What is an 'On-Us Item'

An on-us item is a check or draft that is presented to the bank where the check writer has the funds on deposit. The check can be cashed or deposited into another account. Of course, the drawing account must have a sufficient balance to pay the check.

BREAKING DOWN 'On-Us Item'

On-us items can also be electronic debits or transfers. As with checks, electronic on-us items refer to the drawing and paying accounts at the same bank. The on-us checks are also referred to as "house checks."

RELATED TERMS
  1. Electronic Check

    A form of payment made via the internet that is designed to perform ...
  2. Check Hold

    Denotes a period of time equal to the maximum number of days ...
  3. Bounced Check

    A slang word for a check that cannot be processed because the ...
  4. Direct Deposit

    Electronic funds that are deposited directly into your bank account ...
  5. Rubber Check

    Another name for a "bounced check." A rubber check is a slang ...
  6. Available Balance

    Balances in checking or on-demand accounts where there is a delay ...
Related Articles
  1. Personal Finance

    Explaining Checking Accounts

    A checking account is an account at a financial institution, usually a bank, that allows for deposits and withdrawals.
  2. Personal Finance

    What is a Bounced Check?

    Bounced check is a slang term to describe a check that cannot be processed because its writer has insufficient funds.
  3. Managing Wealth

    2015's Top Checking Account Promotions

    Open a checking account in 2015 and the bank could give you a cash bonus. Check out these top offers.
  4. Investing

    What is a Demand Deposit?

    A demand deposit is any type of account where the money in the account may be withdrawn at any time without prior notice to the financial institution.
  5. Investing

    A Guide to Bank Accounts

    Find out which type of bank account suits your specific needs.
  6. Investing

    What is a Cashier’s Check?

    A cashier’s check is a check written on a financial institution’s funds.
  7. Managing Wealth

    Top Premium Checking Accounts of 2015

    Which banks offer the best deals for premium checking accounts – and what do you have to do to qualify for one?
  8. Tech

    New Bank Account? Don't Be Without These 6 Features

    Certain banking features can make managing your finances easier, so it's important to choose carefully when opening a new checking or savings account.
RELATED FAQS
  1. How do you calculate payback period using Excel?

    Understand the various fees that can be assessed on a personal or business checking account, and learn methods to avoid being ... Read Answer >>
  2. How long does it take a check to clear?

    It usually takes two days for a check to clear, but in some cases it may take longer. Discover how banks treat large deposits ... Read Answer >>
  3. When do checks expire?

    There is a legal grace period for cashing checks, but depositors and issuers may risk overdraft fees if a late check is presented ... Read Answer >>
  4. What Are the Pros and Cons of Online Checking Accounts?

    Learn about the ways an online checking account can save you time and money, but understand the drawbacks before signing ... Read Answer >>
  5. What is the difference between a demand deposit and a term deposit?

    Understand the meaning of demand deposits and term deposits, and learn about the major differences between these two types ... Read Answer >>
Trading Center