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Secured Loan - a loan containing a provision that, upon default, certain pledged property may be claimed by the lender as payment of a debt
Service Charge - A fee for service. In financial institutions, this is usually the charge applied against a members' account for maintaining a particular service.
Share Savings Account - This main savings account establishes membership in SCU and must be opened for each individual before he/she may use any other credit union service. The account must be opened with a $25.00 initial deposit or $10.00 entrance fee
Simple Interest - a method of calculating interest on outstanding balances that produces a declining finance charge with each payment of the installment loan
Stop Payment - a member's order not to pay a specific check or draft that has been issued.