ABA Routing Number
A unique 9-digit number, used in the United States, to identify a financial institution; the number is printed at the bottom of the financial institution’s checks and is most often requested by employer payroll offices to set up direct deposit or an electronic withdrawal.
The routing number (ABA) at Extra Credit Union is 272477432.
Account
A record of debit and credit entries to cover transactions involving a particular person.
ACH (Automated Clearing House)
A computer-based interchange for clearing deposits and payments electronically.
Adjustable-Rate
Rate on a loan which could change during the life of the loan.
APR (Annual Percentage Rate)
Interest rate computed for an entire year.
APY (Annual Percentage Yield)
The amount of interest earned on a deposit account, taking into account the effect of compounding interest.
Assets
Everything of value that is owned by a person or company.
ATM (Automated Teller Machine)
A computerized electronic machine that performs basic banking functions.
Automatic Transfer
Instead of writing checks or making manual transfers between accounts each month, you can have funds transferred automatically.
Balance
Agreement of totals in the debit and credit side of an account; an amount that is still remaining.
Bankrupt
Debtor who is legally insolvent.
Board of Directors
Democratically governs and supervises the Credit Union on a volunteer basis.
Branch
A secondary location of the credit union where you are able to conduct your banking transactions.
Budget
A plan for the coordination of income and expenditures.
CD (Certificate of Deposit)
A time deposit with a maturity date that usually pays higher interest rates than other types of deposit accounts; a penalty is imposed if the funds are withdrawn before the maturity date.
CO-OP
The largest credit union-only ATM network in the country; membership provides surcharge-free access at 28,000 ATMs, which includes 9,000 deposit-taking and 5,500 7-Eleven locations throughout the U.S. and Canada.
Co-Signer
The person who signs a credit agreement and accepts responsibility for the repayment of a loan in addition to the primary applicant.
Collateral
Anything a financial institution accepts as security for repayment of a loan.
Consolidate
To join together all of your debt into one monthly payment, reducing the risk of missing a payment.
Courtesy Pay
Covers overdrafts up to a total of $500, including fees; helps you avoid additional bounced-check or late payment fees on returned items from the merchant or payee.
Credit Limit
The maximum amount that can be spent on a line of credit.
Credit Report
A credit file disclosure that provides you with all of the information in your credit file maintained by a consumer reporting company.
Credit Score
Used by a lender to help determine whether a person qualifies for a particular credit card, loan, or service.
Credit Union
Not-for-profit financial institutions that conduct business for the mutual benefit and general welfare of their member-owners.
Debit
Money withdrawn from the holder’s bank account without the payment of interest.
Debt
The state of owing monies or items to another individual or company.
Deposit
Money placed in your account(s), creating a new balance.
Direct Deposit
Money automatically deposited in your account from an employer or other source.
Distribution
A sum of money withdrawn from a fund (as a retirement fund) and given to the beneficiary or holder of the fund.
Dividend
Interest paid on deposit accounts.
eAlerts
Choose from a variety of alerts ranging from password changes, cleared checks, maturing CDs, loan payments, and even personal reminders via email or text once set up in eBanking.
eBanking
Allows you to view and manage your account(s) through the Internet.
eBanking App
A system that allows members to conduct a number of financial transactions through a mobile device such as a mobile device or tablet.
eDeposit
A feature that allows you to photograph paper checks and submit them to your ECU accounts through the eBanking App.
eEndorse (DocuSign)
This service allows members to sign loan documents electronically using an email and passcode.
Escrow
A deed, a bond, money, or a piece of property held in trust by a third party to be turned over to the grantee only upon fulfillment of a condition.
eStatements
Account statements delivered in eBanking; paperless account statements.
FHA (Federal Housing Administration)
The largest government insurer of mortgages in the world, insuring over 35 million properties since its inception in 1934 and providing mortgage insurance on single-family, multifamily, manufactured homes and hospital loans made by FHA-approved lenders.
Financing
To raise or provide funds or capital for a tangible item.
Fixed-Rate
A mortgage loan where the interest rate on the note remains the same through the term of the loan.
FlexLINE of Credit
An open-end loan from Extra Credit Union linked to your checking account; this revolving line of credit can be used for purchases and as overdraft protection.
Foreclosure
To take legal possession of a mortgage property.
GAP (Guaranteed Asset Protection) Insurance
Covers the difference between your automobile insurance carrier’s settlement and the loan balance.
Home Equity Line of Credit
Having access to the available equity on a home through an established line of credit.
Homeroom Service
Homeroom Service is a unique program catered to school employees who are Extra Credit Union members. This convenient service provides access to a dedicated financial service team that comes directly to your school to personally help you with many of your most common banking needs from applying for a loan to opening a basic checking or savings account.
Insurance
A means of guaranteeing protection on a person or item.
Interest Rate
The rate a financial institution charges for a member to borrow money.
Login
Area where you would access online account information that requires a username and password.
Maturity Date
The date on which a certificate comes due.
Member
An individual belonging to a credit union; part owner of a credit union.
Mission
A brief statement of the purpose of an organization.
Money Market
A savings account that earns more interest and is accessible unlike a CD.
Mortgage
A loan taken out through a financial institution to finance a home.
MSHDA (Michigan State Housing Development Authority)
Provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing.
MSRP (Manufacturer’s Suggested Retail Price)
The sticker price on a vehicle.
NCUA (National Credit Union Association)
The federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund.
NCUSIF (Nation Credit Union Share Insurance Fund)
A federal insurance fund backed by the full faith and credit of the United States government.
NSF
Nonsufficient or insufficient funds-when a member’s account does not contain enough money to cover a check or payment.
Overdraft
Amount a bank account is overdrawn.
Overdraft Transfer
When set up this allows for transfer from a designated savings to cover purchases or checks drawn from an account that has insufficient funds available.
PAT (Personal Anytime Teller)
Account information available to you by phone.
Point-of-Sale Pay
Allows Courtesy Pay to kick in when making purchases with an ATM or Debit Card.
Principal
Original amount of money, interested or borrowed.
Refinance
To revise a loan agreement to make the terms of payment more suitable to a borrower’s present income and ability to pay; usually provides a lower interest rate, lower monthly payments and/or additional dollars.
Repossession
To take possession (of something bought) from a buyer in default of the payment.
Scholarships
A grant-in-aid to a student (as by a college or foundation).
Secured
Term used to denote that a loan is backed by some type of collateral to help minimize risk to the financial institution and ensure repayment.
Signature Loan
A loan not backed by collateral; sometimes called an unsecured personal loan.
Transfer
Move funds from one account to another.
Unsecured
Term used to denote that a loan is not backed by some type of collateral; usually referred to as a signature or personal loan.
Wire Transfer
Transferring money from one entity to another.
Withdrawal
Money removed from a place of deposit or investment.
