A retirement investment plan that allows an employee to put a percentage of earned wages into a tax-deferred investment account selected by the employer. With a 401(k), earnings are taxed only upon withdrawal.
529 College Savings Plan
An education savings plan that allows families to prepay for qualified higher education expenses at eligible state or educational institutions. Call 800.262.1001 or stop by one of our Branch Locations today to learn more.
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Accident Insurance (AD&D) - Insurance against bodily injury or death because of accident. Learn more about ICFCU's Accident Insurance.
Account Statement - A financial record that indicates a transaction and its effect on your account, in terms of debit and credit. Sometimes, an account statement also carries some precise details, like the date of transaction, code of transaction, mode of transaction, sales, purchases, etc.
ACH Transfers - ACH is an abbreviation of the banking term Automated Clearing House. An Automated Clearing House is a national electronic network that helps financial institutions process large quantities of credit and debit transactions.
Adjustable Rate Loan - A loan with an interest rate or dividend which is adjusted periodically, usually based on a standard market rate outside the control of ICFCU, such as that prevailing on Treasury bonds or notes. Typically, such loans have a set floor or ceiling, called "caps" and "collars", which limit the adjustment. Apply for an ICFCU loan.
Adjustable Rate Mortgage (ARM) - A type of mortgage where the rate of interest is calculated on the basis of a previously selected index rate. Due to this, the rate of interest that is charged on the mortgage differs periodically, usually in every month. Hence, the rate of interest and the total interest remain variable through out the term/time period. Apply for an ICFCU Mortgage.
Amortization Schedule - A table detailing installments on a loan, including the rate of a loan's interest, a time line of installments and also the appropriate amount of all the loan installments. Each installment goes towards paying off both your interest and principal - an amortization schedule will show you how the principal on your loan will reduce over time.
Appraised Home Value - An evaluation of a property's value based on a given point in time that is performed by a professional appraiser during the mortgage origination process. The appraiser is usually chosen by the lender, but the appraisal is paid for by the borrower.
APR (Annual Percentage Rate) - An interest rate paid by the borrower to a financial institution. It is calculated by dividing the total financing costs associated with a loan from the principal amount of the loan.
APY (Annual Percentage Yield) - An interest rate paid by a financial institution to a depositor. It is a very accurate and calculated measure of yield that is paid on a standard deposit account.
ATM (Automated Teller Machines) - Machines used to conduct electronic transactions with the bank via a bank card or credit card. ICFCU is a member of the PLUS, NYCE, Quest, SUM, and CO-OP Networks. Click here to find a surcharge ATM near you.
Automatic Funds Transfer - A transfer of funds from one account or investment vehicle to another using electronic or telecommunications technology.
Automatic Payment - A process that authorizes a financial institution to make regular withdrawals from a checking or other deposit account to pay bills. These can be used for regular fixed periodic payments such as mortgage or car payments.
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BALANCE Program - IC Federal Credit Union offers its members access to free and confidential financial counseling and education through its BALANCE Program.
Bi-Weekly Loan - A mortgage loan on which interest and principal payments are made every half-month (total of 26 payments) as opposed to monthly payments. This results in earlier loan retirement. Apply for an ICFCU loan.
Bounced Check - An ordinary bank check that any bank can refuse to cash or pay because there are insufficient finances in the bank account of the originator or drawer of the check.
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Cashier's Check - A check drawn by a credit union on itself, signed by the Cashier or other authorized credit union officer and payable to a third party named by the customer. Cashier's Checks are universally accepted.
CD (Share Certificate of Deposit) - A share certificate of savings deposit that promises the depositor the sum back along with appropriate interest. Call 800.262.1001 or stop by one of our
Branch Locations today to open a Share Certificate of Deposit.
Certified Check - A form of bank guaranteed check. With a certified check, a financial institution certifies that an account has enough funds in it to cover the withdrawn amount. Funds are immediately withdrawn and the credit union is legally liable for the check.
Check Image - A scanned copy of a check representing a draft on a bank from deposited funds that pays a certain sum of money to a certain person or party.
Club 55™ NOW Checking Account - An ICFCU checking account for our 55 and up members. Club 55™ NOW Checking is a personal banking account with the freedom of unlimited checking and the ability to earn interest, without the hassle of a minimum balance requirement. Call us at 800.262.1001 or stop by one of our Branch Locations today to open an ICFCU Club 55™ NOW Checking Account.
Collateral Loan - A loan secured by an asset, such as an automobile, real estate or investment. This asset can be repossessed if a borrower defaults on his/her collateral loan. Apply for an ICFCU loan.
Compound Interest - Interest paid on previously earned interest as well as on the principal.
Construction Loan - A short-term loan to finance building costs. Apply for an ICFCU loan.
Credit - The lending of resources from one party to another where payment is deferred (such as a loan or line of credit). In a banking account, a credit indicates an amount that has been added to an account (such as a check deposit).
Credit Card - A plastic card that can be used by the holder to make purchases or obtain cash advances using a line of credit made available by the card-issuing financial institution.
Credit Union - A financial cooperative created for and by its members who are its depositors, borrowers, and shareholders. Operated on non-profit basis, a credit union offers many banking services, such as consumer and commercial loans (usually at lower than market interest rates), time deposits (usually at higher than market interest rates), credit cards, and guaranties. Credit unions are normally taxed at rates lower than those applied to commercial banks and other financial institutions. Their members often have a common-bond, such as employment in the same firm or domicile in the same community. Credit unions are a type of mutual association. Join IC Federal Credit Union.
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Debit - A banking term that indicates an amount of money that is owed by a borrower. It also indicates the amount that is payable, or the amount that has been deducted from an account. The origin of the term is from the concept of debit side of a ledger account.
Debit Card - A plastic card with the Visa® or MasterCard® logo, designed to give a customer access to funds in his/her checking account to obtain cash, purchase goods and services, or transfer funds from one account to another. The cards are accepted around the world wherever you see the Visa® or MasterCard® logo.
Deposit - Funds placed into your IC Federal Credit Union account.
Direct Deposit - A pre-authorized system in which customer's government benefits or other payments are automatically deposited to their checking or savings accounts.
Disability Income Insurance - An insurance policy that insures a worker in the event of an occupational mishap resulting in disability. Insurance benefits compensate the injured worker for lost pay. Learn more about ICFCU's Disability Income Insurance offerings.
Dividend - A dividend is a part of the profit that is earned by a corporation or joint stock companies, and is distributed amongst the shareholders.
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Electronic Funds Transfer (EFT) - A transfer over the internet of funds between linked accounts.
E-Statements - Electronic statements sent to your pre-arranged email address in lieu of receiving paper statements. Click here to sign up for e-Statements today - It's that easy.
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Federal Credit Union - A corporation formed under special statutory provisions to further thrift among its members while providing credit for them at more favorable rates of interest than those offered by other lending institutions. A credit union is a cooperative association that utilizes funds deposited by a small group of people who are its sole borrowers and beneficiaries. It is ordinarily subject to regulation by state banking boards or commissions. When formed pursuant to the Federal Credit Union Act (12 U.S.C.A. § 1751 et seq. [1934]), credit unions are chartered and regulated by the National Credit Union Administration. Join IC Federal Credit Union.
Federal Share Insurance - The shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA). Your deposits are currently insured up to $250,000.
FHA Loan - An FHA (Federal Housing Administration) loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won't have to write off a loan if the borrower defaults - the FHA will pay. Because of this guarantee, lenders are willing to make large mortgage loans.
Fixed Rate - A fixed rate mortgage is a home loan for which the interest rate remains constant and fixed throughout the lifetime of loan.
Float - Checks deposited by a company that have not yet been cleared.
FraudWatch® PLUS - With FraudWatch® Plus, IC Federal Credit Union members receive round-the-clock monitoring for suspicious transaction activity on their Visa® Debit Card. This service is free to IC Federal Credit Union members. Join IC Federal Credit Union.
Freedom Loan - A special debt consolidation loan offered to IC Federal Credit Union members, so that they can get back to financial independence. Apply for an ICFCU Freedom Loan.
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Great Start Mortgage Pre-Approval - A mortgage pre-approval offered by IC Federal Credit Union that gives you the power to confidently look for a home with the knowledge that your loan has been pre-approved. Apply for Mortgage Pre-Approval with ICFCU.
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HELOC - Home Equity Line of Credit (see Lifetime Home Equity Line of Credit)
Home Equity Loan - A credit line offered by mortgage lenders allowing a homeowner a second mortgage that uses the equity present in the customer's account as collateral. Apply for a 3 minute E-Z Home Equity Loan.
Home Improvement Loan - A home improvement loan is to be used, at least in part, for repairing, rehabilitating, remodeling, or improving a dwelling or the real property on which the dwelling is located. Home improvement loans can also include a non-dwelling-secured loan if it is used, at least in part, for one or more of those purposes. Apply for an ICFCU loan.
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IC Direct™ Checking Account - A checking account that pays very competitive dividends based on the amount of money you maintain in the account. Call 800.262.1001 or stop by one of our Branch Locations today to open an IC Direct™ Checking Account or Apply Online!
IC Direct™ Savings Account - A savings account that pays very competitive dividends based on the amount of money you maintain in the account. Call 800.262.1001 or stop by one of our Branch Locations today to open an IC Direct™ Savings Account or Apply Online!
IRA (Individual Retirement Plan) - Eligible individuals can choose from two types of IRA, the Traditional IRA and the Roth IRA. Contributions may be partially or fully deductible, but distributions are generally taxable. Call 800.262.1001 or stop by one of our Branch Locations today to learn more.
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Joint Account - An agreement between two or more firms to share risk and financing responsibility in purchasing or underwriting securities. A joint account can also be an account owned jointly by two or more persons at a bank, credit union or brokerage house. Call 800.262.1001 or stop by one of our Branch Locations today to open a Joint Account.
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Lifetime Home Equity Line of Credit - A line of credit that allows you to borrow up to 100% of the value of your home. Payments consist of interest only and you can pay as much as you like towards the principal at any time. Apply for an ICFCU Home Equity Line of Credit.
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Maturity Date - The date on which the investment or security attains maturity.
MEMBERS Financial Network - Through IC's partnership with the MEMBERS Financial Network, we can deliver to our members the most complete range of financial products and investment services available in the marketplace today. Leveraging the expertise and resources of the largest credit union broker/dealer, we can help you realize your financial goals and objectives.
Money Market Account - A deposit account offered by financial institutions that is designed to be directly equivalent to, and competitive with, money market mutual funds. Call 800.262.1001 or stop by one of our Branch Locations today to open a Money Market Account.
Money Order - A financial instrument backed by a deposit at a certain firm (such as a credit union) that can be easily converted into cash.
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NCUA Insured - The National Credit Union Association (NCUA) is a government agency responsible for the oversight of credit unions. NCUA runs the National Credit Union Share Insurance Fund (NCUSIF), which is similar to FDIC insurance coverage for banks.
No Points/No Closing Costs Mortgage - IC Federal Credit Union members are welcome to apply for a no points/no closing costs loan. These loans are priced on a case by case basis due to variables in loan pricing such as value of the property. Apply for an ICFCU Mortgage.
NOW Checking Account - A deposit account, similar to a checking account, which can earn interest. A NOW Checking Account holder can withdraw funds by writing a negotiable order of withdrawal (NOW) payable to a third party. Call 800.262.1001 or stop by one of our Branch Locations today to open an ICFCU NOW Checking Account.
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Online Banking - The accessing of bank information, accounts and transactions with the help of a computer through the financial institution's website on the Internet. Can also be called internet banking or e-banking. Enroll in ICFCU Online Banking.
Online Bill Pay - Utilizes the ATM network to electronically pay any bill (excluding the federal government and IRS). Paper checks are issued when ACH (Automated Clearing House) payments are not available.
Overdraft Protection - A service which permits an account to be connected to other savings or a line of credit to protect account holders against overdrafts.
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Passbook - Book issued by a financial institution to record deposits, withdrawals, and interest earned in a savings account, usually known as a passbook savings account. The passbook lists the depositor's name and account number as well as all transactions.
PIN (Personal Identification Number) - A secret code of numbers and letters given to customers to perform transactions through an automatic teller machine or an ATM.
PMI (Private Mortgage Insurance) - A policy protecting the holder against loss resulting from default on a mortgage loan. Call 800.262.1001 or stop by one of our Branch Locations today to learn more.
Prime Rate - The interest rate at which credit unions and banks lend to their best (prime) customers. More often than not, their most creditworthy customers borrow at rates below the prime rate.
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Rate - A charge or payment that is calculated in relation to another quantity. For instance, an interest rate is typically a percentage of a total sum (e.g. a loan or mortgage) paid over one year. A savings account rate is the percentage of interest that a financial institution agrees to pay the account holder for investing their funds.
Reverse Mortgage - A mortgage agreement that allows a homeowner to borrow against his/her home equity and receive tax-free payments until the total principal and interest reach the credit limit of equity. At this point, the lender is either repaid in full or takes the house. Apply for an ICFCU Mortgage.
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Savings Account - An account that pays interest, typically at below-market interest rates. Savings accounts do not have a specific maturity and can usually be withdrawn upon demand. Call 800.262.1001 or stop by one of our Branch Locations today to open an ICFCU Savings Account. (link to locations page)
Savings Certificate - A document that is evidence of ownership of a savings account, typically an account in which a stated amount of funds is deposited for a fixed term.
Secured Loan - A loan which is backed by assets belonging to the borrower in order to decrease the risk assumed by the lender. Apply for an ICFCU loan.
Share Certificate - A legal document issued as proof of ownership in a firm. In the modern stock markets, the 'paper' share is now being replaced by the 'electronic' share.
SMART-LINE - Special phone number for IC Federal Credit Union members to call to access their account information and for general help. Access SMART-LINE.
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Term Life Insurance - Insurance for a certain time period which provides for no defrayal to the insured individual, excluding losses during the period, and that becomes null upon its expiration. Learn more about ICFCU's Term Life Insurance offerings.
Term Share Certificate - A credit union's version of certificates of deposit.
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United States Savings Bond - A government bond issued in face value denominations from $50 to $10,000. Government bonds have local and state tax-free interest and semiannually adjusted interest rates.
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Variable Rate - Another term used for Adjustable Rate Mortgage (ARM).
Variable Universal Life Insurance - A type of permanent life insurance. With variable universal life insurance, the death benefit will be paid if the insured dies at any time as long as there is sufficient cash value to pay the costs of insurance in the policy. Learn more about ICFCU's Variable Life Insurance offerings.
Visa® Travel Money Cards - IC Federal Credit Union members can purchase Visa® Travel Money Cards (in place of traveler's checks) to suit their needs while traveling. They cost $9.95 to purchase at any branch location and require a minimum load of $250.00. Members may load their card with up to $9,999.99 and may have the card unloaded upon their return. Call 800.262.1001 or stop by one of our Branch Locations today to purchase a Visa® Travel Money Card.
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Whole Life Insurance - Insurance that pays off a stated amount upon the death of the insured and accumulates a cash value that the policyholder can redeem or borrow against. Learn more about ICFCU's Whole Life Insurance offerings.
Wire Transfer - An electronic transfer of funds from one financial institution to another.
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