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
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
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that usually pays higher interest rates than other types of deposit accounts; a penalty is imposed if the funds are withdrawn before the maturity date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
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
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
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.
A means of guaranteeing protection on a person or item
Interest Rate
The rate a financial institution charges for a member to borrow money
Area where you would access online account information that requires a username and password
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
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
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
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
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
Move funds from one account to another
Term used to denote that a loan is not backed by some type of collateral; usually referred to as a signature or personal loan
Transferring money from one entity to another
Withdrawal
Money removed from a place of deposit or investment
Routing Number: 272477432