Glossary 
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P
Payee - the person to whom a check or other obligation is payable
Payroll Deduction - allows members to send part of their pay, retirement, insurance or investment checks directly to any SCU account
Periodic Rate - a rate of finance charge imposed for a given amount of time
Personal Identification Number (PIN) - a member's secret identification number that must be used when accessing an automated teller machine (ATM)
Point-Of-Sale Terminal (POS) - computer terminal that enables a bank customer to access account funds at the place a sale is made, usually a supermarket or retail store
Points - A loan discount, which is a one-time charge, used to adjust the yield on the loan to what market conditions demand. Each point equals 1% of the principal amount.
Postdated Check - A check dated in the future. The check is not acceptable for processing until that date has been reached.
Power of Attorney - a legal document authorizing a person to act as an agent for another person
Preauthorized Payments - Free service which provides members with a convenient method of paying fixed amount, recurring bills; primarily mortgage payments and insurance premiums. Funds are automatically withdrawn from the member's Checking account each month to honor these payments. The combined account statement serves as the record of payment.
Prepayment Penalties - charges assessed to a borrower if an account is paid off before the due date
Primary Residence/ Principal Residence - the residence of the borrower which is intended to be occupied on a permanent basis
Prime Rate - the interest rate, that is charged by commercial financial institutions for loans made to those larger business borrowers that have the highest credit ratings, it is usually the best rate available
Principal - the actual amount of a loan before finance charges and other charges are added or deducted
Private Mortgage Insurance (PMI) - insurance written by a private company protecting the mortgage lender against loss occasioned by a mortgage default
Promissory Note - a written promise made by one person to pay another person a certain sum of money on demand or at a future date