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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The Philippine Economic Zone Authority (PEZA) said on Tuesday that 61% of P23.75 million in uncollected funds mentioned in a Commission on Audit (COA) report had been collected as of June 2019.
Many NSAs nowadays are no longer controlled by the same set of individuals who used to lead them and Vargas maintains that "long-term (10+ years) uncollected funds should be written off so athletes and NSA programs are not affected, especially since 2019 is both Olympic qualifying and SEA games year."
Paxton resident Brandi Salls claimed that, at least as early as 2014, she was unfairly assessed "uncollected funds" fees for transactions on her Digital Federal Credit Union checking account.
Collins was suspended from practice of law for three years effective December 24, 2014, for violating Rules 4-1.5(f)(5) (closing statements shall be signed); 4-8.4(a) (an attorney shall not violate/attempt to violate the Rules of Professional Conduct); 5-1.1(a)(1) (commingling prohibited); 5-1.1 (b) (application of trust funds or property to specific purpose); 5-1.1(g)(2) (IOTA participation required); 5-1.1(j) (disbursement against uncollected funds); 5-1.2(b) (minimum trust accounting records); 5-1.2(c) (minimum trust accounting procedures); and 5-1.2(e) (records retention).
Net earnings for 2017 were impacted by an after-tax loss of $5.1 million reported in the third quarter on a deposit account after checks deposited by a Landmark customer from a third party were returned by another financial institution due to uncollected funds related to the third party.
5) Coverage Extensions Included: Building Ordinance Or Law, Business Income/extra Expense, Computers And Communications Equipment $250,000, Software, Data, Valuable Papers, Equipment Breakdown Coverage, Outdoor Property $300,000, Property In Transit $50,000, Property Off Premises $100,000, Uncollected Funds, Pollutant Clean Up $150,000, Debris Removal $100,000, Spoilage $250,000, Money & Securities $50,000, Outdoor Signs, Fire Extinguishing Equipment, Property Of Others, Sewer & Drain Back Up, Crime Reward, Additional Covered Property Not To Exceed $500,000, Fungus $50,000, Lock & Key Replacement $25,000, Unintentional Omission Of Property $500,000, Waived Deductible Up To $1000
The uncollected funds were discovered following an audit by the Bloomberg administration of dozens of firms.
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. Put simply, check kiting is accomplished by taking advantage of the float--that is, the time required for a check deposited in one bank to be physically presented for payment at the bank on which it was drawn.
Collins was suspended from practice of law for three years effective December 24, 2014, for violating Rules 4-1.5(f)(5) (closing statements shall be signed); 4-8.4(a) (an attorney shall not violate/attempt to violate the Rules of Professional Conduct); 5-1.1(a)(1) (commingling prohibited); 5-1.1 (b) (application of trust funds or property to specific purpose); 5-l.1(g)(2) (IOTA participation required); 5-1.1(j) (disbursement against uncollected funds); 5-1.2(b) (minimum trust accounting records); 5-1.2(c) (minimum trust accounting procedures); and 5-1.2(e) (records retention).