The world of money has its own language. Here are a few key terms to know.
|Account||A fund established at your credit union in your name, with which you can withdrawal or deposit money. An account keeps a complete record of all your financial transactions.|
|Annual Percentage Rate (APR)||The total yearly cost of a loan, expressed as a percentage. APR calculates interest, fees and any other charges such as insurance.|
|Annual Percentage Yield (APY)||What you earn (total dividends, expressed as a percentage) on your deposits during one year.|
|Automated Teller Machine (ATM)||A machine at a credit union branch or other location that lets you do basic banking transactions, such as get cash, check your balance, or even make a deposit. Because the machine is automatic, it is often available even when the credit union is closed.|
|Balance||The amount of money in an account at a specific time. Also often called an “account balance.”|
|Budget||A detailed plan of how much money you should save and spend each month, based on your income, in order to meet your needs and goals.|
|Certificate Accounts||A special type of savings account (sometimes called Certificates of Deposit at other financial institutions) offering higher dividend rates, in exchange for depositing your money for a fixed amount of time.|
|Checking Account||An account that lets you write checks to make payments using the money deposited in the account.|
|Credit Card||A plastic card that lets you pay for items using a temporary loan. The card is swiped through a special machine at a store, and the amount of the purchase is added to the loan balance. At the end of each month, the user is expected to make a payment toward the balance of the loan.|
|Credit Score||A standardized measurement of your credit history, included in your credit report. Your credit score analyzes your history making loan payments on time, responsibly using credit cards, renting a home, and more, and decides if you can be trusted to pay back a loan.|
|Debit Card||A plastic card that lets you make purchases electronically using your checking account. Instead of writing a check, you swipe your debit card through a special machine, and the amount of the purchase comes out of your account right away.|
|Debt||The amount of money a person owes to other people or companies.|
|Deposit||Money you put into your credit union account.|
|Direct Deposit||A service that lets your employer deposit your paycheck directly into your credit union account--without giving you a paper check.|
|Disclosure||The “fine print” details of an account or loan, outlining complete details, risks and more.|
|Dividends||The rate (as a percentage of your balance) a credit union pays you for depositing your money. Sometimes called interest at other financial institutions.|
|Down Payment||A small part of the purchase price (usually of a car or home), paid in cash up front. A down payment lowers the amount of the loan or mortgage needed to make the purchase.|
|Individual Retirement Account (IRA)||An account used to save money for retirement. People with IRAs set aside money each year, and cannot withdraw the money until they are age 59 1/2 or older.|
|Interest||The fee (as a percentage of your balance) charged by a credit union to borrow money.|
|Loan||Money borrowed by a member from a credit union. The borrower agrees to repay the money, plus interest, over the course of a specific timeframe.|
|Mortgage||A loan used to purchase real estate (a home), with specific terms, payment periods and interest rates.|
|Online Banking||A web-based system that lets you perform certain transactions on your credit union accounts over the Internet.|
|Overdraft||A negative account balance, caused by having withdrawals greater than your deposits.|
|Savings Account||An account at a credit union that pays dividends, but cannot be accessed by writing checks.|
|Terms||The specific conditions and details required to establish a credit union account or loan.|
|Withdrawal||Money you remove from your credit union account.|
Debit cards are a safe and convenient way to get cash at an ATM and make purchases. The funds are deducted from your checking account so you don't pay interest and won't get a 'bill' in the mail.
Use it instead of writing a check. Make purchases at any store displaying the MasterCard symbol. Simply swipe it like a credit card and choose 'credit', sign the receipt and you're done!
By choosing 'credit' (signing) v. 'debit' (PIN), you'll have Zero Liability,* an extra layer of protection provided by the MasterCard network which means you won't be liable for unauthorized purchases that you promptly report.
Get cash. You can use your California Coast debit card at any one of thousands of ATMs worldwide including 30,000 fee-free California Coast or CO-OP® ATMs and any bearing the MasterCard®, Maestro®, Cirrus®, or PULSE® Network logos.
Pay your bills. Pay one-time or recurring bills such as utilities, gym membership and cell phone. Use your debit card number to set up the process with the merchant or provider.
California Coast's Debit MasterCard® comes free with our checking accounts and is a fast and safe way to get cash or make purchases. Simply use it at any California Coast or CO-OP ATM to get cash or swipe it at a store.
Don't have a Debit MasterCard? Give us a call (877) 495-1600 or stop by a branch.
*Does not apply to PIN based transactions, unauthorized purchases must be reported promptly
Our members are our most valuable asset. That’s why everything we do — from the accounts, loans and rates we offer, to the personalized caring attention we provide — is designed to help you to achieve your goals.