Fact Sheet

Credit Union Definitions

Account - (noun) money deposited in a credit union (The person who deposited the money can also withdraw the money.)

Allowance - (noun) a sum regularly provided for personal or household expenses

Board of Directors - (noun) an organized group of administrators (people who make decisions about how the credit union should be run)

Budget - (noun) a plan for the coordination of income and expenses; (verb) to plan or provide for the use of in detail-to plan how to save and spend your money

Cooperative - (noun) an enterprise or organization owned by and operated for the benefit of the people using its services (If you guessed that this word comes from the idea of "cooperation" which means being willing and able to work together, you are correct!)

Credit - (noun) the balance in a person's favor in an account or an amount or sum placed at a person's disposal by a bank or time given for payment for goods or services sold on trust

Credit Card - (noun) a card authorizing purchases on credit

Credit Union - (noun) a cooperative association that makes small loans to its members at low interest rates

Debit - (noun) a charge against a credit union deposit account

Debit Card - (noun) a card like a credit card by which money may be withdrawn or the cost of purchases paid directly from the holder's credit union account without the payment of interest

Debt - (noun) something-usually money-that is owed

Deposit - (noun) something placed for safekeeping, such as money placed in a credit union; (verb) to place especially for safekeeping or as a pledge, for example, to put in a credit union

Expense - (noun) something paid-usually money-to get a benefit or bring about a result; a financial burden

Field of Membership - (noun) the group of people (members) who are allowed to join a certain credit union

Financial Institution - (noun) any organization that allows people to deposit, withdraw, and borrow money

Income - (noun) a charge for borrowed money, generally a percentage of the amount borrowed

Interest - (noun) the amount of such gain received in a period of time

Loan - (noun) money lent at interest

Member - (noun) one of the individuals composing a group, especially a person who belongs to a credit union

Nonprofit - (adjective) not conducted or maintained for the purpose of making a profit

Profit - (noun) the excess of returns over expenditure in a transaction or series of transactions; especially : the excess of the selling price of goods over their cost

Save - (verb) to put aside as a store or reserve

Shareholder - (noun) a person who owns a share in property

- (verb) to use up or pay out

Teller - (noun) a member of a credit union's staff concerned with the direct handling of money received or paid out

Vault - (noun) a room or compartment for the safekeeping of valuables

Withdraw - (verb) to remove (take out) money from a place of deposit

Withdrawal - (noun) removal from a place of deposit or investment

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