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Banker's Draft
A banker's draft (also called a bank cheque, bank draft in Canada or, in the United States, US, a teller's check) is a cheque (or cheque, check) provided to a customer of a bank or acquired from a bank for remittance purposes, that is drawn by the bank, and drawn on another bank or payable through or at a bank. In Canada, the term "bank draft" includes both this kind of check and, in practice almost always, the instrument known elsewhere as a cashier's check. A normal cheque represents an instruction to transfer a sum of money from the drawer's account to the payee's account. When the payee deposits the cheque into their account, the cheque is verified as genuine (or 'cleared', a process typically taking several days) and the transfer is performed (usually via a clearing house (finance), clearing house or similar system). Any individual or company's operating a checking account, current account (or checking account) has authority to draw cheques against the funds stored in that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cheque
A cheque (or check in American English) is a document that orders a bank, building society, or credit union, to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the ''drawer'', has a transaction banking account (often called a current, cheque, chequing, checking, or share draft account) where the money is held. The drawer writes various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the ''drawee'', to pay the amount of money stated to the payee. Although forms of cheques have been in use since ancient times and at least since the 9th century, they became a highly popular non-cash method for making payments during the 20th century and usage of cheques peaked. By the second half of the 20th century, as cheque processing became automated, billions of cheques were issued annually; these volumes peaked in or a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cashier's Check
A cashier's check (or cashier's cheque, cashier's order, official check; in Canada, the term ''bank draft'' is used, not to be confused with Banker%27s draft as used in the United States) is a check guaranteed by a bank, drawn on the bank's own funds and signed by a bank employee. Cashier's checks are treated as guaranteed funds because the bank, rather than the purchaser, is both the drawee and drawer and is responsible for paying the amount. They are commonly required for real estate and brokerage transactions. Genuine cashier's checks deposited into a bank account are usually cleared the next day. The customer can request "next-day availability" when depositing a cashier's check in person, with a special deposit slip. When cashier's checks took weeks to clear the banks, they were often forged in fraud schemes. The recipient of the check would deposit it in their account and withdraw funds under next-day availability, assuming it was legitimate. The bank might not be informed t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clearing House (finance)
A clearing house, often written as ''clearinghouse'', is a financial institution formed to facilitate the exchange (i.e., '' clearance'') of payments, securities, or derivatives transactions. The clearing house stands between two clearing firms (also known as member firms or participants). Its purpose is to reduce the risk of a member firm failing to honor its trade settlement obligations. A clearing house provides emergency lending and assists banks when they need help. Description After the legally binding agreement (i.e., ''execution'') of a trade between a buyer and a seller, the role of the clearing house is to centralize and standardize all of the steps leading up to the payment (i.e., '' settlement'') of the transaction. The purpose is to reduce the cost, settlement risk and operational risk of clearing and settling multiple transactions among multiple parties. In addition to the above services, central counterparty clearing (CCP) takes on counterparty risk by stepping ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Checking Account
A transaction account (also called a checking account, cheque account, chequing account, current account, demand deposit account, or share account at credit unions) is a deposit account or bank account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of debit cards, cheques and electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds. In accounting terms, they are considered as cash. Transaction accounts are known by a variety of descriptions, including a current account (British English), chequing account or checking account when held by a bank, share draft account when held by a credit union in North America. In the Commonwealth of Nations, United Kingdom, Hong Kong, India, Ireland, Australia, New Z ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Laundering
Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, sex work, terrorism, corruption, and embezzlement, and converting the funds into a seemingly legitimate source, usually through a front organization. Money laundering is illegal; the acts generating the money almost always are themselves criminal in some way (for if not, the money would not need to be laundered). As financial crime has become more complex and financial intelligence is more important in combating international crime and terrorism, money laundering has become a prominent political, economic, and legal debate. Most countries implement some anti-money-laundering measures. In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Office of the Comp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Bankers' Association
The British Bankers' Association (BBA) was a trade association for the UK banking and financial services sector. From 1 July 2017, it was merged into UK Finance. It represented members from a wide range of banking and financial services. The association lobbied for its members and gave its view on the legislative and regulatory system for banking in the UK. History The BBA was founded in 1919 by the merger of two pre-existing bodies, the Central Association of Bankers (est. 1895 in London, 34 St Clements Lane) and the Association of English Country Bankers (est. 1874 and itself one of the Central Association's founders). Until 1972, the BBA was only open to British domestic, colonial and dominion banks. In 1972, it opened itself to all banks operating in the United Kingdom. In 1975 responsibility for money transmission services moved to Association for Payment Clearing Services (APACS) (which became UK Payments Administration (UKPA) in 2009). In 1991, the Committee of London ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bearer Bond
A bearer bond or bearer note is a bond or debt security issued by a government or a business entity such as a corporation. As a bearer instrument, it differs from the more common types of investment securities in that it is unregistered—no records are kept of the owner, or the transactions involving ownership. Whoever physically holds the paper on which the bond is issued is the presumptive owner of the instrument. This is useful for investors who wish to remain anonymous. Recovery of the value of a bearer bond in the event of its loss, theft, or destruction is usually impossible. Some relief is possible in the case of United States public debt. Furthermore, while all bond types state maturity dates and interest rates, bearer bond coupons for interest payments are physically attached to the security and must be submitted to an authorized agent in order to receive payment. Issuance of new bearer bonds has been effectively outlawed in the United States since the 1980s due ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cheques
A cheque (or check in American English) is a document that orders a bank, building society, or credit union, to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the ''drawer'', has a transaction banking account (often called a current, cheque, chequing, checking, or share draft account) where the money is held. The drawer writes various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the ''drawee'', to pay the amount of money stated to the payee. Although forms of cheques have been in use since ancient times and at least since the 9th century, they became a highly popular non-cash method for making payments during the 20th century and usage of cheques peaked. By the second half of the 20th century, as cheque processing became automated, billions of cheques were issued annually; these volumes peaked in or a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
