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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 percentage rate reflecting the total amount of interest paid on a deposit account, based upon the rate and frequency of compounding for a 365-day period.

Articles of Incorporation

Documents filed with the state to establish a corporation.

Authorized Signer

An Authorized Signer is a person who has your actual or apparent authority to transact business on your Account(s), whether or not such person has signed the signature card or other documentation for your Account(s). The Bank may continue to recognize an Authorized Signer’s authority until the Bank has received and had a reasonable time to act upon your written modification or revocation of it.

Automated Clearing House (ACH) Network

An electronic batch processing system in which ACH transactions are stored and processed later in a batch mode.

Automated Teller Machine (ATM)

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

Available Balance

The most current record we have about the funds that are available for withdrawal from your account.

Average Collected Balance

The sum of the positive and negative Collected Balances at the close of business on each day of the statement period, divided by the number of days in the period.

Average daily balance

The daily ending balance divided by the number of days in the statement period.

Average Ledger Balance

The sum of each business day's ledger balance (after debits and credits have posted), divided by the number of days in the statement period.

Business day

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

Card

This term includes every type of business debit card and business ATM card we may issue. This term does not include any prepaid cards or the business deposit card unless otherwise noted.

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 when used at a chip-enabled terminal or ATM and greater global acceptance. Many countries worldwide have adopted chip technology, and it will become the standard for card payments in the U.S. If a merchant or ATM has not yet adopted chip technology, your transaction will be processed using the magnetic stripe as it is today.

Collected Balance

The portion of the ledger balance that the Bank treats as collected on the basis of the Bank's current collection schedule.

Combined Statements

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

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 which is set at the Bank’s discretion.

Excess Activity

Regulation D and Wells Fargo limit certain types of withdrawals and transfers from a savings account to a combined total of six (6) per monthly fee period. If the limit is exceeded, a fee will be assessed. Please refer to the Business Account Agreement and the Business Account Fee and Information Schedule for details.

F – O

Federal Deposit Insurance Corporation (FDIC)

An independent agency of the United States government that protects customers from the loss of their deposits if 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.

Form W-9

Request for Taxpayer Identification Number and Certification (Form W-9), completed and signed by the customer certifying, under penalty of perjury, the Taxpayer Identification Number (TIN) is the customer’s TIN. If the account was opened after 1983, the customer must also certify whether he or she is subject to backup withholding.

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

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 Opening Deposit

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

Non-analyzed accounts

Refers to all accounts except analyzed accounts.

Non-sufficient Funds (NSF)

A term used to indicate when an item such as a check or other transaction presented for payment is returned unpaid because the available balance in your deposit account is less than the amount of the item. Also called “returned item” or “bounced check”. A returned item fee will apply.

Overdraft (OD)

An overdraft is a negative balance in your account.

Overdraft Protection

A service that allows the Bank to transfer or advance money from your savings or credit account when you do not have enough money in your checking account to cover a transaction. Please refer to the “Overdraft Protection Transfer/Advance” in the “Service fees” in Business Account Agreement and the Business Account Fee and Information Schedule for details.

P – Z

Point of Sale (POS)

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

Reserve Requirement

The amount of your balance that the Bank has calculated it is required to keep on deposit with the Federal Reserve Bank. This amount is calculated using the marginal reserve ratios established by federal regulation for your type of account.

Returned Item

See “Non-sufficient Funds (NSF)”

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

A period of time for which activity on your account is reported on your statement each statement period has a start and an end date. Periods may be monthly, quarterly, semi-annual, or annual.

Stop payment order

When you ask the Bank not to pay a particular check you have written or transaction you have authorized for withdrawal from your account.

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 interest rate paid is usually higher than the rate paid on savings accounts. Accounts with higher balances and longer terms may earn higher rates. Funds withdrawn prior to "maturity" are subject to an early withdrawal fee. You can elect to let accrued interest compound in the account or have it paid to you monthly, quarterly, or annually. Wells Fargo's Time Account is also known as a CD.

Uncollected Funds

Those funds that the Bank treats as having not yet been collected on the basis of the Bank's then current collection schedule.

Wells Fargo base rate

The "Wells Fargo base rate" is the "base" rate of interest established by the Bank from time to time. The Wells Fargo base rate may be changed by the Bank at any time without notice. The Wells Fargo base rate is converted to a daily rate by dividing the annual rate by 360.