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Consumer Tips
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Money Terms
- appraisal - An expert judgment or estimate of the quality or value of real estate as of a given date.
- capital
- Wealth, in the form of cash, or property, that can be used
to earn income.
- Check
& Cash Card - Stark Federal Credit Union's debit
card. Click
here to read more about it.
- check
register - The written record you keep of your checks as
you write them and the deposits you make in your checking
account. You'll want to balance your account to make
sure that you know the maximum you can write checks for
without getting hit with a non-sufficient funds
penalty.
SAFE@home has a
useful tool built in to help you. Click
here for an
interactive course in how to balance your checkbook and tips
on how to prevent checking fraud.
- co-sign
- To accept joint responsibility for repaying someone else's
loan. If the borrower doesn't make loan payments, the
co-signer is liable for the debt.
- counterfeit
- Fake, usually referring to phony currency or
"funny money." The Secret Service is in
charge of investigating counterfeit money in the US.
- direct
deposit - A way of having payments you normally receive
by check sent electronically to your account.
- dividends
- Earned quarterly at Stark Federal Credit Union.
As a SFCU member, you are entitled to returns on your share
account (savings), share certificates and other savings
products. Click
here to learn more.
- Equity - The value of a homeowner's unencumbered interest in real estate. Equity is computed by subtracting from the property's fair market value, the total of the unpaid mortgage balance and any outstanding liens or other debts against the property.
Click
here to learn more.
- Escrow - Funds paid by one party to another to hold until the occurrence of a specified event, after which the funds are released to a designated individual. The money is held in a trust fund, provided by the lender for the buyer. Such funds should be adequate to cover yearly anticipated expenditures for mortgage insurance premiums, taxes, hazard insurance premiums, and special assessments.
- IRA
- Individual Retirement Account. Click
here to learn more.
- PIN
- Short for Personal Identification Number.
Birthdays and anniversary dates are the most frequently
guessed PINs.
- Points - A point is one percent of the amount of the mortgage loan. For example, if a loan is for $25,000, one point is $250.
- Principal -
The amount upon which interest is paid.
- share
account - Another term for a savings account.
Stark Federal Credit Union members must have a minimum of $5
in their share accounts. Click
here to learn more.
- share
certificate - The credit union equivalent of a
Certificate of Deposit.
- share
draft account - What most credit unions call a checking
account.
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