Uncollected Funds

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What is 'Uncollected Funds'

The amount of a bank deposit that comes from checks that have yet to be cleared by the bank from which the checks are drawn. Essentially, uncollected funds are sums of money that the bank needs to account for prior to releasing the funds to the depositor.

Explaining 'Uncollected Funds'

Uncollected funds are deposits that need to be reconciled; that is, the bank from which a check is drawn must acknowledge that the checking account has the funds to cover the check. Once the check "clears", the depositor can have access to the deposited funds. Until then, the funds are referred to as uncollected funds.

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Q&A About Uncollected Funds

What does uncollected funds refer to?

Uncollected funds refers to the amount of a bank deposit that comes from checks that have yet to be cleared by the bank from which the checks are drawn.

How can you measure this type of labor?

You cannot measure this type of labor using GDP (gross domestic product).

What is a moneyless economy?

A moneyless economy is a system for the allocation of goods and services as well as for the assignment of work without payment of money.

What are some examples where non-monetary economies exist today?

Examples include family households, volunteer organizations and religious institutions.

How is this different from a bounced check?

A bounced check is when an account holder writes a check for more than their balance in their checking account, and then tries to cover it with another check or cash. This results in insufficient funds being available for payment, and the payee's bank returns the check unpaid.

What do you call these deposits until they can be reconciled?

You call these deposits "uncollected" until they can be reconciled.

How much productive work goes on outside of the market in an economy?

Nearly half of American productive work goes on outside of the market in an economy.

What does a non-monetary economy represent?

A non-monetary economy represents work such as household labor, care giving, civic activity or even friends doing something for each other that does not have a monetary value but remains vitally important part of the economy.

Why do banks need to reconcile accounts prior to releasing deposited funds?

Banks need to reconcile accounts because they want assurance that there are sufficient funds in an account before releasing those funds.

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