The amount in your account in your account owned. It makes for happy reading when it’s a positive figure.

The quality of a person, corporation or other legal entity who, being unable to meet his or her financial obligations, must relinquish his or her property to a receiver or trustee for administration and distribution to creditor.

The rules adopted by the member of SCU and Board of directors that defines the field of membership and determine the rules and regulations of the cooperative.

The process by which a cheque moves from the initiation of the order to the final recipient.

An accounting entry that decreases asset or increases liabilities.

Increases in an account (such as a deposit made to the account).

A record of a borrower’s debt commitments and debt payments

A group of SCU members with the responsibility to approve or reject loan requests.

The amount of funds in the account including pending activity. It does not include any funds available from other accounts. Additionally, any holds would not be included in this balance.

Security offered by a borrower or his/her co-signer which can be utilized, sold or mortgaged to repay the loan should the borrower be unable to pay.

The price a financial institution pays for its funds

Decreases in an account, such as that which occurs when a check is written against that account.

A loan in default of the repayment of one or more monthly installments as specified per the loan agreement.

A person who is dependent for support upon another, to be distinguished from one who merely derives a benefit from the earnings of another.

The process of paying cash and cheques into your account.

Refers to accounts that owned at another financial institution.

An exact copy of a document, such as a signature, by a duplicating process.

A specific sum of money deposited for a specified rate of earnings has been agreed upon.

Rate of interest that does not vary for the term of the loan or deposit.

The money of another country.

The alteration of a document or instrument with fraudulent intent.

The amount of money owed on a single account that, if paid, will reduce the account to a zero balance.

A promise by the maker that something will work well if a promise is broken.

A person who offers security for the repayment of a loan for and on behalf of a borrower in the event the borrower is unable to pay.

Refers to account upon which the outstanding balance exceeds the authorized credit limit.

A bank account held in more than one name, usually by a married couple or partners living at the same address.

The cost for borrowing a sum of money, or the amount earned on an interest-bearing deposit account, usually calculated at a percentage rate over a period of time.

The annual rate paid on an interest-bearing account, such as a savings and loans. Different types of accounts pay or charge different rates of interest. The interest paid on an interest-bearing account is usually expressed as an Annual Percentage Yield. The rate charged on a loan is usually expressed as an Annual Percentage Rate.

A financial commitment between a member (borrower) and the Credit Union (lender) whereby the lender advances money to the borrower to be repaid with interest within a specific period of time.

A form filled by a loan applicant requiring full and accurate disclosure of information and used to determine the eligibility of the member to be granted a loan.

A document signed by the lender and the borrower plus the co-signer specifying the terms and conditions of a loan granted by the lender to the borrower.

The date on which the capital balance of a loan becomes due and payable. It also marks the date when a fixed deposit pays its interest.

The ownership shares and deposit accounts balances standing to the credit of a member in the books of the Credit Union.

The people or businesses you issue a cheque to.

A person who is paying out money to another person or firm.

Something handed over by a person who borrows money which will not be given back if the loan is not repaid.

A statement of an organization’s purpose that guides individual and group activities.

The original loan amount without interest or other charges.

An existing SCU loan for which repayment is rescheduled or an existing loan which is added to another or additional loan.

Money put aside for the future.

One of the parts into which the money of a business firm is divided.

A detailed record of transactions in a bank member’s account(s) for a certain period, which shows debits, credits, transfers, salary transfers, account balance, etc.

Those investments that mature in less than one year.

The time to the maturity of a loan or deposit, expressed in months or years.

A series of repeated results showing a pattern

The total accumulated earnings of SCU that are available to pay out as dividends to members.

Those costs that vary as to level of output changes.

The difference between the budgeted amount and the actual amount