T

Transaction Limitations (Regulation D)

A Federal Reserve regulation that limits certain types of withdrawals from savings and money market savings accounts. There can be no more than six automatic, wire or telephone transfers out of the account each month; of the six, if applicable, no more than three can be by check, draft, debit card or similar payment order to a third party. Withdrawals at ATMs and teller windows from these accounts are unlimited.

U

Uncollected Funds

Items deposited in an account that have not yet been collected, or paid, by the financial institution on which they were drawn.

V

Variable Expenses

Expenses like food, clothing, transportation, entertainment, etc. which may vary month-to-month and for which you may have considerable control.

Variable Rate

An interest rate that may fluctuate during the term of a loan, line of credit or deposit account according to changes in an index rate, such as the prime rate or other prescribed criteria.

W

Wire Transfer

An electronic payment service for transferring funds by wire (for example, through the Federal Reserve Wire Network or the Clearing House Interbank Payments System).