http://www.mybiginfo.com The What, Why, When and Who of everything Wed, 17 Mar 2010 08:54:40 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 http://www.mybiginfo.com/what-is-reg-cc http://www.mybiginfo.com/what-is-reg-cc#comments Mon, 15 Jun 2009 10:23:41 +0000 admin http://www.mybiginfo.com/?p=219 The Expedited Funds Availability Act (EFAA), enacted in 1987, addresses the issue of delayed availability of funds by banks. The EFAA requires banks to (1) make funds deposited in transaction accounts available to their customers within specified time frames, (2) pay interest on interest-bearing transaction accounts not later than the day the bank receives credit, [...]]]> http://www.mybiginfo.com/what-is-reg-cc/feed 0 http://www.mybiginfo.com/what-is-an-ira http://www.mybiginfo.com/what-is-an-ira#comments Mon, 15 Jun 2009 09:49:16 +0000 admin http://www.mybiginfo.com/?p=213 A tax-deferred retirement account for an individual that permits individuals to set aside money each year, with earnings tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier, with a 10% penalty). IRAs can be established at a bank, mutual fund, or brokerage. Only those who do not participate in a pension plan [...]]]> http://www.mybiginfo.com/what-is-an-ira/feed 0 http://www.mybiginfo.com/what-is-direct-debit http://www.mybiginfo.com/what-is-direct-debit#comments Mon, 15 Jun 2009 08:38:11 +0000 admin http://www.mybiginfo.com/?p=209 Direct debit is a popular form of payment where the customer gives you their bank account details along with permission to debit funds directly from his/her account. It is typically used to make recurring payments for credit card or utility bills. Unlike standing orders, which require the amounts to be fixed, direct debits can be [...]]]> http://www.mybiginfo.com/what-is-direct-debit/feed 0 http://www.mybiginfo.com/what-is-remote-deposit http://www.mybiginfo.com/what-is-remote-deposit#comments Mon, 15 Jun 2009 08:13:43 +0000 admin http://www.mybiginfo.com/?p=206 Remote deposit refers to the ability to deposit checks into a bank account from one’s home or office without having to physically deliver the actual check to the bank. This is typically accomplished by scanning a digital image of a check onto a computer, then transmitting that image to the bank–a practice that became legal [...]]]> http://www.mybiginfo.com/what-is-remote-deposit/feed 0 http://www.mybiginfo.com/what-is-cheque-21 http://www.mybiginfo.com/what-is-cheque-21#comments Mon, 15 Jun 2009 07:55:46 +0000 admin http://www.mybiginfo.com/?p=198 The U.S. government has enacted a new law, the “Check 21 Act”, that allows U.S. banks to replace an original paper check from the check payment system, capture its image electronically and then destroy the original. This electronic image will serve as a legal document for all purposes. A paper reproduction of the electronic image, [...]]]> http://www.mybiginfo.com/what-is-cheque-21/feed 0 http://www.mybiginfo.com/what-is-positive-pay http://www.mybiginfo.com/what-is-positive-pay#comments Mon, 15 Jun 2009 07:37:31 +0000 admin http://www.mybiginfo.com/?p=194 What is Positive Pay? Positive Pay is an anti-fraud service offered by virtually all commercial banks in the US. It protects companies against altered checks and counterfeit check fraud. Positive Pay is an automated fraud detection tool offered by the Cash Management Department of most banks. In its simplest form, it is a service that [...]]]> http://www.mybiginfo.com/what-is-positive-pay/feed 0