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Glossary

A-E    F-O    P-Z

A – E

Analyzed Accounts

An analyzed account is a checking account for which fees are billed through account analysis. Some analyzed accounts offer an earnings allowance.

Annual Percentage Yield (APY)

The Annual Percentage Yield (APY) is a percentage rate reflecting the total amount of interest paid on an account based on the interest rate and the frequency of compounding for a 365-day period.

Articles of Incorporation

Documents filed with the state to establish a corporation.

Authorized Signer

A person who has actual or apparent authority to use your account even if they have not signed the account application.

Automated Clearing House (ACH) Network

An electronic network for financial transactions in the United States.

Automated Teller Machine (ATM)

A self-service machine that permits the customer to perform a range of banking related transactions, including deposits, withdrawals, transfer money or make payments. ATMs are generally available 24 hours a day. Customers use a magnetically encoded plastic card to access the ATM.

Available Balance

Our most current record of the amount of money available for your use or withdrawal. For more information, please see the Deposit Account Agreement.

Average Collected Balance

The sum of each day's collected balance divided by the number of days in the fee period.

Average Daily Balance

The sum of each day's ending balance divided by the number of days in the fee period.

Average Ledger Balance

The average ledger balance is the sum of each day’s ledger balance divided by the number of days in the fee period.

Billing Relationship

A group of analyzed checking accounts that can be linked together for billing purposes upon customer request will appear together on the client analysis statement. It can include multiple analyzed account types, except Optimize Business Checking can only be in a billing relationship with other Optimize Business Checking accounts and/or Analyzed IOLTAs. One account in the billing relationship is identified as the billing account and will be debited or invoiced for fees.

Business day

Every day is a business day except Saturdays, Sundays, and federal holidays.

Card

Every type of debit card and ATM card we may issue, except any prepaid cards or the business deposit card.

Certificates of Deposit (CD)

See "Time Account"

Check Safekeeping

The process whereby a bank retains copies of checks posted against an account, on certain products.

Chip Card

A debit or ATM card that has a chip on the front as well as the traditional magnetic stripe on the back. The chip provides added security because it is extremely difficult to counterfeit or copy when used at a chip-enabled terminal or ATM, and does not store any personal information. If a merchant or ATM has not yet adopted chip technology, your transaction can be processed using the magnetic stripe as it is today.

Collected Balance

The ending daily balance in your account after all credits and debits have posted, minus deposited items that have not yet been collected from the originating financial institution. The collected balance is the balance on which interest is calculated for all interest-bearing checking accounts and for all savings accounts.

Combined Statements

A feature offered, on certain account types, to Wells Fargo customers that combines on a single statement information from multiple accounts, including certain checking and savings accounts.

Contactless Card

A debit card that enables close-range transactions when tapped or held near the Contactless Symbol on contactless enabled merchant terminal or Wells Fargo ATM. Encrypted card information is sent between the card and the terminal or ATM using near field communication (NFC) technology. Contactless cards also come with a chip and magnetic stripe, so you can insert your card or use the magnetic stripe if a terminal is not yet contactless or chip enabled.

Earnings Allowance (also known as Earnings Credit)

An earnings allowance is an accrual of credit that is used to offset all or a portion of eligible account activity fees, service fees, and Treasury Management fees. The calculation of the earnings allowance is based on the investable balances available for services, to which is applied an earnings credit rate. The earnings credit rate is a variable rate and is set at the Bank’s discretion.

F – O

Federal Deposit Insurance Corporation (FDIC)

An independent agency created by Congress to maintain stability and public confidence in the nation's financial system. The FDIC insures deposits up to a certain amount in the event an FDIC insured financial institution fails. For information on the amount of insurance afforded depositors and how depositors can maximize the amount of money insured by owning deposit accounts in different ownership categories, please refer to www.fdic.gov.

Fee Period

The period we use on certain consumer and non-analyzed business accounts to calculate the monthly service fee and other monthly fees. For more information, please see the Business Account Fee and Information Schedule.

Form W-9

For U.S. taxpayers, the Form W-9 is how we document U.S. tax residency and obtain a Taxpayer Identification Number (“TIN”) from the primary owner of each account. Until we have received the Form W-9 and TIN, we are required to apply backup withholding to any income earned.

Interest Rate

The annual rate of interest paid on an account.

Investable Balances Available for Services

Investable balance available for services is the collected balance in your account less:

  • The portion of the collected balance we are legally required by law to hold in reserve at a Federal Reserve Bank
  • Any other adjustments

Ledger (posted) Balance

The ledger balance is the ending daily balance, after all transactions have gone through nightly transaction processing.

Magnetic Ink Character Recognition (MICR)

The magnetic coding on the bottom of a check, deposit ticket, or paper bank entry that allows a machine to read information about the check such as the account number, routing transit number, check number, and amount.

Minimum Daily Balance

The lowest ending daily balance recorded during the fee period after all transactions have gone through nightly transaction processing.

Minimum Opening Deposit

The minimum amount necessary to open a checking or savings account.

Non-Analyzed Accounts

Refers to all accounts except analyzed accounts.

Overdraft

An available balance of less than $0.00 in your account.

Overdraft Protection

An optional service that allows the Bank to transfer or advance money from your linked savings or credit account when you do not have enough money in your checking account to cover a transaction. An overdraft protection fee may apply.

P – Z

Point of Sale (POS)

Networks that enable bank customers to purchase goods and services at participating merchants.

Returned Deposited or Cashed Item

If you cash or deposit an item into your account and it is returned to the Bank unpaid. A Cashed/Deposited Item Returned Unpaid fee may apply. Please see the Business Account Fee and Information Schedule for more information.

Returned Item/Non-sufficient Funds (NSF)

A term used to indicate when an item presented for payment is returned unpaid because the available balance in your deposit account is less than the amount of the item when presented. A returned item fee (non-sufficient funds/NSF fee) may apply. Please see the Business Account Fee and Information Schedule and Deposit Account Agreement for more details.

Routing Transit Number (RTN)

A 9-digit number that identifies a bank. The paying bank’s number is usually printed in magnetic ink near the bottom on the face of paper MICR items. Your RNT number can be found on your bank statement.

Statement Period

The dates of your statement period are located on your account statement, which provides you a record of all transactions posted during that period. Statement periods can be of varying length, including monthly, quarterly, semi-annual, or annual.

Stop Payment Order

When you ask the Bank not to pay a particular check you have written or to stop future recurring preauthorized payments to a particular merchant. A stop payment fee may apply. Please see the Business Account Fee and Information Schedule and Deposit Account Agreement for more details.

Time Account

An FDIC-insured bank deposit account where you agree to keep the money on deposit for a specified period of time, usually anywhere from three months to several years. In exchange, the annual percentage yield is typically higher than the annual percentage yield offered on savings accounts. Funds withdrawn prior to "maturity" are typically subject to an early withdrawal penalty. You can elect to let accrued interest compound in the account or have it paid to you monthly, quarterly, semi-annually or annually (subject to certain limitations). A Time Account may also be known as a CD.