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ALERT
Our Midwood branch located at 1560 Flatbush Avenue in Brooklyn will reopen this Friday, May 31st!

In the meantime, you can securely access your accounts by logging into Digital Banking or visiting any of our other local branches.

A B C D E F G H I J
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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.

C

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.

S

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.

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