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Uncollected Funds |
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Uncollected funds The amount of bank deposits in the form of checks that have not yet been paid by the banks on which the checks are drawn.
Uncollected Funds A deposit into a bank account that has not yet cleared. For example, one may deposit a check for $1,000 from an out-of-state bank. The funds may be posted to the account immediately, but they will not become available to the account holder until the issuing bank honors the check and transfers the funds to the receiving bank. This process can take as long as five business days. It is also called a collection float. See also: Check hold. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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