Term
| Automated Teller Machine (ATM) |
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Definition
| An electronic machine that banks customers and credit union members can use to withdraw cash and make other financial transactions. |
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Definition
| A for-profit company that is owned by its stockholders and provides savings and checking accounts and other financial services to its customers. |
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Definition
| A bank or credit union account that allows withdrawals by writing a check. |
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Definition
| A financial institution owned by its members that provides savings and checking accounts and other services to its membership at low fees. |
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Definition
| A card that is used to deduct a purchase amount directly from your checking account instead of drawing on a line of credit; also called a "check card." |
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Term
| Electronic Funds Transfer (EFT) |
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Definition
| A way to give permission to pay bills and have paychecks deposited directly into your account via electronic terminal, automated teller machine, computer, or telephone. |
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Term
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Definition
| To sign the back of a check to make it payable to the specified payee. |
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Definition
| Also known as free software; can be used to obtain your personal information from your computer. |
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Definition
| When someone uses your name, Social Security number, credit card number, and other personal information without your permission. |
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Term
| Personal Identification Number (PIN) |
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Definition
| The unique passcode number you use to get access to your savings and/or checking account. |
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Term
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Definition
| An identity theft tool that appears in the form of an e-mail or pop-up message; usually looks like it's from a legitimate financial institution and prompts you to provide your personal information in order to fix a "problem" with your account. |
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Definition
| An account you have at a financial institution that helps you accumulate and save money and earn a small amount of interest at the same time. |
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Definition
| The credit union term for a savings account. |
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Term
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Definition
| The credit union term for a checking account. |
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Term
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Definition
| A bad side effect of free downloads that may be used to send you pop-up ads, redirect your computer to unwanted Web sites, monitor your Internet surfing, or record your keystrokes in an effort to steal your identity. |
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Definition
| The amount of money that is either gained or lost when accessing services offered by a depository institution. |
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Definition
| The percentage used annually to calculate the total interest either gained or lost from an account supplied by a depository institution. |
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Definition
| Part of the central banking system in the United States. |
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Term
| Federal Deposit Insurance Corporation (FDIC) |
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Definition
| A federal government agency which insures federal chartered banks and savings and loans against loss. |
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Term
| National Credit Union Administration (NCUA) |
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Definition
| This provides insurance protection for credit unions. |
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Term
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Definition
| Purchased for a small fee and guaranteeds payment by putting your funds on reserve. |
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Term
| Non-sufficient Funds (NSF) Check |
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Definition
| A check that cannot be covered by a funds in your account. |
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Term
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Definition
| Writing a check on insufficient funds and then trying to make a deposit before that check is cashed. |
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Definition
| The person authorized to write a check. |
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Definition
| The person or company to whom the check is made payable. |
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Definition
| The depositor's record of checking account transactions. |
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Term
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Definition
| Signing your name the way it appears on the front of the check. If your name is spelled wrong; sign it the misspelled way and then sign it again the correct way. |
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Term
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Definition
| Write a phrase such as "For Deposit Only" and then sign underneath. This is a safer method as it only allows the check to be deposited and not cashed--typically used if you are mailing your check or having someone else deposit it for you. |
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Term
Special Endorsement OR
Endorsement in Full |
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Definition
| Write "Pay to the order of", the name of the person you are giving the check to and then sign underneath. This allows you to sign your check over to someone else who then may deposit or cash it. |
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Term
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Definition
| A mathematical method that can be used to show how long it will take to double your money in an investment simply by dividing 72 by the rate of interest. |
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