Greenville Savings Bank Homepage

Greenville, PA

Hermitage, PA

Neshannock Twp, PA

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Main Branch 724.588.5420

Glossary of Terms

Account – A type of financial property of financial obligation that is held and owned under your name. We offer personal checking accounts and personal savings accounts.

Accrued Interest – The amount of unpaid interest that has built up since you last made a payment.

Adjustable-Rate Mortgage – A home loan with an interest rate that changes over time.

Auto Loans – A loan to purchase a motor vehicle. They are structured as an installment loan and are secured by the value of the vehicle being purchased.

AutoPay – AutoPay occurs when money is automatically transferred on a scheduled date to pay a recurring bill. Individuals must set this up through their online checking account.

APY (Annual Percentage Yield) – The amount of interest you gain from keeping money in an account in a year, including compound interest.

APR  (Annual Percentage Rate) – The amount of interest you gain from keeping money in an account in a year, not including compound interest.

Automated Teller Machines (ATM) – Machines that will dispense cash or perform other banking services when an account holder inserts a bank card.

Available Balance – The amount of money you have in your bank account that is available to spend or withdraw. 

Business Checking – An account that helps business owners keep track of business transactions. These usually have a small monthly fee.

Business Loan – A loan that is intended for financing long-term capital purchases. This could include equipment, land, and or buildings, or another business.

Cash AppAn electronic mobile payment system that allows users to purchase items, send money, and receive money without a debit or credit card.

Certificates of Deposit (CDs) – Time deposits with a guaranteed rate of return on an insured investment. CDs have a specific, fixed term, and interest rate.

CheckFree Bill Pay – Lets the customer receive and pay bills online in one convenient location and to pay for purchases at online sites. You can make payments from a bank account.

Checking Account – Your Greenville checking account or bank account is your home base for financial transactions.

Check Orders – A process of purchasing new checks either through your bank or a third-party check distributor.

Collateral – A tangible asset used to secure a bank loan.

Credit ScoreA numerical rating that measures a person’s ability to repay debt.

Debit card – A debit card is a payment card that deducts money directly from a consumer’s checking account to pay for a purchase. Debit cards eliminate the need to carry cash or physical checks to make purchases.

Direct Deposit – A deposit of money directly into a bank account rather than through a physical, paper check.

eBanking – The use of computers and telecommunications to allow banking transactions to be completed by telephone or computer.

eStatements – An electronic version of your monthly account statement.

Federal Deposit Insurance Corporation (FDIC) A federal government agency that helps ensure the stability of the U.S. financial system and protects bank customers.

Fixed Mortgage RateA loan that has the same interest rate for the entire duration of the loan.

Grace Period A short period of time where there are no late fees or interest.

Home Equity Line of Credit (HELOC) – A line of credit that is secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans, such as credit cards.

Home Equity Loan – A loan that the borrower uses the equity of his or her home as collateral; loan amount is determined by the value of the property.

Individual Retirement Accounts (IRAs) – Allows you to save money for retirement in a tax-advantaged way.

Investments – Investments are financial assets that are purchased and sold by investors, with the goal of earning a return on investment (ROI). An IRA is an example of a common investment. 

Interest Income – Your earnings on personal savings accounts, certificate of deposits, and money markets.

Joint AccountA bank account that is shared between two people.

MasterCard 3D Secure – An authenticated payment system to improve online transaction security.

MasterCard Automatic Billing Updater (ABU) – A system that helps card-not-present merchants maintain the continuity of card-on-file and recurring payments.

Maturity Date – The date of expiration for the contractual obligation of a financial instrument, such as CD. Certificates of Deposit have a maturity date that depends on the length of the CD term.

Mortgage Calculator – A tool that helps calculate your monthly mortgage payments.

Mortgages – Loans that are used to buy a home or to borrow money against the value of a home you already own.

Online Check DepositThe ability to deposit a check from your smartphone.

Overdraft – Occurs when money is withdrawn from a bank account and the available balance goes below zero.

Personal Checking Account – An account that allows you to easily deposit and withdraw money for daily transactions.

Personal Loans – A form of credit that can help make a big purchase or consolidate high-interest debts.

Personal Savings Account An account that allows you to store sums of money securely.

Returned Item Fee – A bounced-check fee charged to the person trying to deposit the check.

Routing Number – The nine-digit number that identifies your financial institution.

Safe Deposit Box – An individually secured container that is held within a larger safe. They will help protect customers’ valuables and important documents protected.

Statement Savings – A savings account where your deposited money is saved and transactions are confirmed periodically by a bank statement.

Telephone Banking – A method of banking where the customer handles transactions over the phone by a computerized system that uses either touch-tone dialing or voice-recognition.

Uchoose Rewards – A rewards program allowing card users to earn points when they make purchases using their GSB Debit Card. The points can be redeemed for cash back rewards and more.

VenmoAn electronic mobile payment system that allows users to purchase items, send money, and receive money without a debit or credit card.

Wire Transfer – A method of electronic funds transferred from one person to another. It can be made from one bank account to another or through a transfer of cash at a cash office.

Zelle – A banking service that allows you to send money from one person’s bank account to another within minutes.

New Card Management and Spend Tracking within our Mobile Banking App Coming Soon!
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