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Account Balance History
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A historical snapshot of your Available Balance, which reflects holds and transactions that are Processing or Cleared. This balance was used in making payment decisions and in triggering returned item or overdraft fees. |
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Account statement
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A printed or online statement of all the debit and credit transactions on an account for a given statement cycle. |
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Active account
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A bank account in which there are recent transactions. |
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Annual percentage yield (APY)
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A percentage rate reflecting the total amount of interest paid on a deposit account (checking, savings, CDs, IRAs), based on the interest rate and the effect of interest compounding for one year. |
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Authorized Transaction
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Authorized transactions are Debit Card purchases made without entering a PIN at specific types of businesses. The amount of the transaction is not deducted from your Available Balance until the final purchase amount is received from the merchant, because the initial amount of the transaction is often higher than the final transaction.
Certain businesses will submit higher authorization amounts as a normal course of business. These businesses are often travel related (such as airlines, hotels, car rentals) as well as some catalog businesses.
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Automated Clearing House (ACH)
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A nationwide electronic funds transfer network that enables participating financial institutions to distribute electronic credit and debit entries to bank accounts and to settle such entries. |
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Automatic Funds Transfer
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An arrangement that moves funds from one account to another automatically on a pre-arranged schedule; for example, every payday or once a month. |
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Automatic payment
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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. |
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Available balance
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Your Available Balance is the amount of money in your checking or savings account that is currently available for you. It includes all Cleared and Processing transactions. Keep in mind that any transactions you have made but Bank of America has not yet received need to be subtracted from your Available Balance for you to know the exact amount of money you have to spend or withdraw.
The Available Balance does not include:
- Any transaction that has not been received by the bank (check, recurring Debit Card transactions, ACH)
- Amount of a deposit not currently available, including holds
- Debit Card transactions identified as Authorized
Please reference the “Tips to help avoid fees” help located on the Account Details screen for more information on avoiding fees.
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Average daily balance
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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.” |
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Banking Center
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A Bank of America branch office. There are 4,500 Bank of America banking centers nationwide. See ATM & Banking Center Locator. |
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Bill Pay
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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. |
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Bounced check
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A check which a bank returns unpaid because there are not enough available funds in the account. |
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Business Day Cut-Off
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Business Day Cut-off is generally the latest time by which you must make a transaction in order to be posted to your deposit account that business day.
- For transactions at a Bank of America banking center, you can ask an associate for the Business Day Cut-off time
- If the Bank of America ATM you are using is located in the state where your account was opened, the Business Day Cut-off time is the earlier of 8:00 pm local time or the time posted on the ATM. If you are using a Bank of America ATM located in another state, Business Day Cut-off time is 8:00 pm local time in the state where your account was opened.
- When you use Online Banking or call Customer Service to make transfers between Bank of America deposit accounts, Business Day Cut-off time is 10:45 pm Eastern Time (10:45 pm Pacific Time for accounts opened in California)
If you make a transaction after Business Day Cut-off, or on a Saturday, Sunday or bank holiday we will post it to your account on our next business day.
However, some transactions you make after Business Day Cut-off may be included in the balance we use to process transactions that night. For information, see What’s Changing About Certain Transactions Made After Business Day Cut-Off?
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Cancelled check
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A check that has been paid. A cancelled check may generally be used as proof of payment. |
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Cashier’s check
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A check drawn on and issued by a bank. It does not usually bounce because its face amount is paid to the bank when it is issued and the bank then assumes the obligation. |
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Certificate of Deposit (CD)
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A time deposit that is payable at the end of a specified term. CDs generally pay a fixed interest rate and generally offer a higher interest rate than other types of deposit accounts. Terms can range from 7 days to 10 years. CDs are insured by the FDIC up to the maximum allowed by law. If an early withdrawal from the CD prior to the end of the term is permitted, a penalty is usually assessed. |
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Certified check
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A check for which the bank guarantees payment. |
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Checking account
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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. |
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Check Image
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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 180 calendar 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. |
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Check safekeeping
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A service where the bank keeps a copy or digital image of cancelled checks for 7 years instead of returning them with the account statement. You can view photocopies of your cancelled checks that posted within the last 180 days by signing in to Online Banking or by visiting your nearest Bank of America banking center. |
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Cleared Transactions
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Transactions are given a “Cleared” status when they have been posted to your account. “Cleared”, or posted transactions, are not always final because there may be certain circumstances when such transactions may be reversed. |
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Combined balance
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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. |
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Compound Interest
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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. |
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Credit
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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.” |
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Credit card
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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. |
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Check enclosure
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A service where the bank returns the checks with the account statement. |
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Custodial account
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An account created for the benefit of a minor with an adult as the custodian. |
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Debit
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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.” |
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Debit card
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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 interest 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. Also referred to as a debit card. |
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Deposit
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Money added into a customer’s account at a financial institution. |
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Direct deposit
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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. |
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Disclosure
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Information pertaining to the account services, fees and regulatory requirements. |
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Electronic Funds Transfer (EFT)
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Any transfer of funds initiated by electronic means, such as an electronic terminal, telephone, computer, ATM or magnetic tape. |
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Emergency cash
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A service provided by Visa to Bank of America personal Debit Card customers. Worldwide emergency cash replacement services are available 24 hours a day, 365 days a year. The emergency cash is delivered directly to you or to a convenient location where you can get it. |
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Federal Deposit Insurance Corporation (FDIC)
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The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government. The FDIC protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
The FDIC guarantees deposit accounts (checking, savings, money market savings and CDs) up to the maximum allowed by law. In October 2008, the FDIC temporarily increased basic deposit insurance from $100,000 to $250,000 per depositor through December 31, 2013. The FDIC separately guarantees bank individual retirement accounts (IRAs) up to $250,000 per owner.
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Float
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The amount of time represented by checks that are in transit between the date they are deposited to an account and the date they are paid. The time between deposit and payment of the check is referred to as the float. |
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Hold
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Deposit Holds are delays to the availability of a portion of deposited checks. They occur infrequently and if you receive one, you will receive a notice with the reason and the new date the funds will be available. The date on the Hold notice will replace the Credit Pending date for that portion of the deposit. Please refer to the Deposit Agreement for more details.
Situations that typically cause a check to be held include:
- The check is for an amount larger than you normally deposit
- The source of the check (for example, a personal check is more likely to be held than a government check)
- We suspect that we cannot collect the funds from the account the check is drawn on
- Previous overdrafts from this account
Balance Holds are holds placed on your entire account balance. For assistance and additional information, please contact customer service.
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Inactive account
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A bank account in which there have not been any transactions for an extended period of time. In some cases (no activity within the period specified by state law, generally at least three years), the law requires a bank to turn the account over to the state as unclaimed property. |
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Interest bearing
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An account that earns interest is an interest bearing account. |
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Interest rate
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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. |
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Joint account
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Any account owned by two or more people. |
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Jumbo CD
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Same as Certificate of Deposit (CD), except the deposit amount usually is a minimum of $100,000. |
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Linked account
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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. |
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Maturity Date
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Date when the term of your Opt-Up® CD ends. The Maturity Date is 30 months following the date when the CD was opened. |
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Minimum daily balance
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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.” |
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Money market account
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A savings account that generally permits up to three withdrawals by check or debit card each statement cycle. |
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Money order
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A financial instrument, issued by a bank or other institution, allowing the individual named on the order to receive a specified amount of cash on demand. Often used by people who do not have checking accounts. |
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Monthly maintenance fee
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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. |
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Non-bank ATM
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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. |
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Online banking
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A service that allows an account holder to obtain account information and manage certain banking transactions, including bill payment through a personal computer. |
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Original Interest Rate
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Rate assigned when the CD account is opened. The Original Interest Rate is listed on your CD account receipt and statement. |
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Overdraft
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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. See also glossary term “Overdraft protection.” |
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Overdraft protection
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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 credit card or a line of credit account as the linked account to provide protection. |
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Personal identification number (PIN)
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Personal Identification Numbers (PINs) are numbers that customers use with their ATM or Debit Card to access their accounts via ATMs or to make purchases with their Debit Card. These numbers should always be kept confidential. |
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Preferred Rate MODEL
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You are eligible to receive this rate if you have any of the following accounts or relationships: Advantage, Wealth Management Banking, Private Bank or Small Business Banking. |
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Preferred Rate CA
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You are eligible to receive this rate if you have any of the following accounts: Tiered Interest Checking, Business Advantage and several other special banking relationships. |
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Preferred Rate NW
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You are eligible to receive this rate if you have any of the following accounts: First Choice Gold, Business Advantage and several other special banking relationships. |
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Preferred Rate NE
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You are eligible to receive this rate if you have any of the following accounts or relationships: Advantage, Wealth Management Banking, Private Bank or Small Business Banking. |
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Preferred Rate NEModel
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You are eligible to receive this rate if you have any of the following accounts or relationships: Advantage, Preferred, Wealth Management Banking, Private Bank or Small Business Client Managed customers (formerly known as FleetOne Premier, FleetOne Gold, Asset Management Accounts and Private Client Accounts). |
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Processing Transaction
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Processing transactions are any deposits, transfers, purchases and withdrawals which have been added to or deducted from your Available Balance, but have not yet Cleared.
Please reference the “Tips to help avoid fees” help located on the Account Details screen for more information on avoiding fees.
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Rate
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Original Interest Rate
Rate assigned when the CD account is opened. The Original Interest Rate is listed on your CD account receipt and statement.
Opt-Up Rate
New rate you would receive after taking advantage of the Opt-Up feature of your CD. You are eligible to “opt-up” once anytime after six months following the opening of your CD.
“What-If”
This calculation can determine possible rate scenarios based on your own input. Results may not represent actual rates. |
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Returned Item
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When you do not have enough available funds in your account (including any overdraft protection transfer 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. |
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Savings account
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A deposit account which pays interest, but funds cannot be withdrawn by check writing. |
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Simple interest
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The interest calculated on a principal sum, not compounded on earned interest. |
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Stop payment
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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. |
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Time deposit or CD
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An account for a fixed term with the understanding that the funds will remain on deposit until the end of the term. Penalties for early withdrawals may apply. |
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Transaction limitations
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Refers to a Federal Reserve Board regulation that limits certain types of withdrawals and/or transfers from savings and money market deposit accounts. There can be no more than six preauthorized or automatic transfers, or telephone/PC transfers (including bill payments) out of the account each month; of the six, if applicable, no more than three of the six limited transfers may be by check or debit card. Withdrawals at ATMs and teller windows from these accounts are unlimited. |
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Transfer
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A movement of funds from one account to another. |
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Travelers cheque
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Check issued by a financial institution which functions as cash but is protected against loss or theft. Useful when traveling. Also referred to as traveler’s checks. |
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Uncollected funds
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Refers to items deposited in an account that have not yet been collected, or paid, by the bank on which they were drawn. |
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Variable rate
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An interest rate that may fluctuate during the term of a loan, line of credit or deposit account. Sometimes the rate changes based on changes in an index rate, such as the prime rate or other prescribed criteria. Sometimes the bank changes the rate at its discretion. |
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Wire transfer
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An electronic payment service for transferring funds by wire (for example, through the Federal Reserve Wire Network or the Clearing House Interbank Payments System). |
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Withdrawal
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A removal of funds from an account. |
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Zero Liability Protection
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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, Learn more about Debit Cards, and Home Equity line of credit access cards. |
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