uncollected funds

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.

Availability Float

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. See also: Check hold.

uncollected funds

A deposit or a portion of a deposit that has not yet been collected by a financial institution. Financial institutions typically prohibit customers from writing checks on uncollected funds.
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References in periodicals archive ?
Craven County, NC Commissioner Scott Dacey representing the National Association of Counties, underscored the critical impact of those uncollected funds.
The uncollected funds were discovered following an audit by the Bloomberg administration of dozens of firms.
If the lawyer disburses against uncollected funds and one of the exceptions does not apply, the lawyer has violated the trust accounting rules and must report that to the Bar as part of the lawyer's trust account certificate," Tarbert said.
While we recognize this success, it reminds us there is still a lot of work to be done and that these uncollected funds are needed to help close the city's budget gap," he said.
KITE: a check drawn against uncollected funds in a bank account or fraudulently raised before cashing
If the beneficiary does not go to the Bansefi branch within 10 business days, the account is formally closed and the uncollected funds are returned to the sender's account in the United States.
In addition, other checks and withdrawals may be honored against these inflated balances, resulting in actual negative balances, to the extent that banks allow withdrawal of uncollected funds.
Uncollected funds as of April 1, 2003 will be retained by Office Depot.
All PenFed members who are currently serving in active, reserve, and National Guard components of our uniformed services will be able to benefit from the program, which automatically waives the fees on PenFed checking accounts in cases of insufficient funds, uncollected funds, and returned ACHs.
For that reason, there has long been a requirement that lawyers authorize and request the bank to notify the Bar when a trust account check is returned for insufficient or uncollected funds (Rule 5-1.
PromoSmart helps retailers with their promotional reconciliation process by capturing unused vendor allowances and identifying uncollected funds from advertising and promotional programs and accelerating reimbursements.