Glossary of Banking Terms

Banking words and terms to know.

We’ve made it easy to help you find explanations of banking words and terms we use every day.


Account Transfer
An account transfer, or internal transfer, occurs when you transfer money between your accounts at Atlantic Union Bank. An example would be when you transfer money from your checking account to your savings account. Transfers can be made easily and securely through Online Banking and Mobile Banking. For Businesses, you can through Business Online Banking and Business Mobile Banking

You can also transfer between your accounts by calling Customer Care at 800-990-4828 or visiting a nearby branch or ATM.

Alerts
You can set up alerts in Online Banking and Mobile Banking to notify you when certain activity happens to your account, like a large withdrawal, or when your balance is at a certain amount or lower. You can choose to receive alerts through email or text messages. The types of alerts you can receive are:
 
  • Balance update – choose the day of the week you want to receive an update of your balance
  • ​Low balance – set a low balance amount, like $50, and be notified when your balance is at that amount or lower
  • Large withdrawal – get notified when a withdrawal occurs that is equal to or higher than the amount you set
  • ​Checks cleared – enter a check number for a check you wrote and be notified when that check posts to your account

Ascending Order
Ascending order means to arrange amounts or numbers from smallest to largest. When we refer to checks posting in ascending number order, we mean that checks are posting from smallest to largest number order. For example, check numbers 1001, 1006, and 1020 are in ascending order (smallest to largest). 

Automatic Bill Payments (ACH)
Automatic bill payments, which are also referred to as ACH (Automated Clearing House) transactions, are electronic payments that you authorize to be paid directly from your account. An example of this type of payment is when you provide your account number to a utility company to automatically take money out of your account when your monthly payment is due. Other examples of automatic bill payments include payments you arrange for your insurance, cell phone, or gym membership. Paying your bills using Online Banking or Mobile Banking may also be processed using ACH.

A merchant or company will sometimes convert a check that you wrote into an “electronic check.” For example, some credit card companies will convert checks to electronic checks, and they destroy the original check. When a check is converted to an electronic check, the information on your check is transferred electronically through the ACH. Electronic checks will show up on your account statement as an electronic debit (ACH).

ATM Cut-Off Time
The ATM cut off-time is the latest time on a business day that a cash or check deposit must be made at an ATM in order for the deposit to post on that day.

Available Balance
Your available balance is the money in your account that’s available to you to spend right now. Using your available balance, you can make withdrawals, purchases, or transfers. The available balance reflects transactions that are pending, such as debit card purchases, transactions that have been posted to your account, and holds that have been placed on your account.

Your available balance does not include checks that haven’t been cashed yet or posted to your account. Your available balance also does not include recurring transactions you have scheduled and not yet posted to your account. This balance can change throughout the day depending on the transactions you make.

Business Day
A business day is Monday through Friday and excludes Saturday, Sunday, and federal holidays.

Calendar Day
Calendar days are every consecutive day on the calendar, including Saturdays, Sundays, and federal holidays.

Collected Balance
Your collected balance is your current balance excluding checks you deposited that the Bank has not yet received credit. Generally, when we haven’t received credit for a check you deposited, this money isn’t available for you to use right away.

Credit
Generally, credit refers to transactions that are added to your account, such as deposits you make or refunds you receive when you return an item that you used your debit card to purchase. Debits, on the other hand, are transactions that are subtracted from our account, like ATM withdrawals and debit card purchases.

Credit can also refer to the Bank receiving funds for a check you deposited that was drawn on another bank. For example, if you deposit a $500 check that is drawn on another bank, it may take up to two business days for Atlantic Union Bank to receive credit for that check from the other bank.

Current Balance
Your current balance is the amount in your account after all transactions, credits and debits, have been posted to your account during our nightly processing. This balance does not change throughout the day and it does not include holds on your account or pending transactions.

Debit
An item or transaction that it subtracted from your account is considered a debit to your account. Examples of debits are checks that you wrote, automatic bill payments (ACH), debit card purchases, and transfers to another account.

Debit Card
A debit card allows you to make purchases using the money from your checking account. You can also make withdrawals from your account(s) from the ATM or perform other types of transactions, like using your debit card for recurring payments. While it looks like a credit card, it is different because the money withdrawn for purchases or recurring payments come directly from your checking account.

Deposit
A deposit is a sum of money that you put into your account. When you make a deposit to your account, the money is added as a credit to your account balance.

Direct Deposit
Direct deposit is a service that electronically deposits money you receive into your account. For example, your employer may use direct deposit for your paycheck. Other examples are direct deposit of a retirement pension, Social Security benefits, unemployment benefits, and income tax refund. Receiving funds through direct deposit provides you immediate access to your money.

External Transfer
An external transfer occurs when you transfer money from your Atlantic Union Bank account to another bank or a third party. You can set up and manage external transfers from Online Banking and for Businesses, you can through Business Online Banking.

Funds Availability Policy
Atlantic Union Bank’s Funds Availability Policy tells you when we make the money you deposit into your account available to you. Generally, when you deposit cash or when you receive a direct deposit or account transfer, or when you receive a wire transfer, your deposit is available to you immediately. When you deposit checks, particularly checks that are not drawn on Atlantic Union Bank, a hold may be placed on that deposit meaning that all or a portion of those funds may not be available immediately.

Hold
A hold may be placed when you deposit a check that is not drawn on Atlantic Union Bank. Let’s say that you receive a $500 check from someone who has their account at Main Street Bank. In this example, the $500 check is drawn on Main Street Bank. When you deposit that check into your Atlantic Union Bank account by the cut-off time for that business day, the funds from your deposit will generally be available for withdrawal the next business day. In some circumstances, though, we may place a hold on all or a portion of your check deposit, which means the money is not available for withdrawal or for payments until the hold drops off.

We will notify you when we place a hold on your funds. You will be able to see any holds through Online Banking and Mobile Banking. For Businesses, you can through Business Online Banking and Business Mobile Banking

When you deposit cash or receive electronic deposits, such as direct deposit of your paycheck or Social Security benefits, you will receive immediate access to those funds on the same day they are deposited.

Mobile Banking
Mobile Banking and Business Mobile Banking are services we provide that allow you to perform many of your daily banking transactions through our Mobile Banking App on a mobile device, like your cell phone or tablet. Using our Mobile App you can:

  • View your account balances and online statements
  • Pay bills and transfer money
  • Deposit checks using your device’s built-in camera
  • View your bank statements
  • Set up push notifications 

Our mobile banking app can be found on Apple and Android devices. We offer the app and use of the app at no charge to you; however, there may be charges from your wireless carrier depending on your service plan.

Non-Sufficient Funds
Non-Sufficient Funds, also called insufficient funds, refers to the status of your account when you do not have enough money to cover your transactions. Let’s say that you wrote a $100 check, and when that check was presented to us for payment, your account balance was $80. In this example, your balance is insufficient to cover the $100 check. If Atlantic Union Bank returns the check, meaning we send it back to the person or company you wrote the check to, you may be charged a Non-Sufficient Funds Fee. If Atlantic Union Bank pays the check and overdraws your account, you may be charged an Overdraft fee.

Non-Sufficient Funds Fee
A Non-Sufficient Funds Fee may be charged when a transaction is returned because you did not have enough money in your account to cover the transaction.

Online Banking
Atlantic Union Bank’s Online Banking and for Businesses, Business Online Banking, gives you access to your accounts through the internet using a desktop or laptop computer, tablet, or mobile device. Through Online Banking, you can,

  • View your account balances and bank statements
  • Set up email and text alerts
  • Pay bills using Online Bill Pay
  • Transfer money between your Atlantic Union Bank, and non-Atlantic Union Bank, accounts

Online Bill Pay
Online Bill Pay a service that is accessed through Online Banking and allows you to pay your bills electronically rather than pay bills in person or use checks. You can set up recurring payments to pay those bills that are the same amount and due the same date each month, such as a loan payment. You can also decide when your payment is sent and from which account.

Overdraft
An overdraft occurs when you do not have enough money in your account to cover a transaction and we pay the transaction anyway. You may be charged an Overdraft Fee when we pay an overdraft.

Overdraft Fee
You may be charged an Overdraft Fee when we pay a transaction that causes your account balance to be overdrawn.

Overdraft Services
Atlantic Union Bank offers four options for Overdraft Services to authorize and pay transactions when your account does not have enough money. You make selections for these services based on your needs, and your selections tell the Bank what to do when you don’t have enough money in your account to cover your transactions. Learn more about our Overdraft Services.

For Businesses, learn more about Business Overdraft Services

Overdrawn
Your account is overdrawn when the balance in your account is below $0.00, or negative. For example, if your balance is -$10.00, your account balance is overdrawn by $10.00.

Pending
Pending refers to a transaction or deposit that has not yet posted to your account. A pending deposit means that your deposit has been received by us but has not been processed. A pending transaction means that you made a transaction, such as a debit card purchase, that has not posted to your account and there may be a hold on your account until we receive the transaction. For example, if you make a purchase with your debit card, your account will show the transaction as pending until the merchant requests payment from your account. When the merchant sends us the final amount of the payment, it may be higher or lower than the amount that was pending. This sometimes occurs when you use your debit card at a restaurant and the final amount includes a tip you added.

Person-To-Person Transfers
Person-to-person transfers, also known as P2P transfers or payments, are transfers that you send to another person. Atlantic Union Bank uses Zelle® for P2P transfers. You can enroll for this service through Online Banking and Mobile Banking.  

Post
A deposit or transaction will post to your account when it has been credited to or debited from your account.

Posting Order
Posting Order is the order in which transactions (debits and credits) are applied to your account during the nightly posting process that happens at the end of each business day. Credits, like deposits, are added to your account balance, and debits, such as checks and ATM withdrawals, are subtracted from your account balance.
 
Pre-Authorized Debit
This is a transaction that has been previously authorized by the Bank and must be paid. Examples of pre-authorized debits include ATM withdrawals, debit card purchases, recurring debit card transactions, and checks cashed at the teller window.

Recurring Transaction
A recurring transaction is a payment that you authorized to occur on a regular and automatic basis. Examples of recurring transactions are payments for gym memberships, TV or movie subscriptions, insurance payments, and utility bills. You can set up recurring transactions using your debit card (referred to as recurring debit card transactions) or by providing your account number to a merchant or biller (referred to as recurring ACH transactions).
 
Returned Transaction
A returned transaction, also called a returned item, is a transaction that was returned unpaid because the money in your account was insufficient to cover the transaction. When a transaction is returned, you may be charged a Non-Sufficient Funds Fee.
 
Withdrawal
A withdrawal is the removal of money from your account.