Category: Banking terms

Affinity credit card

An affinity credit card program Allows an organization to offer members and supporters ict-Those Who-have an “affinity” For That organization-a credit card branded with the organization’s brand and imagery. An affinity credit card program may pay the brand owning a bonus for each new account generated, plus a percentage of every transaction charged to the card. In some cases the brand-owning…

Acceptance mark

An acceptance mark , in respect of credit cards , is a gold logo design That indicates qui year card schemes automated teller machines or merchant Accepts. Common uses include decals and signs at merchant locations or in merchant advertisements. The purpose of the mark is to provide the card holder with information. An acceptance mark differs from the card’s product name (Such As American Express Black…

Shared Check Authorization Network

Shared Check Authorization Network (SCAN) is a comprehensive database of bad check writers in the United States . The database is used by retailers in order to reduce the number of bad checks received. The data base of the present invention relates to a method for determining the presence of a particular accountholder….

Non-sufficient funds

Non-sufficient funds (NSF) is a term used in the banking industry to indicate indication That a check can not be honored Because insufficient funds are available in the account is the instrument qui Was drawn. An NSF check is Often Referred to as a bad check , dishonored check , bounced check , cold check , rubber check , returned item , or hot check ….


ChexSystems is a check verification services and consumer credit reporting agency owned by the eFunds subsidiary of FIS . It provides information about the use of deposit accounts by consumers….

Check fraud

Check fraud Refers to a category of criminal acts That Involve making the unlawful use of checks in order to borrow funds or Illegally ACQUIRE That do not exist dans le account balance or account-holder’s legal ownership. Most methods Involve Taking advantage of the float (the time between the negotiation of the check and Its clearance at the check-writer’s bank) to draw out…

Check kiting

Check-in is a form of checking fraud , which involves taking advantage of the float to make use of non-existent funds in a checking or other bank account . In this way, instead of being used as a negotiable instrument , checks are misused as a form of unauthorized credit ….

Bad check restitution program

A bad check restitution program (BCRP) is a program in the United States that works to retrieve funds from bad check writers in order to repay moneys owed to the recipients of the checks . In other words, these are debt collection operations. Many of these programs are operated by private companies that add fees that may exceed $ 200, regardless of the amount of…

Advance-fee scam

An advance-fee scam is a form of fraud and one of the most common types of confidence trick . The scam typically involves the large sum of money, in return for a small up-front payment, which the fraudster requires in order to obtain the large sum. If a victim makes the payment, the fraudster or the victim, or simply disappears….

Sweep investment

A investment sweep , or sweep investment account , bank account is a secondary That offers additional investment options on idle funds in a primary cash or checking account . [1]…