Glossary Navigation
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AcceleRate - AcceleRate gives you the ability to increase the rate of your Certificate one time during the term. With AcceleRate, you have peace of mind knowing that you can take advantage of a great rate today and still take advantage of a better rate tomorrow..
Acceleration Clause - provision allowing the lender to ask for full payment at once, if loan installations are not paid when due
Add-On Certificate - Southlandís Add-On Certificate Account offers a way to earn a great rate with as little as $500. Plus, have the flexibility to make deposits and the freedom to make a withdrawal without a penalty during the certificate term.
Adverse action - (1) refusal to grant credit in the amount or under the terms requested, or (2) termination of an account, or (3) refusal to increase the amount of an existing credit line when the applicant requested it in accordance with the creditor's procedures, or (4) an unfavorable change in terms that affects only some of the debtors
Advice - the credit union's written acknowledgment to its members of a debit or credit transaction affecting that member's account
Amortization - the gradual reduction of a debt by means of equal periodic payments sufficient to liquidate the debt at maturity
Annual Percentage Rate-(APR) - finance charge over a full year, expressed as a percentage of reflecting all costs of the loan as required by the Truth-in-Lending Act
Annual Report - a formal financial statement issued yearly by a corporation which shows assets, liabilities, revenues, expenses and earnings
Appraisal - the opinion of value reached by an appraiser based upon knowledge, experience and a study of pertinent data
Appraisal Fee - charge for estimating the value of collateral being offered as security
Appreciation - the increase in the value of an asset which is due to economic and other conditions as distinguished from increases in value due to improvements or additions made to it
Asset - anything owned by an individual, a business, or a credit union which has commercial or exchange value
Audit - An official investigation to verify that all assets, liabilities, income and expenses of a financial institution are correctly stated. The audit of an institution's operation also serves to inhibit fraud and errors, and determines the accuracy of accounting and bookkeeping procedures.
Automated Teller Machine (ATM) - equipment used by a member to obtain financial services, generally activated by a plastic card, pushbuttons and a personal identification number for each user
Automated Transfer Services - A procedure that allows the transfer of funds from one account to another. SCU has special forms that members can complete which authorize the credit union to have funds automatically transferred to the member's SCU accounts from another financial institution.
Automatic Clearing House (ACH) - a computer-based facility that settles payments and deposit transactions between member financial institutions.
Average Daily Balance - A method used to determine interest on a loan balance. Purchases and advances for the month are added to the outstanding balance, then credits are subtracted. The result is divided by the number of days in the month.