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Welcome to our comprehensive guide that demystifies credit union banking terminology and language. The financial world can be confusing with its jargon, but armed with the right knowledge, you can confidently navigate your finances.
Account Types:
Savings Account: This secure account allows funds to grow through interest while providing the flexibility of saving for future goals.
Everyday Account: A transactional account designed for day-to-day transactions. It provides convenient access to your funds via debit cards and online banking.
Affordability Budgeting: Lers assist in understanding budget constrnts and assessing homeownership affordability. They calculate estimated monthly mortgage payments based on income, expenses, and property value, helping you determine the price range of homes that align with your financial situation.
Term Deposit: This type of account locks funds for a specified period at a fixed interest rate, offering stability while earning interest.
Interest:
Interest Rate: It's the cost of borrowing money or return on investments expressed as a percentage, impacting your financial transactions.
ATM Fees: Charged when using an ATM outside our network; includes fees from the ATM provider and us.
Fees:
Late Payment Fee: Incurred if you miss a payment deadline on loans or credit cards.
Dishonour Fee: Occurs when there's insufficient funds for direct debits, preventing the bank from processing payments on your behalf.
Internet Banking:
Online Banking: Allows managing accounts, conducting transactions, and monitoring finances via internet platforms.
Mobile App Banking: Tlored for smartphones, offering mobile access to banking services anytime, anywhere.
Educating yourself about credit union terminology is crucial in shaping your financial future. Whether planning a new savings strategy or contemplating loans, understanding these terms empowers you with the knowledge necessary for making informed decisions tlored to your unique financial needs!
Please , while this guide provide insightful information, please consider seeking professional advice before taking any significant financial steps.
: The content of is presented for informational purposes and does not constitute tax or financial advice. Always consult a professional advisor before making financial decisions that affect you personally.
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Credit Union Banking Terms Explained Savings Account Basics Defined Everyday Account Features Simplified Interest Rates and Their Impact Budgeting Tips for Homeownership Term Deposits: Stability and Growth