Vantage West Credit Union

Online Banking Enrollment

Enrolling in Online Banking is easy - here's how:

  • In the Username box, enter your Vantage West account number.
  • In the Password box, enter your Home Banking Password and select the login button.

If you do not have a Home Banking Password or need assistance, please call 1-520-298-7882 or 1-800-888-7882.

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Glossary of Terms

A-D | E-K | L-N | O-R | S-Z

A

Accrued Interest

Interest on an account which has been accumulated but not yet paid.

Annual Percentage Rate (APR)

The interest rate that reflects the actual cost of credit on a yearly basis expressed as a percentage.

Annual Percentage Yield (APY)

The interest rate that reflects the actual interest earned on a yearly basis expressed as a percentage.

Arizona Department of Financial Institutions (ADFI)

The Department of Financial Institutions is statutorily charged with the licensing, supervision and regulation of state chartered financial institutions and enterprises. The responsibility is twofold: ensuring the safety and soundness of state chartered financial entities, as well as compliance with applicable state and federal laws.

Assets

Items of monetary value (e.g., house, land, car) owned by an individual or company.

Automated Clearing House (ACH)

The Automated Clearing House (ACH) is a nationwide mechanism that processes large volumes of electronically originated batches of credit and debit transactions. Rules and regulations governing ACH is established by the National Automated Clearing House Association (NACHA) and the Federal Reserve. ACH credit transfers include direct deposit payroll payments and payments to contractors and vendors. ACH debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills.

Automated Teller Machine (ATM)

Acronym for automated teller machine. List of Vantage West Credit Union's ATM machines.

Average Daily Balance

The balance that results from adding together all the daily balances of a credit account in the billing cycle and dividing by the number of days in the billing cycle. This balance is often used to calculate finance charges.



B

Balance

In banking, balance refers to the amount of money in a particular account. In credit, balance refers to the amount owed.

Bounced Check

A check that a bank has refused to cash or pay because the account did not have enough available funds to cover the check amount.
 


C

Canceled Check

A "used" check that has been paid and subtracted from the check-writer's account. Canceled checks have extra data on them from the Financial Institution. Vantage West Credit Union members may view their canceled checks through Online Banking.

Cashier's Check

A check issued by a financial institution, drawn on its own funds rather than on one of its depositor's funds.

Check Card

See debit card.

Checking Account

Type of account which enables members to withdraw their own available funds simply by writing a check.

Clear

A check "clears" when its amount is debited (subtracted) from the payer's account and credited (added) to the payee's account.

Collateral

Anything that a financial institution accepts as security against the debtor's not repaying a loan. If the debtor fails to repay the loan, the financial institution is allowed to keep the collateral.

Compound Interest

Interest calculated not only on the original principal, but also on the interest already accrued.

Co-Signer

The person who signs on a credit agreement in addition to the primary applicant. This person is legally responsible for repayment of the debt.

Credit Rating

A financial institution's evaluation of whether a person is suitable to receive credit. Credit ratings are based on an individual's character, capacity to repay, and capital.

Credit Union

A member-owned financial institution, either state or federally chartered. Credit unions are often more competitive than banks and savings and loan associations because its nonprofit status makes its operating costs lower.



D

Debit Card

A banking card enhanced with ATM (automated teller machine) and POS (point-of-sale) features that can be used to purchase goods and services electronically. The card replaces cash or checks. Transactions are deducted from the cardholder's checking account.

Direct Deposit

A method of payment which electronically credits your checking, or savings account; most commonly, payroll and government checks.



E

Endorse

To sign, as the payee, the back of a check before cashing, depositing, or giving it to someone else. The first endorsement must be made by the payee to authorize the transaction. Later endorsements may be made by whoever receives the check.



F

Field of Membership (FOM)

This is the group, or groups of people, who are eligible to join a particular credit union. Vantage West's FOM includes anyone who lives, works, worships, attends school, or volunteers in - and all businesses located in - Pima, Pinal, and Maricopa Counties in Arizona.  More than 1,900 groups of people (such as employers and various organizations) are also eligible to join.  Joining is easy!



G

Grace Period

The length of time between the use of credit to make a purchase and the start of interest on the amount charged.



I

Insufficient Funds

When a member's account does not contain enough money to cover a check or withdrawal ticket presented for payment; also referred to as non-sufficient funds (NSF).

Interest

Money paid in return for the use of money.



J

Joint Account

A savings or checking account established in the names of more than one person (e.g., parent/child, wife/husband).

L

Lien

The right to hold any property given as a pledge or security until the debt it secures is paid. To constitute a lien, the debt must be enforceable in equity or law; (e.g., a mortgage).



M

Maturity Date

The date on which a share certificate, bond or other instrument comes due.

Mortgage

A long-term loan obtained by individuals to buy a home that legally transfers ownership from the debtor to the creditor until the debt is paid.



N

Non-Sufficient Funds (NSF)

See Insufficient Funds.

National Credit Union Administration (NCUA)

The National Credit Union Administration (NCUA) is the federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government.

National Credit Union Share Insurance Fund (NCUSIF)

The shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC). The NCUA Share Insurance Estimator is an educational resource about share insurance and gives a detailed explanation of insurance coverage.



O

Official Check

A check that is (1) drawn on a financial institution, (2) signed by an officer or authorized signer on behalf of the financial institution as a drawer, (3) a direct obligation of the financial institution, and (4) provided to a member of the financial institution or obtained from the financial institution for remittance purposes.

Overdraft

A debit transaction or check written for more money than is available in the account. If the financial institution refuses to cash the check, it is said to have "bounced."



P

Point-of-Sale (POS)

Terminals that allow you to pay for retail purchases with your debit card.

Pre-Approved

A term used to denote a credit offer that is extended after the creditor has performed a credit pre-screening process.

Principal

The original amount of money borrowed, deposited, or invested before interest accrues.



R

Refinance

To revise a loan agreement to make the terms of payment more suitable to a borrower's present income and ability to repay. Refinancing usually provides a lower interest rate and lower monthly payments over a longer period of time.



S

Service Charge

A monthly fee a financial institution charges for handling a checking account.

Share Certificate

A form of savings deposit on which a financial institution pays principal and interest at a stated maturity date. More information on Vantage West Credit Union's Share Certificates.

Stop Payment

A request made to a financial institution to not pay a specific check. If requested soon enough, the check will not be debited from the payer's account. Normally there is a charge for this service.



V

Variable Rate

An interest rate that changes and is determined by adding the index rate to the previously disclosed margin.



W

Wire Transfer

A transaction that electronically transfers money from one financial institution to another. Here are our instructions for Wire Transfers.  
 


 

 

 



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