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Account Sweep
A Cash Management facility that allows multiple account fund transfer from various satellite accounts to a mother account.

Account Tag
A byname or nickname that one assigns to a particular account for easy reference.

Active Account
An account with current activity. May also denote an account that has unusual or excessive activity over a given period.

Auto Credit
A Cash Management facility that allows fund transfer from the mother account to a 3rd party account.

Auto Debit
Auto Debit arrangement facilitates easy collection of payments from a company’s clients with Metrobank accounts via direct debit. MetroCash Auto Debit comes with Authorization to Debit Account, which shall be signed by the company’s customer.

Available balance
The current balance less any amount on hold, pledged and check deposits still on float.

Bank Draft
A check drawn by one financial institution against funds deposited to its account in another institution. Drafts are commonly purchased for making remittances to distant places where an institution's check is more acceptable than an individual's check, or where the payee of the check has requested that exchange be provided where his place of business is located. Drafts offer a convenient way for a person without a checking account to pay bills in other towns or cities at nominal cost.

Bank Statement
A record of a customer's account that the Bank renders periodically, usually monthly, following certain cut-off dates depending on the type of account. It shows a chronological summary of debit and credit transactions such as deposits, interest earned, withholding tax withheld, withdrawals, and so forth. This is available through metrobankdirect either onscreen or by downloading it to a Microsoft Excel file.

Banking day
Any day banks are open for business in the Philippines, excluding Saturdays, Sundays, legal holidays or any other day that may be declared as holiday by the Philippine Government.

Bills Collect
A Cash Management facility offered to companies, institutions, or government agencies whereby the Bank acts as their collecting agent to accept payments from their customers or subscribers either over-the-counter or through our electronic channels like the ATM, Metrophone Banking Facility, Metrobank Mobile Banking, and metrobankdirect Internet Banking Facility.

Bills Collect Daily Report
A downloadable report required by the customer for its deposit collection agreement with the Bank.

Cash Management
A comprehensive range of financial solutions, which includes payables, receivables, liquidity and information management that will help corporations achieve efficiency and sound fund management.

Certificate of Deposit (CD)
A receipt payable to the depositor (holder) for funds deposited. CDs are non-negotiable when issued to a depositor and negotiable when issued to the bearer. Negotiable Certificates of Deposit are transferable and may be endorsed to other parties. Negotiable CDs are usually written for large amounts and relatively short maturities.

Check
The Federal Reserve Board defines a check as "a draft or order upon a financial institution or banking house purporting to be drawn upon a deposit of funds, for the payment of a certain sum of money to a certain person therein named, or to his order, or to bearer, and payable instantly on demand." It is a negotiable instrument, and as such, must fulfill certain conditions. It must contain the phrase, Pay to the order of; the amount shown on the check's face must be clearly discernible; and it must have the signature of the drawer. Checks are usually dated but the lack of a date does not impair its negotiability.

Check Warehousing
A Cash Management facility that monitors and holds checks until they are ready for posting. With this facility, timing of post-dated checks is controlled, and voluminous outstanding and maturing checks are tracked through a regular report.

Check Writer
A Cash Management facility that provides automated check printing and reports on outstanding and negotiated checks. Usually, it is designed for high volume check production requirement such as dividend checks, retirement checks, or commission checks.

Closed account
An account may be closed manually or automatically. Manual closing of an account is generally upon the client's request at which point all the funds in the account are withdrawn by said depositor. On the other hand, the system only automatic closes an account 90 days after its dormancy date.

Current balance
The total balance on the account inclusive of any amount on hold, pledged and uncleared deposited checks.

Current Principal Balance
The principal loan amount still outstanding or payable.

D-F

Deferred
The status of a transaction where final action has not yet been performed due to a reason other than a future-dated transaction. Transaction/application previously submitted can again be requested/submitted for processing upon submission/completion of the requirements.

Demand Deposit
These deposits are payable on demand at any time the depositor elects. The deposits are drawn against by check, and no notice of withdrawal is necessary.

Dormant Account
An account becomes dormant if it doesn’t have any monetary transactions for 24 months.

Float
The total amount of on-other checks that the financial institution has sent out for collection, but for which it has not yet received credit from the drawee institution.

Frozen Account
An account that has been suspended in payment until a court order or legal process makes the account available for withdrawal. The account of a deceased person is frozen, pending disbursement "by a court order" to the new lawful owners of the account.

G-I

Hold
A term given to the act of holding a balance intact until an item or items have been collected. By placing a hold on an account, the Bank will not permit the withdrawal of the uncollected portion of a deposit until it is certain that the items have been collected.

Inactive Account
An account that has little or no activity (see also Dormant Account)

Insufficient Funds
A condition in which a depositor's balance is inadequate for the Bank to pay a check

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M-O

Mature Checks
The term used in Check Warehousing facility when checks become negotiable.

Maturity
The end of the term of an account such as a Certificate of Deposit, whereby the account then becomes payable.

One Way Deposit
With a one-way deposit account, the company’s agents or collectors can remit their daily collection safely and efficiently through our ATMs.

Original Balance
The amount originally borrowed from the Bank

Overdraft
When a depositor draws a check for more than the balance on deposit, he is said to be overdrawn. The Bank can either return the check to the institution from which it came or to the person who presented it for payment marked "Insufficient Funds", or elect to render the customer a service and pay the check. When the institution pays the check, it creates an overdraft in the depositor's account. The account ceases to become a deposit liability and becomes an asset since it is, in effect, a loan to the depositor. Overdrawn checks are accordingly charged service charges.

P-R

Payroll Service
An automated facility for uploading of details of the customer’s payroll file. At the same time, employees of the company can enjoy the convenience of an ATM account that they can use to pay bills, buy prepaid phone PINs, and withdraw cash at any of over 400 Metrobank E.T. ATMs and over 1,500 other Bancnet ATMs nationwide.

Pledge
A deposit held for a particular purpose (often as collateral for a loan).

Principal
The face or original amount of a loan or other such investment.

Pull-out
A request to exclude check/s under Check Warehousing facility.

Purged account
An account that has been physically deleted from the Bank's files after being closed for a period of time.

Real-time Debit
Real-time Debit is an Automatic Debit Arrangement (ADA) whereby a Company initiates an online debit from a 3rd party account and a credit to its own Account.

Reverse Sweep
A Cash Management facility that allows multiple account fund transfer from the mother account to its various satellite accounts.

S-U

Service Charge
A fee charged by the Bank for certain services. This may be a flat or monthly fee, regardless of activity, or it may be measured by the account's activity. For specific information on fees, please contact your branch.

Signature Card
A form executed by a depositor when he or she opens an account, that sets forth some of the terms of the account. The Bank uses the signature on this card to verify account transactions.

Source account
The deposit account enrolled by the Customer for metrobankdirect transactions. This shall be limited to the Customer's own savings, current, and / or E.T. account(s).

SSS Payment
The company’s Monthly Collection List and remittance of SSS contributions can be transmitted through the Bancnet or the EDInet intranet facility. All SSS registered member employers who have existing accounts in any Metrobank branch are qualified to enroll in this facility free of charge.

Target account
The deposit account enrolled by the Customer to which funds may be credited. This may be savings, current and/ or E.T. account(s) of the Customer or a Third Party.

Terminated account
The system changes an account status to “terminated” 91 days from “closed” status. On the next day, its status will be changed to “purged”.

Third Party
The deposit account, of an individual other than the Customer, designated to receive funds transferred from the Customer’s source account.

Time Deposit
A deposit set aside intact for a specified period of time or until its maturity date, say, 30 days, before its funds could be withdrawn. In case of withdrawal prior to the maturity date, a written notice is required before withdrawal, in which case, a certain provision for pre-termination will apply.

Uncollected Funds
The amount credited to a depositor's account not yet available to the depositor.

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Y-Z