401(k) - 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. Visit our Student Center to learn more.
Accel - All Suffolk Federal members are provided free access to financial education and counseling services through Accel, a financial counseling program that has been serving families for more than 50 years.
Account Statement - A financial record that indicates a transaction and its effect on your account, in terms of debit and credit for a period of time. 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 Suffolk Federal, 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 a Suffolk Federal 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 may change periodically, such as monthly or annually. Hence, the rate of interest and the total interest remain variable throughout the term/time period. Apply for Suffolk Federal Mortgage.
Amortization Schedule - A table detailing installments on a loan, including the rate of a loan's interest, a timeline 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. 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. 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.
Bi-Weekly Loan - A mortgage loan on which interest and principal payments are made every two weeks (total of 26 payments) as opposed to monthly payments. This results in earlier loan retirement. Apply for a Suffolk Federal loan.
Bounced Check - An ordinary check that a bank can refuse to pay out because there are insufficient funds in the bank account of the originator or drawer of the check.
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 as a cash instrument.
CD (Share Certificate of Deposit) - A share certificate of savings deposit that promises to pay a depositor the sum back along with a predetermined interest rate for a predetermined period.
Certified Check - A 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 institution 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 another person or party.
Checking Account - A checking account that pays very competitive dividends based on the amount of money you maintain in the account. Learn more about an Suffolk Federal Free Advantage 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 a Suffolk Federal loan.
Compound Interest - Interest paid on previously earned interest as well as on the principal.
Commercial Loan – Suffolk Federal offers smart solutions for your business including Fixed Term loans, Commercial Mortgages, Equipment Lines-of-Credit and more. Learn more about Suffolk Federal Commercial Loans.
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), free checking 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.
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 Suffolk Federal Visa® Check Card is a plastic debit card with the Visa® 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® logo.
Deposit - Funds placed into your Suffolk Federal 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. Learn more about Direct Deposit at Suffolk Federal.
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 Credit Life & Disability Insurance offered through Suffolk Federal.
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.
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. Sign up for Suffolk Federal e-Statements today.
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. ), credit unions are chartered and regulated by the National Credit Union Administration. Learn about the benefits of membership at Suffolk Federal.
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.
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.
HELOC (Home Equity Line of Credit) - A HELOC is a loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower's equity in their house. HELOC’s are generally used to major items, such as education, home improvements, or medical bills. Apply for an Suffolk Federal 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 an Suffolk Federal Home Equity Loan.
IRA (Individual Retirement Plan) - Eligible individuals can choose from two types of IRA, a Traditional IRA and a Roth IRA. Contributions may be partially or fully deductible, but distributions are generally taxable. Learn more about IRAs.
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.
Maturity Date - The date on which the investment or security attains maturity.
MEMBERS Financial Services – Suffolk Federal offers its members a personal financial management service through MEMBERS Financial Services that can help you identify financial goals and objectives, analyze your financial situation and recommend methods to help you achieve financial security.
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. Learn more about an Suffolk Federal 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.
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.
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 Suffolk Federal’s Online Banking.
Online Bill Pay – An easy and secure way of paying bills electronically (excluding the federal government and IRS). Paper checks are issued when ACH (Automated Clearing House) payments are not available. Sign up for Suffolk Federal’s Online Bill Pay.
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.
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.
Prime Rate - The interest rate at which credit unions and banks lend to their best (prime) customers. The prime rate is usually published in financial publications.
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. See Suffolk Federal Rates.
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. Learn more about Suffolk Federal Mortgages.
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. Open an Suffolk Federal Share Savings Account.
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.
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. Open an Sufolk Federal Share Certificate Account.
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.
Term Share Certificate - A credit union's version of certificates of deposit.
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.
Variable Rate – A loan or savings account where the interest rate may change periodically such as monthly, quarterly or annually. An example is an Adjustable Rate Mortgage (ARM).
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.
Wire Transfer - An electronic transfer of funds from one financial institution to another.