| Account | A personal record with a credit union or bank. |
| Adjustable-Rate Mortgage (ARM) | The ARM, where the rate fluctuates based on market conditions. |
| Automated Teller Machine (ATM) | Performs many of the same functions as if you were inside a credit union or bank. ATMs can dispense and accept cash, accept checks, as well as provides balance inquiries. |
| Auto Pay | When payment is taken out of your account automatically. This is normally an opt in/opt out feature. |
| Balance | Amount of money in an account. |
| Bank | A financial institution that provides general financial services to a population. Banks often serve both customers with accounts as well as those without accounts. |
| Checking Account | An account that gives you direct everyday access to the funds in your account. Funds in a checking account are often intended to be spent through checks or a debit card. |
| Credit | “Credit” helps lenders (those who offer loans) determine someone’s history with being lent money. Credit looks at how much money you’ve been lent and how likely are to repay any debts or loans. You’ll be offered more favorable terms with lower interest rates on loans for vehicles, homes, and even personal loans, while having poor credit will lead you to being charged higher rates of interest if you are approved. |
| Credit Building Loan | If approved, a credit union or bank will lend you money, you will use that money to repay back the loan with a little interest added, this will help you build credit. |
| Credit Card | A physical card acting as a short-term loan with a line of credit based off of your credit. Credit Cards are meant for day to day spend with a bill to pay at the end of a billing cycle. |
| Credit Score | Your credit score indicates the risk you represent for lenders, compared with other consumers. The credit-reporting agencies, Experian, Equifax, and TransUnion, use a scale from 300 to 850. Higher scores are viewed more favorably. |
| Credit Union | A financial institution that provides financial services to an often-specified constituency. Account holders at credit unions are called “members,” and offered the same financial services as banks as well as additional services and benefits. |
| Debit Card | A debit card is issued by your credit union/bank when you open up a checking account. The card can be used at an ATM and to make purchases. |
| Deposit | The act of putting money into an account. |
| Direct Deposit | Where someone else deposits money into your account without a need for a check or a trip to your financial institution (example: employer paycheck). |
| Fee | Charge of money. |
| Financial Institution | An organization that deals with the savings and investments of personal capital. |
| Interactive Teller Machine (ITM) | Offers an ATM-like interface with a video screen that provides real-time access to a human representative. Allows you to conduct teller transactions via video conferencing without entering a branch. |
| Interest | 1) A percentage of your balance deposited into your account by your credit union/bank. 2) A pre-set additional charge on a loan. |
| Invest | The act of putting money towards a business or product so that it may be used to grow. Investing comes with risk, you may gain from your investment or even lose money to an investment. |
| ITM | An Interactive Teller Machine offers members another way to get personal, one-on-one banking from the convenience of their vehicles using the latest video chat capabilities. |
| Loan | A sum of money borrowed from a financial institution with the expectation of paying it back in a fixed window of time with interest attached. |
| Money Market Savings Account | A multi-tiered type of savings account where the amount of interest you earn changes depending on the size of the balance. The larger the balance, the higher the rate of interest is. |
| Overdrawn | Trying to use funds you do not have in your account. |
| Primary Share Account | Also known as a savings account. Dedicated account to save your money with unlimited access for deposits and withdrawals. The intent of primary share accounts is to save money. |
| Secured Credit Card | This is a type of credit card where users will give a financial institution a deposit which will be converted to a credit line on a secured credit card. It is called “secure” because if you fail to repay any debts the financial institution will simply keep your deposit and close the card. |
| Share Certificate | Also known as a “Certificate of Deposit or CD, where deposits are committed to an agreed upon length of time where it will collect significantly higher interest compared to a regular savings account, however you may not withdraw committed funds until the agreed upon date. |
| Statement | A record of all transactions, comes in physical or electronic. |
| Transaction | Any exchange of money (purchase, withdrawal, or transfer). |
| Transfer | The act of moving money between accounts. Can occur within a single or across multiple financial institutions. |
| Withdraw | The act of taking money from an account. |
