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Account History
A history of a customer's deposits, withdrawals, and payments over a specified period of time.
Account Holder
A member with an active account, entitled to the institution's services and responsible for managing their account and transactions.
Account Statement
An official summary of all transactions and activities that occur in an account over the course of a given period of time.
Accrued Interest
Interest earned on a member's loan or debt that has not yet been paid or added to the principal.
Adjustable Rate Mortgage (ARM)
A home loan with an interest rate that is fixed for a certain period, after which it may fluctuate with the market.
Apple Pay
A mobile payment and digital wallet service that allows users to make payments using their Apple device.
Available Balance
The amount of money that is currently accessible in an account and can be used for transactions.
ACH
Acronym for Automated Clearing House, a U.S. financial network used for electronic payments and money transfers.
Amortization
The process of paying off a loan through regular installments, the amount of which is determined by the loan amount, length, and interest rate.
APR
APR, or annual percentage rate, is a measure of the cost of borrowing money that includes the interest rate and other charges as a yearly rate.
APY
APY, or annual percentage yield, is the rate of dividends earned on a credit union account over a year, taking into account the effect of compounding.
Asset
A resource owned by an individual or organization that has economic value, such as cash, investments, and property.
ATM
An Automated Teller Machine (ATM) is a machine that allows bank or credit union customers to make deposits, withdrawals, and other transactions.
Authorization
The process of verifying that a person has the right to use a particular credit or debit card for a transaction to protect against fraud.
Auto Payment
A payment that is made on a recurring basis without the need for the payer to manually authorize each transaction.
Automatic Transfer
A process in which funds are automatically moved between accounts. In personal banking, it can be used to transfer money or make payments.
Available Credit
The amount of credit currently accessible on a credit card or line of credit. It is the amount that can be borrowed and used for transactions.
Bank Account
A financial account held at a bank or other financial institution where an individual can deposit, withdraw, and manage their money.
Bankruptcy
A legal process in which an individual or business has their assets liquidated or restructured in order to pay off creditors.
Beneficiary
A person or entity that is entitled to receive the benefits or proceeds of a trust, insurance policy, or will.
Bill Pay
A service offered by banks and other financial institutions that allows customers to pay their bills electronically.
Billing Cycle
The period of time between billing statements for an account, typically one month.
Billing Error
A mistake on a billing statement or invoice. This could include incorrect charges, duplicate charges, or charges for services not provided.
Bond
A debt security where an investor loans money to a borrower for interest and the return of the principal. They are low-risk but offer lower returns.
Balance Transfer
A financial transaction in which an individual moves their outstanding credit card balance to a new card.
Canceled Check
A physical check that has been paid by the bank and cannot be used again. It may be returned to the payer with their bank statement.
Credit Score
A numerical representation of an individual's creditworthiness, used by lenders to determine the likelihood of repayment.
Credit Union
A cooperative financial institution that is owned and controlled by its members, who are also its customers.
Cashier's Check
A type of check issued by a bank and guaranteed by the bank's funds. It is a safe and reliable form of payment for large transactions.
Certificate of Deposit (CD)
A type of savings account that offers a fixed interest rate and a fixed term of deposit, typically ranging from a few months to several years.
Certified Check
A check that has been certified by the bank as having sufficient funds to cover the full amount, with the bank guaranteeing payment.
Check
A written instrument that directs a bank to pay a specific sum of money to the bearer or named payee.
Checking Account
A type of bank account that allows the owner to deposit, withdraw, and manage their money using checks, debit cards, and electronic banking services.
Clearing House
An institution that processes financial transactions, such as the exchange of securities, between two parties.
Club Account
A type of savings account that is managed by a group of individuals for the purpose of saving money for a specific goal or event.
Co-Signer
A person who signs a loan or credit application with the primary borrower, accepting responsibility for the debt if the primary borrower defaults.
Collateral
Property or assets offered as security for a loan. If the borrower defaults, the lender can seize the collateral to recover the value of the loan.
Custodian
A person or entity that holds and safeguards assets on behalf of another entity.
Compound Interest
Interest calculated on the sum of a principal and accumulated interest from previous periods.
Credit
The ability to borrow money or to purchase goods or services on the promise of future payment.
Credit Card
A payment card that allows the cardholder to borrow funds from the issuer to pay for purchases or withdraw cash.
Credit Limit
The maximum amount of credit that a financial institution or other lender will extend to a borrower.
Deposits
A sum of money that is placed into a financial account for the purpose of securing a product or service.
Deferment Period
A specified time during which loan payments are temporarily suspended or reduced.
Disbursement
The release of funds from an account for the purpose of making a payment or meeting a financial obligation.
Disclosure
The act of making information known to the public or to a specific individual or group.
Debit Card
A payment card linked to a checking or savings account that allows the cardholder to access and spend deposited funds.
Debt-to-Income Ratio (DTI)
A measure of how much of an individual's monthly income is consumed by debt payments.
Digital Banking
The use of electronic devices, such as computers and smartphones, to access and manage one's bank account and carry out financial transactions.
Digital Wallet
A virtual wallet that allows users to store, manage, and use their payment and banking information securely
Direct Deposit
A method of electronically transferring funds from an organization, such as an employer or government agency, into an individual's bank account.
Equity
The value of an asset or liability minus any outstanding debt associated with it. Equity is the ownership interest that a person has in an asset.
Education Savings Account (ESA)
A type of investment account designed to help families save for the future education expenses of a designated beneficiary.
Electronic Funds Transfer (EFT)
A type of financial transaction that involves the movement of money between accounts using electronic communication.
Escrow Funds
Funds that are held by a third party on behalf of two parties in a transaction and are released when the terms of the transaction are met.
Estate Planning
The process of organizing and arranging for the management of a person's assets and property after their death.
eStatements
An electronic version of a bank or credit union statement, which is a summary of an individual's account activity and current balance.
Foreclosure
The legal process by which a lender repossesses a property when the borrower fails to make their mortgage payments.
Fair Credit Reporting Act (FCRA)
A federal law that protects consumers' credit information and gives them the right to access and dispute their credit reports.
Federal Reserve
The US central bank, responsible for monetary policy, bank regulation, and government financial services.
Flexible Spending Account (FSA)
A tax-advantaged savings account that allows individuals to set aside money for qualified expenses.
Fair and Accurate Credit Transactions Act (FACT Act)
A federal law that aims to protect consumers from identity theft and fraud by providing greater access to and control over their credit information
Federal Deposit Insurance Corporation (FDIC)
A US government agency that protects depositors by providing deposit insurance to banks and other financial institutions.
Fixed Rate Loan
A loan with a constant interest rate for the life of the loan, providing the borrower with predictable monthly payments.
Forged Check
A check that has been altered or created without the permission of the person or entity named as the payee. It is a form of fraud.
Frozen Account
An account that is temporarily inaccessible, often due to suspected fraudulent activity or a court order.
Holdings
The assets, such as stocks or bonds, that an individual or institution owns.
Home Equity
The current market value of a homeowner's property minus any outstanding mortgages or liens on the property.
Home Equity Line of Credit (HELOC)
HELOC stands for home equity line of credit, which is a type of loan that allows a homeowner to borrow against the equity in their property.
Home Equity Loan
A type of loan in which a homeowner borrows against the equity in their property, typically at a fixed interest rate and for a fixed term.
Home Insurance
A type of insurance that covers damage to a person's home and belongings, as well as liability for accidents that may occur on the property.
Inactive Account
A financial account that has not had any activity or transactions for a long period of time.
Insurance
An agreement in which an individual or entity pays a premium to an insurer in exchange for protection against potential losses or damages.
Interest Rate
A percentage of a loan or deposit balance that is charged by a lender or financial institution for the use of its money.
Insufficient Funds
A situation in which an individual or institution does not have enough money in their account to cover a transaction or withdrawal.
Investment
The act of committing money or capital to an endeavor with the expectation of obtaining an additional income or profit.
Individual Retirement Account (IRA)
A type of savings account designed to help individuals save for retirement.
Jumbo Loans
A type of mortgage that exceeds the conforming loan limits set as eligible for purchase by government-sponsored enterprises.
Joint Account
A financial account that is owned by two or more individuals, who have equal access to and control over the funds in the account.
Late Fee
A penalty charged by a lender to a borrower who fails to make their required minimum payment on time.
Line of Credit
A loan that allows a borrower to access funds up to a pre-approved credit limit, and is only charged interest on the borrowed funds.
Legacy Member
A legacy member is a long-time member of a credit union, with family membership often spanning multiple generations.
Lender
A financial institution or individual that provides money to a borrower with the expectation of being repaid, often with interest.
Loan Contract
A legally binding agreement between a lender and a borrower outlining the terms of a loan.
Loan
A sum of money that is borrowed by an individual or entity from a lender, typically with the expectation that the loan will be repaid with interest.
Maturity Date
The date on which a loan or investment reaches its end and the principal amount is due to be repaid.
Minimum Payment
The smallest amount of money owed on a balance to remain in good standing.
Money Market Account
A type of savings account that offers higher interest rates and has higher minimum balance requirements.
Mortgage
A loan used to finance the purchase of a home, with the property serving as collateral for the loan.
Mobile Banking App
Mobile banking is the use of a mobile app to access and manage banking services such as account transactions, bill payments, and account transfers.
Mobile Check Deposit
A feature in a banking app that allows a user to deposit a check into their bank account, typically by taking pictures of the check.
Mobile Payments
A way of making transactions using a mobile device, such as a smartphone or tablet, often made using a mobile payment or banking app.
Mutual Fund
A type of fund managed by professional investment managers that pools money from many investors and uses that money to buy a diversified portfolio.
Overdraft
A situation in which an account holder writes a check or makes an electronic transaction for more money than is available in their account.
Overdraft Fee
A charge that is assessed when a check or electronic transaction is processed for more money than is available in a checking account.
Overdraft Line of Credit
A loan tied to a checking account that can be used to cover transactions that exceed the available balance in the account.
Payroll Deduction
The deductions made by an employer from an employee's paycheck prior to direct deposit, usually to pay for elected benefits.
Prepayment
The issuing of payment for a bill or debt before the official due date.
Pension
A regular payment made from one's employer after retirement, based on factors such as length of employment and earnings.
Personal Banking
A type of banking that provides financial services to individuals, such as checking and savings accounts, loans, and investment management.
Personal Loan
A flexible form of credit issued by a bank for personal use, with a fixed interest rate and repayment period.
Previous Balance
The unpaid balance on a credit card or loan from the previous billing period.
Private Mortgage Insurance (PMI)
Insurance that protects lenders in case of mortgage default—typically required if the down payment is less than 20% of the home's purchase price.
Remittance
A financial transaction in which money is transferred from one person to another, typically to support family members or other loved ones.
Refinance
The process of paying off an existing loan with a new loan, typically in order to obtain a lower interest rate or to change the terms of the loan.
Residual Interest
The interest that accumulates on a loan or credit card balance when it is not paid off in full from one billing period to the next.
Retirement
The state of exiting the workforce, usually at the end of one's career, and living on savings or pension.
Returned Item Fee
A fee that is charged to a bank account holder when a check or electronic payment they have made is returned unpaid.
Savings Account
A basic account that securely holds funds for an individual while also allowing them to earn interest on the account balance.
Share Account
A savings account that represents ownership of a specific amount of money deposited with the credit union and establishes membership in the credit union.
Social Security
A government-run program that provides financial assistance to eligible individuals, including retired workers, disabled workers, and their families.
Student Loan
A type of loan provided by the government or other financial institution to help students and their families pay for their education expenses.
Secured Credit Card
A credit card designed to help repair or establish credit with a predetermined credit limit secured by a collateral savings account.
Service Charge
A fee charged by a credit issuer or financial institution for processing transactions, usually added onto the total cost paid by a customer.
Share Certificate
A share certificate at a credit union represents ownership of a deposited amount for a fixed term, earning interest.
Stale-Dated Check
A check that has not been cashed or deposited within a certain period of time, usually six months, and is considered to be no longer valid.
Statement Period
The length of time covered by a bank or credit card statement, typically one month, used to determine which transactions are displayed.
Stop Payment
A request made by a financial institution to cancel a check or payment that has not completed processing, typically prompted by the account holder.
Terms of Service
Terms of Service (TOS) are the legal agreements between a service provider and a user that govern the use of the service.
Trust
A legal arrangement in which one party transfers ownership of property to another person or entity to be managed for the benefit of a third party.
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