All About Credit Unions
These are the people who own a credit union
What are members?
One of the 5 C's of credit, your character is your history of paying your bills on time. This number usually represents your character
What is your credit score?
This is accessing your accounts and conducting transactions using your computer
What is online banking?
This is the number of credit reporting agencies that monitor your credit history
What is three(3)?
This type of account is used for everyday purchases and there is no limit to the number of transactions
What is a checking account?
The term for a business that is owned by its customers/members
What is a cooperative?
This C of credit, also called compensating factors, looks at things like how long you have a relationship with that lender
What are conditions?
This is accessing your bank accounts through a smart phone app
What is mobile banking?
This is the number of times per year you are allowed to pull a credit report from each bureau for free
What is one(1)?
This is a card that is linked directly to your checking account
What is a debit card?
These are people who own banks
What are shareholder or private investors?
This C of credit determines if you can afford to pay the loan back and is represented by your debt to income ratio
What is capacity?
This feature allows you to move money from one account to another
What is transferring funds?
This term is used to describe the status of an account when you miss a payment
What is delinquent?
This account has a limited number of transactions per month and should not be used for daily transactions
What is a savings account?
Your money is protected at a bank or credit union with this insurance provided by the federal government
What is federal deposit insurance?
This C of credit is used to secure a loan when you are buying an asset such as a car or a house
What is collateral?
This feature allows you to use your phone or computer to pay your bills
What is online bill pay?
This government agency oversees the laws around debt collection
What is the FTC or Federal Trade Commission? (Also acceptable is the CFPB or Consumer Financial Protection Bureau)
The is the name of the fee charged if you spend more than you have in your checking account
What is an overdraft fee? (Also acceptable is NSF fee or Non-Sufficient Funds fee)
This is what credit unions do with your deposits to help other members make large purchases, like buying a car or home
What is lend it?
This C of credit shows a lender that you have savings and could continue to make payments if you lost your income
What is capital?
These are the hours in which you can access your accounts online
What is 24/7?
This legal action is sometimes taken when you cannot repay a debt. A court order sent to your employer requires them to send some of your pay to the debt collector
What is a garnishment or wage garnishment?
These two things are required for opening up a bank account
What are an unexpired ID and a social security number?