What Is Ach Withdrawal Mean
ACH withdrawal refers to an electronic funds transfer (EFT) initiated by a payer through the Automated Clearing House network, allowing direct debits from a bank account for bill payments or purchases.
Business & Economy
What Does Running Balance Mean
Running balance refers to the continuously updated total of a financial account after each transaction, providing a real-time view of available funds or outstanding amounts.
What Does It Mean When A Bond Is Revoked
When a bond is revoked, it means that the legal guarantee provided by the bond is withdrawn, often due to failure to meet specific conditions. This typically occurs in legal or financial contexts and can have significant consequences for the parties involved.
What Does Concession Ticket Mean
A concession ticket is a discounted admission ticket offered to specific groups of people who may have limited financial means or special status. Common eligible groups include students, seniors, and individuals with disabilities.
What Does Insured Name Mean
The insured name in an insurance policy refers to the individual, entity, or organization that is covered by the insurance contract for specified risks.
What Does Split Limits Mean In Auto Insurance
Split limits are a method of structuring auto insurance coverage that divides the maximum amount an insurer will pay into three distinct categories. These limits apply separately to bodily injury per person, bodily injury per accident, and property damage.
What Does Prenote Mean Direct Deposit
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 via direct deposit.
What Does Provisional Credit Reversal Mean
A provisional credit reversal occurs when a financial institution removes a temporary credit previously granted to a customer’s account during a dispute investigation. This typically happens when the bank determines the claim was invalid or the transaction was authorized.
What Does Cash Allowance Mean
A cash allowance is a monetary payment provided by an employer or organization to cover specific expenses or as part of compensation. It differs from a salary in that it is often earmarked for particular costs and may have distinct tax and accounting treatments.
What Does $25 000 Bond Mean
A $25,000 bond is a court-set financial guarantee for a defendant’s release before trial. It can be paid in full cash or via a bail bondsman who charges a non-refundable premium, typically 10%. Failure to appear results in forfeiture.