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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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.
We may just have to re-bid the project with the adjusted cost based on the aborted portion and the uncollected funds.
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
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.
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.
Elizabeth Tarbert, the Bar's ethics counsel, said if a lawyer disburses money against uncollected funds --even if it is one of the exceptions in which the lawyer is allowed to disburse--it is at the lawyer's own risk, and the lawyer will be responsible for replacing the missing money.