Financial Terms Glossary...
Variable Rate CD
Savings certificate on which the rate of interest payable varies. The interest rate changes periodically and is set by the financial institution, along with other money market rates.
Variable Rate Loan
Either open-end or closed-end loans having interest rates that vary with a credit union’s cost of funds or a money market index.
Variable Rate MortgageMortgage with an interest rate that fluctuates during the life of the mortgage. Mortgage agreement that stipulates predetermined adjustments of the interest rate at specified intervals.
W, X, Y, Z
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Deposit that may not be withdrawn unless stated time or notice requirements are met (CD, IRA, etc.).
Check of public records to determine current ownership of a parcel of real estate.
Moving funds between two accounts held by the same or different members.
Section of the Consumer Credit Protection Act that provides for a complete and conspicuous disclosure of credit charges on dollars and cents and as an annual percentage rate (Regulation Z).
Federal regulation to assist consumers in comparing deposit accounts offered by depository institutions. Institutions are required to calculate dividends on
daily balance method or average daily balance method. Disclosure information must accompany all deposit accounts (Regulation DD).
Two Party Checks
Check presented to a financial institution, but the check is drawn on a presenter’s account at another financial institution.
Charging a higher rate of interest than the law allows.
Accumulated net income after distribution to members and provision for reserves required by law, plus or minus increases or decreases in other reserves (such as a special reserve for losses), plus or minus other authorized direct credits or charges for adjustments affecting prior period operations.