Financial Terms Glossary...
Credit Union National Association (CUNA)
Non-profit and dues-supported national association serving credit unions and credit union leagues in the United States.
Credit Union Service Organization (CUSO)
Organization owned wholly or in part by one or more credit unions to provide services to credit unions, their members, or both.
Obligation to repay money, goods or services to a person or other entity according to an agreement contract. The debt may or may not be secured by assets.
Consolidating more multiple debt obligations into one loan in order to reduce the annual percentage rate or the dollar amount of monthly payments.
Withdraw funds from savings or checking or conduct other transactions at an Automated Tell Machine (ATM). The card can also used to pay for purchases and receive cash back at participating stores. Purchases and cash back are debited from the member's or consumer's checking account.
Failure to repay a loan according to the agreed upon terms.
When there are more liabilities and debt than income and assets. In finance, the excess of expenditures over budget.
Failure to make a payment on an debt or other obligation when due according to a loan agreement or other contract.
Funds that are available for withdrawl at any time, withot any advance notice.
Cash, checks, drafts or electronic transfers (EFT) placed into a member's account and made available for transactions.
Having a payment, such as a payroll, refund, retirement or disability check, sent electronically or by mail and credited to an individual's account at their financial institution.
Loan funds issued by a lender to the borrower by cash, check or deposit.
Positive or negative information released by a person or company that may have either a positive or negative influence on an investment decision or loan approval.