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Escrow account |
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Escrow accountAn account a lender or mortgage servicer establishes to hold funds for the payment of expenses such as homeowners insurance and property taxes. Also known as an impound account.Escrow account Similar MatchesCurrent account surplusCurrent account surplusCredits minus debits on current account. Same as balance on current account. See surplus. Accounts payableAccounts payableAmounts owed by an organisation or individual to another for goods or services it has received. Account payeeAccount payeeAlso 'account payee only'. Words written on the face of a cheque between two parallel diagonal lines. The purpose is to ensure that the cheque may only be paid into an account in the name of the payee, that is the person to whom the cheque is made payable. This means that the payee cannot sign it in favour of another person. Budget accountBudget accountA bank account set up to control a person's regular expenditure. The account would typically include the payment of such items as mortgage, utilities, telephone and other similar items. Annual expenditure for each item is divided by 12 and paid into the account monthly. The bills are then paid from the budget account as they become due. Sweep accountSweep accountAccount providing that a bank invest all the excess available funds at the close of each business day for the firm. Further SuggestionsCumulative Translation Adjustment (CTA) accountCapital account balance Overdraft checking account Negotiable Order of Withdrawal Account (NOW) omnibus account margin account Account Management Profile System Capital account Managed account Undermargined account Average accounting return Current account Uncollectible account share account Account balance Transaction account Balance on current account Unmargined account Capital account surplus Accounting Standards Board Transcript of Account Insured account personal accounts Tax and loan account Restricted account |
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