ABA# or Routing Number:
A nine digit number that identifies a specific Federal or State chartered bank or savings institution. The ABA# facilitates the processing of checks and electronic funds transfers within bank accounts by identifying the bank that holds the account. OCB&T's routing number is 075912275.
A bank account in which there are recent transactions.
Annual Percentage Yield (APY):
A percentage rate reflecting the total amount of interest paid on a deposit account based on the interest rate and the effect of the interest compounding for one year.
Automated Clearing House (ACH):
A nationwide electronic funds transfer network that enables participating financial institutions to initiate and receive electronic credit and debit entries (payment or deposit orders) and to post such entries to accounts.
Payments that are authorized to be deducted automatically from a bank account to pay bills (such as mortgage or loan payments, insurance payments, and utility payments). Payments are usually recurring and are scheduled on the same day each month.
The available balance is the amount of money in your account that is currently available for withdrawal. It includes all cleared and memo-posted transactions. This is the balance you will see online or will receive if you call and speak with one of our representatives. This balance does not include any scheduled automatic payments or checks you may have written that have not yet been presented for payment. Please refer to your checkbook register to get your final balance.
A check which a bank returns unpaid because there are not enough available funds in the account.
Business Day Cut-Off:
This is the latest time by which you must make a transaction (either in person, online, or via the telephone teller) in order for it to be posted to your account on that business day. Our business day cut off is 4:00 p.m. If you make a deposit after 4:00 p.m. the transaction will post the next business day. If you make a deposit on a Friday night, Saturday, or Sunday the transaction will post the next Monday.
A check that has been paid. The check has posted to an account and the funds have been subtracted.
A check drawn on and issued by a bank. Generally, cashier’s checks are guaranteed funds. The issuing bank verifies that the funds used to purchase the check are available. Cashier’s checks cannot be returned due to non-sufficient funds and it is very difficult to stop payment on a cashier’s check. However, in recent times the use of fraudulent cashier’s checks to perpetrate scams has been on the rise, therefore, cashier’s checks are not always guaranteed.
Certificate of Deposit (CD):
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 withdrawal may apply.
U.S. law which allows a recipient of a paper check to create an electronic version of the original check (called a substitute check), thereby eliminating the need for further handling of the physical document.
A type of account where customers can deposit funds and then write checks, or initiate electronic funds transfers against their available balance. Some checking accounts can be interest bearing.
Interest that is calculated not only on the principal balance in the account, but also on the accumulated interest that has been applied to the account. The more frequently the 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 into the account).
A financial term that refers to a decrease in a deposit account balance, such as a check or electronic fund transfer.
Recurring deposits that are made electronically into a checking, savings, or money market account. Direct deposits include payroll deposits, Social Security benefits, pension payments, and any other recurring monthly deposit into an account. Direct deposits are immediately available for withdrawal.
Information provided to you by a bank at account opening and periodically throughout the year. Disclosures include account fees, account rules, your rights as an account holder, and your responsibilities as an account holder.
An account that hasn’t had any activity in two years. Dormant accounts must be turned over to the State of Wisconsin as unclaimed property after five years without customer contact. Please be assured we make every effort to contact customers with dormant accounts before turning the funds over to the state. We ask that you be sure to update your address and phone number with the bank if you move so that we do not lose contact with you.
Electronic Funds Transfer:
Any transfer of funds initiated by electronic means, such as an electronic terminal (ATM or POS), ACH, telephone, or computer.
A delay in the availability of a deposit, or a portion of a deposit. Deposited funds are generally available on the next business day; however, we may in rare cases place a hold on a deposit. If a hold is placed on your deposit you will receive notice of the hold. Possible reasons for a hold are: the check is for a larger amount than you normally deposit, the source of the check, we suspect we cannot collect the funds from the account the check is drawn on, or previous overdrafts on the account. Another type of hold is the full balance hold. A full balance hold is a delay in the availability of the entire account balance. Full balance holds are placed on accounts when the account owner has passed away, accounts that are being held as collateral for a loan, and on accounts where there is the possibility of fraud or misuse of the account. When there is a full balance hold on an account, items cannot post to the account until they are verified.
An inactive account is an account that has not had any activity for one year. When an account becomes inactive a notice is sent to the account holder.
The rate paid on an interest bearing account, such as a savings account, CD, money market, or NOW account. This also refers to the rate paid on a loan or line of credit. Different types of accounts and loans pay or charge different rates of interest.
Account owned by two or more people.
Certificate of deposit account with a principal balance of $100,000 or more.
A mortgage principal balance in excess of $417,000.00
Date when the term of a CD ends. You have ten days from the maturity date of your CD within which to make a withdrawal or change to the account without having a penalty apply. We send you a notice thirty days before your CD matures and we send you an interest notice directly after the maturity date.
This refers to debits and credits (checks, EFTs, or deposits) that are being presented on any given business day to an account. These items are deducted from or added to the accounts available balance but debits have not yet been finally paid. The items may be subject to a stop payment order or hold on the account, or there may not be sufficient funds in the account to pay all the items. In that case some items may not post to the account until the next business day when they have been verified. Deposits of checks not drawn on our bank may not be available until the next business day.
Money Market Account:
A type of savings account with check writing privileges. This account generally permits up to six withdrawals by check or electronic funds transfer each statement cycle. In person transfers and withdrawals are unlimited.
An overdraft occurs when there are not enough available funds in an account to pay a check or electronic funds transfer that has been presented for payment. If a deposit or transfer is not made into the account by noon the next business day, checks or debits may be returned as NSF.
A check or EFT that is returned by the bank to the payee. The most common reason for a returned check is non-sufficient funds. Items may be returned for other reasons including a stop payment order, or a hold on the account.
A deposit account which pays interest, but funds may not be withdrawn by writing checks. Funds may be withdrawn in person or by EFT. At OCB&T, three withdrawals are permitted per month, after three withdrawals a fee may apply.
Stop Payment Order:
Written or verbal authorization by an account holder which orders the bank to withhold payment on a specific check or payment. Stop payments are generally placed on stolen or lost checks, or on checks or EFTs related to disputed purchases or bills. Stop payments generally remain in effect for six months and a fee usually applies.
Traveler’s Cheque (Check):
Check issued by a financial institution which functions as cash but is protected against loss or theft.
Checks that have been deposited into an account that have not yet been collected or paid by the bank on which they are drawn.
An electronic payment service for transferring funds from one bank to another electronically.
A removal of funds from an account.
Written Statement of Unauthorized ACH Debit:
The WSUD is a form that must be signed by a customer if they wish to dispute an electronic funds transfer that has posted to their account. Upon signing the form, in most instances*, the item can be returned immediately and the customer will receive a reimbursement of the unauthorized funds. (*Per banking regulations, customers have 60 days from the delivery date of the statement in which they noticed the error to notify the financial institution and dispute an electronic funds transfer).