Glossary of Terms
Account Statement – A printed or online statement of all the funds paid out by or paid into your account during a statement cycle.
Accrued Interest – The amount of unpaid interest that has built up since you last made a payment.
Active Account – An open bank account in which transactions can be made; usually an account that has had activity within the last 3 years.
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.
Bill Pay – An optional service from Greenville Savings Bank that lets you pay your bills online.
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 App – An 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 Score – A 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 Rate – A 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.
Interest Rate – The amount paid by a borrower to a lender in exchange for the use of the lender’s money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures.
Joint Account – A bank account that is shared between two people.
Linked account – Any account linked to another account at the same financial institution so that funds can be transferred electronically between accounts. In some cases, the combined balance of all linked accounts may determine whether monthly service and other fees are applied to the account.
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. Contact us today if you’re interested in discussing your options for a Greenville mortgage.
Mortgagee – The lender in a mortgage loan relationship.
Mortgagor – The borrower in a mortgage loan relationship.
Online Banking – A service that allows an account holder to obtain account information and manage certain banking transactions via personal computer or mobile device.
Online Check Deposit – The 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.
Personal identification number (PIN) – The unique number you must use to access your account at an ATM or make a purchase with a debit card. Your ATM number should always be kept confidential.
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.
Terms – The period of time and the interest rate arranged between creditor and debtor to repay a loan.
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.
Variable Rate – Any interest rate or dividend that changes on a periodic basis.
Venmo – An 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.
Withdrawal – The removal of funds from an account.
Zelle – A banking service that allows you to send money from one person’s bank account to another within minutes.