The average amount of money in an account (such as a bank account or credit-card account) during a given period. • This amount serves as the basis for computing interest or a finance charge for the period.
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criminal-referral form. A form once required by federal regulatory authorities (from 1988 to 1996) for reporting every instance when a bank employee or affiliate committed or aided in committing a crime such as credit-card fraud, employee theft, or check-kiting. • This form, like the suspicious-transaction report, has since been superseded by the suspicious-activity report. —
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An indorsement that includes a condition (e.g., “pay Josefina Cardoza only if she has worked 8 full hours on April 13”) or any other language restricting further negotiation (e.g., “for deposit only”). — Also termed collection indorsement. See conditional indorsement. [Cases: Bills and Notes 190, 199, 290. C.J.S. Bills and Notes; Letters of Credit §§
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credential. (usu. pl.) 1. A document or other evidence that proves one’s authority or expertise. 2. A testimonial that a person is entitled to credit or to the right to exercise official power. 3. The letter of credence given to an ambassador or other representative of a foreign country. 4. Parliamentary law. Evidence of a
daily balance. The final daily accounting for a day on which interest is to be accrued or paid. average daily balance. The average amount of money in an account (such as a bank account or credit-card account) during a given period. • This amount serves as the basis for computing interest or a finance charge
instrument. 1. A written legal document that defines rights, duties, entitlements, or liabilities, such as a contract, will, promissory note, or share certificate. “An ‘instrument’ seems to embrace contracts, deeds, statutes, wills, Orders in Council, orders, warrants, schemes, letters patent, rules, regulations, bye-laws, whether in writing or in print, or partly in both; in fact,
United States Secret Service. A law-enforcement agency in the U.S. Department of Homeland Security responsible for providing security for the President, Vice President, certain other government officials, and visiting foreign diplomats, and for protecting U.S. currency by enforcing the laws relating to counterfeiting, forgery, and credit-card fraud. • The Service was transferred from the Department
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item. 1. A piece of a whole, not necessarily separated. 2. Commercial law. A negotiable instrument or a promise or order to pay money handled by a bank for collection or payment. • The term does not include a payment order governed by division 11 of the UCC or a credit- or debit-card slip. UCC