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#5917 - 05/24/05 05:29 PM Re: h.a.l.o.?
hobot Offline
Gold Star

Registered: 12/11/02
Posts: 341
I never heard of a HALO before, so this is just a guess: if an account typically has a low average balance, and possibly some OD action in the recent past, a HALO would prevent some potential losses due to bad or fraudulent high dollar amount checks being deposited and cashed out.

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#5918 - 05/25/05 12:51 PM Re: h.a.l.o.?
WildTurkey Offline
Platinum Poster

Registered: 01/17/03
Posts: 905
Loc: Down South, USA
Quote:

Interesting. Can you give an example of why an account would be restricted in that manner?



To prevent accidental or fraudulent excess credits, especially for manually keyed cash transactions where the transaction cannot later be reverified.

Alternatively, for example, a savings account may restrict withdrawals to, say $1,000, in any one month, therefore any withdrawals in excess of $1,000 would be prohibited by definition.
_________________________
This is my opinion; it is not legal advice, nor the view of my employer, and it may change tomorrow.

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#5919 - 05/26/05 04:43 PM Re: h.a.l.o.?
JK Offline
Junior Member

Registered: 06/04/04
Posts: 38
Loc: Planet Earth
Eureka! I do think this def. is on the money...thank you all for your insights!

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