Have a question for us? | Terms you should know

  
 
Q. What is a credit union?
A. A credit union is a group of people who join together to save money and make loans to each other at favorable rates. These people usually have something in common, such as their place of work, hometown, or school, to name a few examples.


Q. What are the advantages if I join a credit union?
A. As a credit union member you can generally expect to earn more when you save and pay less when you borrow. You also have a say in how the credit union is run. Each member has one vote in electing the volunteer board that governs the credit union, no matter how much money you have in the credit union.


Q. How are credit unions different than a bank?
A. Credit unions are different from banks in many ways: A credit union's charter specifies its field of membership, or who can belong. Credit unions are not-for-profit financial cooperatives and are member-owned. You and other members in good standing help run the credit union by electing the Board of Directors. Our Board of Directors are all volunteers and as a member you are eligible to run for election to the board.


Q. Why should I join a credit union?
A.
  • They are in business for you
  • Rates are usually better than elsewhere
  • You'll be a member and an owner with an opportunity to vote for life
  • Convenience and safety
  • You'll learn about money and financial services



Q. Can my parents make deposits into my account?
A. Yes! Bring or mail in checks and tell the teller the account number or name of the person on the account and if they want to deposit the funds into your savings or checking. You can then transfer the funds to where you need them by using CU Connect or PAT (your access to either of these services needs to be set-up by the credit union). The deposit that was made into your account is available to you immediately.


Q. Can I get a VISA card?
A. A co-applicant may be required for you to obtain a credit card. This depends on your age, employment status and past history. Contact the credit union for an application.


Q. Can I get a MasterMoney Debit card?
A. You must be over 18 years old with good account history at the credit union and financially secure. You must also have a draft account in order to be eligible. Contact the credit union for an application.


Q. I have your MAC card, how much do you charge me to make withdrawals at an ATM?
A. If the withdraw is made at one of the ATMs we own we do not charge you. You can make 4 inquiries per month for free at any foreign ATM; additional inquiries are charged a minimal fee of $1.00 each.

 Do you have a question that you would like answered? Drop us your's!

Subject:
Your information:
Name:
E-mail:
Address:
 
Message:

 

ACH Automated Clearing House. A method of crediting and debiting accounts electronically.
APR Annual Percentage Rate. Standardized interest rate you must pay the lender each year for the use of money you borrowed.
APY Annual Percentage Yield. The actual (annualized percent earned on a deposit.
ATM card Plastic card that allows you to make some financial transactions on your account through an ATM machine.
ATM (Automated Teller Machine) - A public computer terminal that allows you to make withdrawals, deposit or transfer money in your account with the use of a plastic card and a personal identification number (PIN).
Balance The amount of money you have in your account.
Board of Directors Elected volunteers who are from our membership to help guide the decisions of the credit union.
Bonds When you buy a bond you lend money to the government (or corporation). In exchange for the use of your money, you earn interest and the promise of repayment of your principal on a set date.
Cash Advancements Getting cash by use of a credit card.
Christmas Account An account that can be used to help budget for Christmas expenses. There are no penalties for early withdraw.
Collateral What you give up if you don't repay a loan.
Common bond How membership eligibility is generally determined.
Compounding When interest is paid on interest. For example, if a deposit receives interest (or dividends) monthly, the interest "compounds" monthly.
Cosigner Acts as a reference for you and promises to repay your loan if you can't.
Credit Limit The maximum amount you can charge to your credit card.
Credit Report A record of your current debt and how promptly you pay bills. Also may contain legal action taken against you.
Credit Union A not-for-profit financial cooperative whose members own a share of the credit union.
CU Connect Our secure-Internet service that allows you to do financial transactions over the web using a PC.
Currency Paper money in circulation.
Debit The amount of money taken from your account to pay someone you owe.
Deposit Money you put into your account.
Direct Deposit The practice of forwarding net earnings (wages) directly to a financial institution.
Dividends / Interest What you are paid by a financial institution for the use of your money.
EFT Electronic Funds Transfer. An electronic way of crediting or debiting accounts (like when using your ATM card, direct deposit, PAT or CU Connect).
Endorsement Your signature on the back of a share draft / check made out to you so you can cash or deposit it.
Exchange Rate The rate at which you can convert one nation's currency into another.
Federal Reserve System The central banking system of the US. Referred to as the FED.
Field of membership Describes who may join our credit union.
Finance Charge The interest (and other charges) you pay when borrowing money.
Grace period 1. Length of time you have before interest gets charged on new purchases, typically 20 to 30 days.
2. Period during which a share certificate can be redeemed without incurring a penalty.
Income Earnings from a job or an investment.
IRA Individual Retirement Account. A special tax deferred savings account with specific withdrawal limitations.
Installment Loan Lets you borrow all the money you need at once, and pay it back over a set period of time.
Investment A purchase of deposit of funds that will provide income or increase in value over time.
Interest Can be your earnings on a deposit or the cost for borrowing money.
Joint account An account that more than one person has the right to use.
Late Fee A charge for not paying a bill by its due date or for not paying the minimum amount.
Loan Receiving money in advance of earnings which you legally bind yourself to repay either in a lump sum or by installments.
MasterMoney Debit Card A plastic card that works like a check and can double for an ATM
Member A person who meets the eligibility requirements for joining and maintain the $5 savings balance.
Minimum balance The balance that you must keep in your savings account to be considered a member.
Minimum monthly payment It is the smallest amount you can pay each month without being charged a late fee.
Mint Government agency that makes coins. (http://www.usmint.gov)
Money Market Shares An insured savings account that requires a $2,000 balance to receive higher interest rates.
Money Order A type of check payment on which the credit union prints the exact amount to be paid. Anyone can cash it if it isn't filled out completely.
Mortgage A loan that you get when you are buying a home.
Mutual Fund A managed investment containing stocks and/or bonds of various companies.
NSF or Bounced Share draft/check Non Sufficient Funds. Refers to a check that was returned to the Payee due to lack of funds on deposit to honor it.
Overdraft Using another account balance or line of credit to pay a check which would have otherwise been NSF.
Overdrawn When an account has a negative balance.
Outstanding balance It is what you owe each month on your credit card. It includes purchases, fees, and interest charges.
PAT Personal Access Teller. Touch-tone phone teller that allows you to do many of the same transactions you would in a branch.
PIN Personal Identification Number. A secret number that allows only you to use your ATM card, PAT and CU Connect.
Principal The original or remaining balance of a loan or the original share certificate balance.
Regular Shares A savings account that you can opened with a $5 deposit (which establishes you as a member and allows you to vote for your Board of Directors.)
Secured Loan A loan based on collateral. For example, if you borrow money to buy a car, the car will serve as collateral for the loan.
Share Certificates Generally they pay a higher interest rates than savings or money markets accounts in exchange for an agreement to leave your money on deposit for a specific amount of time.
Share Draft /Check A written 'order' to the credit union that tell us to take a stated amount of money out of your account to pay to the person you owe.
Statement A monthly (or quarterly) record of your account transactions that is sent to you by the credit union.
Stop payment An order you issue to not pay on a share draft/check that you've written. (A fee is attached to this service.)
Transaction Any deposit, withdrawal, or any other activity involving your account.
Unsecured Loan A loan based on a promise to repay the debt. Typically known as a 'signature' loan.
Wage Income from a job.
Withdrawal Money taken out of your account.

What's UP | Heading to College | Learn How to... | FAQ | Links | Mind Candy | Types of Accounts | Home | E-mail us