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TERMS USED IN OFFSHORE BANKING

  • NSF or Not Sufficient Funds

Not Sufficient Funds or Insufficient Funds have the same meaning. What it means is, when the check came for clearance to the bank of the account holder, the account did not have sufficient funds for the check to be cleared.

When this happens the check can be deposited again unless the seal spelling “Do Not Redeposit” is stamped on the check.

  • UCF or Uncollected Funds Hold

These are items that are sent back due to the funds still not available in the account. However, it is seen in the entry but it will not yet be cleared. This happens when you deposit $1000 in to your account and it has not yet been cleared. If you deposit the money on Monday then it will be cleared either on Tuesday or Wednesday. Therefore, a check for Wednesday cannot be cleared. In this case the item can be deposited again.

  • Stop Payment

This is referred by other terms such as Stop Payment Item, Stop Payment Check, Check Stop and Stop Pay. If your draft or check has this seal on it when it is returned to you then, it means that the holder of the account has revoke his authorization. The item cannot be deposited again.

  • Closed Account

This is also called as “Account Closed”. When your item is returned with “Closed Account” stamped on it, it means that the account has been terminated by the account holder. These items cannot be deposited again as there is no chance of the item being cleared. Your only option is to get another check or draft from the person who owes you the money and deposit it.

  • UTL or Unable to Locate Account

This means that the bank is not able to find an account associated with the information provided. This mostly happens with check draft or check by phone because there is a chance to enter wrong information. In this case the wrong information will be circled out and sent back.

  • Blocked Account or Frozen Account

Drafts and checks returned with this seal means that the account holder’s account is frozen by the bank. This can happen due to several reasons such as court order, wage garnishment, IRS tax lien or a divorce judgement. These checks cannot be deposited again.

  • Expired or Stale Dated Check

Such checks have become invalid because they have passed the date of expiry for that check as determined by the issuer of the check. This may vary from 7 to 180 days.

  • Post Dated Check

These checks have a future date on them. Hence, the bank was not able to clear them. However, on or after the date, the check can be re - deposited.

  • Endorsement Missing

The reason for this is that the depositor of the cheque has not endorsed the check. These checks can be re – deposited after the depositor signs behind the check and deposits it again.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.