrow advance occurs when a mortgage lender pays a required expense, such as property taxes or insurance, from their own funds because the borrower’s escrow account has insufficient balance. The lender then seeks reimbursement from the borrower through an adjusted payment plan.
Insufficient funds occur when a bank account does not have enough money to cover a requested transaction. This results in the transaction being declined or the account entering an overdraft state.
The memo line on a check is an optional space used by the payer to note the purpose of the payment. It serves as a personal record and a reference for the recipient without affecting the legal validity of the check.
Surcharge free refers to an Automated Teller Machine (ATM) transaction where the machine owner does not charge the user an additional convenience fee. This is typically achieved through network agreements between financial institutions.
A prenote, short for pre-notification, is a zero-dollar transaction used to verify that bank account and routing information are correct before actual funds are transferred. It acts as a validation step to prevent payment failures in direct deposit systems.
A $5000 secured bond is a financial guarantee, typically used in legal or commercial contexts, where $5000 is pledged as collateral to ensure the fulfillment of an obligation. If the terms of the bond are breached, the funds are forfeited to the beneficiary.