Glossary of Financial Terms

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T

Tax Identification Number (TIN)
A number used to identify customer accounts. For business accounts this is the Tax ID number or Employer ID. For personal accounts, this is the Social Security Number.

Time Deposit
An account that carries a specific maturity date, with limitations on withdrawals before that date.

Traveler's Check
A negotiable instrument sold by a bank or other issuer in various denominations for the convenience of individuals who do not wish to carry cash. These are readily convertible into cash upon proper identification, usually by a signature in the presence of the cashing party.

Truncated Accounts
Checking accounts which the customers receive a statement, but do not receive physical items with the statement.

Truncation
A client option under which checks or drafts normally enclosed with statements are not returned to the customer when data is shortened to fit into a smaller field.

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