direct deposit
The payment of wages by transferring the payment directly into the employee’s bank account, usu. by electronic transfer.
Search Results for: deposit account
client trust account
client trust account. A bank account, usu. interest-bearing, in which a lawyer deposits money belonging to a client (e.g., money received from a client’s debtor, from the settlement of a client’s case, or from the client for later use in a business transaction). — Also termed trust account.
client trust account Read More »
interest on lawyers’ trust accounts
Interest on Lawyers’ Trust Accounts. A program that allows a lawyer or law firm to deposit a client’s retained funds into an interest-bearing account that designates the interest payments to charitable, law-related purposes, such as providing legal aid to the poor. • Almost all states have either a voluntary or mandatory IOLTA program. — Abbr.
interest on lawyers’ trust accounts Read More »
deposit contract
An agreement between a financial institution and its customer governing the treatment of deposited funds and the payment of checks and other demands against the customer’s account. [Cases: Banks and Banking 133, 137–155. C.J.S. Banks and Banking §§ 266–268, 277–278, 283–287, 290, 294–300, 320–321, 326–335, 342–381, 393, 399, 401, 415–423, 425–444, 455.]
bank account
A deposit or credit account with a bank, such as a demand, time, savings, or passbook account. UCC § 4-104(a). [Cases: Banks and Banking 151. C.J.S. Banks and Banking §§ 266–268, 277–278.]
uncollected funds
uncollected funds. A credit, such as an increase in the balance of a checking or other deposit account in a bank, given on the basis of a check or other right to payment that has not yet been received from the drawee or other payor. [Cases: Banks and Banking 122, 133, 137. C.J.S. Banks and
equitable right to setoff
equitable right to setoff. The right to cancel cross-demands, usu. used by a bank to take from a customer’s deposit accounts the amount equal to the customer’s debts that have matured and that are owed to that bank. See SETOFF. [Cases: Banks and Banking 134; Set-off and Counterclaim 8. C.J.S. Banks and Banking §§ 301–305,
equitable right to setoff Read More »