Glossary of Terms

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.

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.

CardValet – A debit card management and fraud tool that enables cardholders to control when, where, and how their debit cards are used.

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. 

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.

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.

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.

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.

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

Overdraft – Occurs when money is withdrawn from a bank account and the available balance goes below zero.

Personal Checking – 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.

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 the 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.

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.