An error account is a type of account used for storing compensation for errors in trading, a transaction that is not posted in a timely manner because of inconsistencies, such as an incorrect account or routing numbers to the wrong name on the account, producing a claim that needs to be resolved as soon as possible so payments can be made.
Read more about Error Account: Transaction Processing, See Also
Famous quotes containing the words error and/or account:
“In religion,
What damned error but some sober brow
Will bless it, and approve it with a text,
Hiding the grossness with fair ornament?”
—William Shakespeare (1564–1616)
“I have, indeed, even omitted facts, which, on account of their singularity, must in the eyes of some have appeared to border on the marvelous. But in the forests of South America such extraordinary realities are to be found, that there is assuredly no need to have recourse to fiction or the least exaggeration.”
—J.G. (John Gabriel)