An account at a bank or other financial institution, access to which has been restricted either by the government or by an authorized person. • An account may be blocked for a variety of reasons, as when hostilities erupt between two countries and each blocks access to the other’s accounts. — Also termed frozen account. […]
negotiable order of withdrawal. A negotiable instrument (such as a check) payable on demand and issued against funds deposited with a financial institution. — Abbr. NOW.
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securitize, vb. To convert (assets) into negotiable securities for resale in the financial market, allowing the issuing financial institution to remove assets from its books and thereby improve its capital ratio and liquidity while making new loans with the security proceeds. — securitized, adj. — securitization, n.
protest fee. A fee charged by a bank or other financial institution when an item (such as a check) is presented but cannot be collected.
Bank Secrecy Act. A federal statute that requires banks and other financial institutions to maintain records of customers’ transactions and to report certain domestic and foreign transactions. • This act, passed by Congress in 1970, is designed to help the federal government in criminal, tax, and other regulatory investigations. 12 USCA § 1829b; 31 USCA
money-market account. An interest-bearing account at a bank or other financial institution. • Such an account usu. pays interest competitive with money-market funds but allows a limited number of transactions per month. See money market under MARKET.
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cash-transaction report. IRS Form 4789, which requires banks and other financial institutions to report cash transactions above a certain amount. [Cases: Internal Revenue 4473. C.J.S. Internal Revenue §§ 631–632.]
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lockbox. 1. A secure box, such as a post-office box, strongbox, or safe-deposit box. 2. A facility offered by a financial institution for quickly collecting and consolidating checks and other funds from a party’s customers.
A financial institution — often organized and chartered like a bank — that primarily makes home-mortgage loans but also usu. maintains checking accounts and provides other banking services. — Often shortened to S & L. — Also termed loan association; thrift institution; thrift. Cf. BUILDING-AND-LOAN ASSOCIATION. [Cases: Building and Loan Associations 1, 24–40. C.J.S. Building
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savings-and-loan association. A financial institution — often organized and chartered like a bank — that primarily makes home-mortgage loans but also usu. maintains checking accounts and provides other banking services. — Often shortened to S & L. — Also termed loan association; thrift institution; thrift. Cf. BUILDING-AND-LOAN ASSOCIATION. [Cases: Building and Loan Associations 1, 24–40.
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