Account statement:  A written record, usually sent to all members each month or each quarter, that describes the changes in your Credit Union account (s). 

Asset:  Anything of value (Cash) that a person or organization owns.

ATM card:  A plastic card that allows you to get basic financial services from a machine called an automated teller machine.

Automated Teller Machine:  A machine that allows a member to take out money without having to come into the Credit Union.  An ATM card allows one to take out money, deposit money, and check account balances.

Balance:  The amount of money in an account.

Board of directors:  Members of the Credit Union who oversee the management of the Credit Union in the interest of the members.  These directors are unpaid volunteers.

Bond:  A legal document that is a promise to repay borrowed principal along with interest.

Bounced check:  A check written for an amount exceeding the checking account balance.

Budget:  A tool individuals, companies, and governments use to plan earnings and expenses for a period.

Certificate of deposit (CD):  A debt instrument from a financial institution.  When you purchase a CD from your credit union, you are lending it that amount for a specific period, for which you will earn a specific amount of interest.

Check:  A document that promises to pay a specific amount of money, taken from funds on deposit, to a specific party on demand.

Checking account:  An agreement that allows you to write a check for payment from deposits in a financial institution.

Corporation:  A type of business organization that exists separately from its owners. 

Co-sign:  To accept joint responsibility for repaying someone else's loan.  If the borrower doesn't make loan payments, the co-signer is liable for the debt. 

Counterfeit:  Fake, usually referring to phony money.

Credit:  A legal agreement in which a borrower receives something of value at the time by promising to pay the lender for it later.  When the value is money it is a loan.  When the item of value is a product, the purchaser buys is "on credit".

Credit bureau:  A company that records borrowers' credit histories.  The three US credit bureaus are Equifax, Experian, and Trans Union.

Credit card:  A plastic card that allows you to borrow money or buy products and services on credit with your signature.

Credit Union:  A not-for-profit financial cooperative whose members are the owners.  You are eligible to join a particular credit union if you belong to the field of membership defined in its chapter.

Credit union member:  Someone who meets the requirements for joining a credit union and who maintains a required minimum savings balance.

Debit card:  A plastic card that you can use like a credit card.  The difference is that a credit card lets you borrow money for purchase, where a debit card makes payments immediately and electronically from your checking account or savings account. 

Debt:  A liability in the form of a bond, loan, or mortgage given to someone else with the promise of repayment by a certain date.

Deposit:  To put money into your credit union account.

Expense:  A business's cost for such things as rent, electricity, and worker's pay.  For a kid, some expenses might be snacks, clothes, music and movies.

Income:  Earnings (money) from a job or an investment.

Insurance: Protection from certain losses in the future in exchange for periodic payments.  You can buy insurance that will pay you specific amounts in case of death, injury, accident, or other damage. 

Interest:  An amount paid for the use of someone else's money.  You pay the credit union to use the money you borrow from it.  The credit union pays you to use the money you save there. 

Investment:  Something of value that you buy, excepting that it will provide income and increase in value.

Loan:  An agreement in which a lender gives money or property to a borrower, who has to repay or return it, with interest, at a specific time.

Marketer:  A person whose job involves persuading consumers to buy what producers want to sell.

Not-for-profit:  A special kind of corporation dedicated to education or charity, whose stockholders give up all financial benefits.

Overdraft protection:  A line of credit established when a checking account is open to protect the account holder from bouncing a check.  Should the account holder write a check exceeding her or his account balance, the financial institution draws on the line of credit to fully clear check.

Receipt:  A written record of a financial transactions, such as a purchase of a loan payment. 

Savings account:  A business agreement in which a credit union or other financial institution agrees to hold and pa interest on money you've deposited.  You may withdraw some or all of your money, but not by writing a share draft or check.

Services:  Work a business performs for its customers.

Withdraw:  To take money our of your account at a financial institution.