Do you have questions about Account Access, Account Alerts, Bill Payer, Home Banking, Quicken, Transfers to Other Accounts, or Transfers To and From Other Institutions? Check out our New Online Banking FAQs.
ACH (Automated Clearing House) - ACH is an electronic payment option that withdraws the exact payment amount from the bank account of your choice.
APR (Annual Percentage Rate) - Cost of credit on a yearly basis which is expressed as a percentage, resulting from an equation that considers three factors: the amount financed, the finance charge and the term of the loan. According to the federal Truth in Lending Act, every consumer loan agreement must disclose the APR prominently.
APY (Annual Percentage Yield) - Total amount of dividends paid based on the dividend rate and compounding frequency for 365 days.
Credit - The arrangement for deferred payment for goods and services.
Debit - To withdraw money from or to have the cost of purchases charged directly to the holder's bank account.
Dormancy - When a lack of activity for more than a year occurs on any one share of the account.
EFT (Electronic Funds Transfer) - A transfer of funds electronically rather than by check or cash. The Federal Reserve's Fedwire and automated clearinghouse services are EFT systems.
IRA (Individual Retirement Account) - A personal, tax-deferred account set up for the purpose of retirement.
IRS (Internal Revenue Service) - The bureau of the Treasury Department responsible for tax collections.
NCUA (The National Credit Union Administration) - is the United States independent federal agency that supervises and charters federal credit unions.
NSF (Non-Sufficient Funds) - A situation where the balance in an account is not sufficient to cover the amount of checks written on the account. Such checks are commonly referred to as "bounced" checks.
POS (Point Of Sale) - The location at which payment for the goods is made.
RTN (Routing Transit Number) - Appears on the bottom, lefthand side of your check as a nine digit number. The routing number identifies the source bank for your checking account. In most cases, the next set of numbers represents your account number. The check number is listed on the right.
Share - A member’s ownership of the credit union.
Share Draft - Is a deposit account held at a financial institution, for the purpose of securely and quickly providing frequent access to funds.
Smartphone - a device that lets you make telephone calls, but also adds features that you might find on a personal digital assistant or a computer including: full keypad, web access, email, and the ability to create and edit documents and manage finances.
Signature-Based Debit Card Transaction - After swiping your debit card at a merchant, choose: "Credit" rather than "Debit". (You may have to hit the "Cancel" button to see the "Credit" option). Funds are still debited from your checking account, but the payment is processed in a a more secure manner.
Ask the cashier to process your payment as "Credit" rather than "Debit". Funds are still debited from your checking account, but the payment is processed in a a more secure manner.
WAP (Wireless Application Protocol) - A secure application that allows users to access information instantly via handheld wireless devices such as mobile phones and smartphones.