VEHICLE LOANS
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Glossary: Savings Terms
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- APR
- Annual Percentage Rate.
- APY
- The Annual Percentage Yield standardizes varying interest rate agreements into an annualized percentage number.
- Bounce Protection
- Bounced check protection, also know as "courtesy pay," does not involve a contract and fees are much higher than overdraft fees, sometimes including daily fees until the balance is repaid. It gives the financial institution the option of paying an overdraft or not.
- Compound
- Interest is deposited back into the account so that interest is earned on the principal and previously earned interest.
- Escheat
- Reversion of unclaimed property to state. This may include funds in an account where no activity has occurred for 3 years (dividends do not count as activity).
- NCUA Insurance
- Deposits at SESLOC are insured by the National Credit Union Share Insurance Fund, an arm of the National Credit Union Administration, a U.S. government agency.
- Share Draft
- A check (draft) written on your credit union share draft checking account.
- Term Certificate
- In exchange for keeping the money on deposit for a specific period of time, a saver earns a higher interest rate than in an account where funds may be withdrawn on demand. Longer terms provide higher rates.
