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Words to Know
A little knowledge can go a long way! Use this glossary of credit union and financial terms to help you.
Account – a record of financial transactions for a person at a credit union; a transaction is something that’s recorded in a book of accounts; one type of transaction is the deposit—putting money into your account
Allowance - (noun) a sum regularly provided for personal or household expenses
Board of Directors - an organized group of administrators (people who make decisions about how the credit union should be run)
Bounced Check – a check which a credit union returns because it is not payable due to insufficient (too few) funds; see “Not Sufficient Funds”
Budget - a plan for the coordination of income and expenses; (verb) to plan or provide for the use of in detail-to plan how to save and spend your money
Checking Account – an account which allows the holder to write checks against deposited funds
Check or Share Draft – a written order directing a credit union to pay an exact amount of money to a certain person
Check Register – an informal record of all deposits to and withdrawals from a checking account. A checkbook register is used to perform bank reconciliation
Cooperative - an enterprise or organization owned by and operated for the benefit of the people using its services (If you guessed that this word comes from the idea of "cooperation" which means being willing and able to work together, you are correct!)
Credit - the balance in a person's favor in an account or an amount or sum placed at a person's disposal by a bank or time given for payment for goods or services sold on trust
Credit Card - a card authorizing purchases on credit
Credit Union - a cooperative association that makes small loans to its members at low interest rates
Debit - a charge against a credit union deposit account
Debit Card - a card like a credit card by which money may be withdrawn or the cost of purchases paid directly from the holder's credit union 
account without the payment of interest
Debt - something, usually money, that is owed
Deposit - something placed for safekeeping, such as money placed in a credit union; to place especially for safekeeping or as a pledge, for example, to put in a credit union
Endorse – to sign your name on the back of a check in order to get the cash amount that’s written on the front of the check
Expense - something paid—usually money—to get a benefit or bring about a result; a financial burden
Field of Membership - the group of people (members) who are allowed to join a certain credit union
Financial Institution - any organization that allows people to deposit, withdraw, and borrow money
Income - the amount of such gain received in a period of time
Interest - a charge for borrowed money, generally a percentage of the amount borrowed
Loan - money lent at interest
Member - one of the individuals composing a group, especially a person who belongs to a credit union
Nonprofit - not conducted or maintained for the purpose of making a profit
Not Sufficient Funds (NSF) – not enough money in the checking account to cash the check; a check cannot be cashed if there are not sufficient funds in the account.
Overdraw – to draw checks on a credit union account for more than the balance
Profit - the excess of returns over expenditure in a transaction or series of transactions; especially the excess of the selling price of goods over their cost
Save - to put aside as a store or reserve
Share - a given amount of money a person deposits with a credit union to become a member.
Share Draft - a payment mechanism that enables credit union members to withdraw funds or pay bills from their credit union share account; similar to a check.
Shareholder - a person who owns a share in property
Spend - to use up or pay out
Teller - a member of a credit union's staff concerned with the direct handling of money received or paid out
Vault - a room or compartment for the safekeeping of valuables
Withdraw - to remove (take out) money from a place of deposit
Withdrawal - removal from a place of deposit or investment
