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Zero balance account

• A disbursement account that always has an end-of-day balance of zero because the firm deposits money to cover cheques drawn on the account only as they are presented for payment each day.

• Abbreviated ZBA. A checking account in which zero balance is maintained by transfers of funds from a master account in an amount only large enough to cover checks presented.

 
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Beware of fraud originating in phone messages and faxes: FDIC Consumer News has warned before about crooks who call or e-mail consumers and pretend to be legitimate companies or government agencies wanting people to "verify" or "resubmit" (divulge) confidential information such as bank account or credit card numbers as well as Social Security numbers, passwords and personal identification numbers. Here are variations to know about. More...

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