ACH
Automated Clearing House (ACH) is an electronic network for financial institutions in the United States.
ACH Transfer
Automated Clearing House Transfer made from one financial institution in the United States to the Primary Funding Account. This is an EFT option for funding the Prepaid Expense Card program.
Administrative User
An individual employed for a business utilizing the Bank Freedom MasterCard Prepaid Expense Card who has authority to manage account balances and activity. The Administrative Users may request additional expense cards for employees, as well as terminate expense cards of individuals within the company. The Administrative Users are assigned an Expense Card Account Manager, whom they may contact for training and for expense management related inquiries.
Business Portal
The cardholder website used for controlling card balances, established real-time alerts, requesting statements, and downloading expense activity. This site recognizes administrative users from employee users.
Card Transfer
Refers to a funds transfer to and from the Primary Funding Account to an Administrative or Employee User’s Prepaid Expense Card. These may be one-time or scheduled transfers.
Cash-Access
A Prepaid Expense Card which is programmed with a Personal Identification Number (PIN). These cards are optional and must be requested by the business to give to its employees. With each Prepaid Expense Card, the business has the option to assign all or specific employees with Cash-Access Prepaid Expense Cards.
EFT
Electronic Funds Transfer (EFT) is a computer-based system used to perform financial transactions electronically. The electronic exchange or transfer from one bank account to another. This refers to any transfer initiated at another financial institution to your Primary Funding Account.
Employee User
An individual employed for a business utilizing the Bank Freedom MasterCard Prepaid Expense Card who has authority to make transactions on their Prepaid Expense Card. Employee Users may not transfer card balances and their cards may be terminated without cause by an Administrative User of their account.
Expense Card Account Manager
An individual employed by Bank Freedom who is assigned to a business’s Expense Card Program. These individuals provide training, EFT forms and instructions, and specific account related inquiries.
Non Cash-Access
A Prepaid Expense Card which is not programmed with a Personal Identification Number (PIN). These cards are optional and are the default option for the Bank Freedom MasterCard Prepaid Expense Card. With each Prepaid Expense Card, the business has the option to assign all or specific employees with non Cash-Access Prepaid Expense Cards.
Prepaid Expense
Defined as being an asset that arises on a balance sheet as a result of businesses making payments for goods and service to be received in the near future. Prepaid Expenses are initially recorded as an asset; hence their value is expensed over time as the benefit is received onto the income statement because the business will receive something of value in the future.
Virtual Funding Account
The master account for each business used exclusively for funding expense cards. The Virtual Funding Account is programmed to only be operated for funding cards and transactions will never occur to this account.
Wire Transfer
Method for transferring money from one financial institution to the Primary Funding Account. Wire transfers can be made from one bank account to the Primary Funding Account through a transfer of cash at a cash office. This is an EFT option for funding the Prepaid Expense Cards. |
