ACH
ACH stands for Automated Clearing House, an electronic money transfer system for payments.
Jargon Hacks
We keep it simple. Keep calm, read on.
APR
APR = Annual Percentage Rate, the annualized interest percent to be paid on your loans balance.
ATM
An ATM is an automated teller or cash machine.
ATM Card
This is a plastic card that allows you to perform transactions on your account when you insert it into an ATM and enter your PIN.
Balance
The value of your account, either positive (credit) or negative (debt).
Cashier’s Check
A cashier’s check is a check guaranteed by the Credit Union. Cashier’s checks are treated as guaranteed funds because the Credit Union, rather than the purchaser, is responsible for paying the amount.
Check
A check is a written order which instructs the Credit Union to pay a specific amount of money from your account to another person or organization.
Credit Card
A Credit Card allows you to buy goods immediately and pay for them later. If you don’t pay the total amount in full by the due date you will be charged interest on the outstanding balance.
Credit Score
A credit score is a number assigned to a person that indicates to lenders their capacity to repay a loan.
Debit Card
This is a plastic card that allows you to perform POS or ATM transactions on your account, authorized with your PIN or signature.
Deposit Account
A deposit account is a checking, savings, or any other type of account that allows money to be deposited or withdrawn by the account holder.
eStatement
An eStatement is an electronic version of your statement that you can view, print, or download at your convenience.
Looking for one-on-one guidance?
WECU members have access to free, high-quality financial counseling and education through Money Management International (MMI). Programs include Budget and Debt Counseling, Credit Report Review, Student Loan Coaching, Pre-Purchase Housing Counseling, and Foreclosure Prevention.
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