Greater Nevada Credit Union Compare the difference between APY and APR
This page defines the common banking terms a reader runs into, so the language on account pages and disclosures makes sense.
A banking glossary provides plain definitions for financial concepts, consumer protections, and account features to help members make informed everyday decisions.
What does APY mean for your savings?
Learn how funds availability works
Review core banking terms explained simply
- Review key definitions inside our banking glossary to master personal finance.
- Set aside mortgage reserves automatically using a dedicated escrow account.
- Calculate continuous growth on deposits through compound interest schedules.
Know your rights as a credit union member
Verify deposit insurance under our charter
Differentiate your routing versus account number
At a glance
- APY accounts for compounding over twelve months.
- It calculates total dividend earnings over a full year, incorporating compound interest.
- Federal rules outline standard holding schedules for consumer deposits.
- Understanding standard account terms prevents unexpected fees and clarifies how monthly balances function across our credit union.
- Under Regulation E, you must report suspicious debits within sixty days of statement delivery.
Consumer protections that apply everywhere
Every point here is a federal rule, so it holds at any U.S. bank or credit union you deal with.
What happens to a forgotten account
Interest posting alone usually does not count as activity — the customer has to do something.
Most dormancy surprises trace back to an old address; notices are sent before remittance.
Each state writes its own dormancy period, which is why the timescale varies.
The order to do things when switching
Download statements and tax documents before closing; access usually ends when the account does.
The inventory comes first: what arrives, what leaves, and what has the card number saved.
Three things a headline rate does not tell you
Variable deposit rates move at the institution's discretion, and a reduction does not have to be announced in advance.
Federal Truth in Savings rules require the terms behind a quoted yield to be disclosed, so the conditions exist in writing even when the advertisement is short.
Three questions settle it — fixed or variable, up to what balance, and on what monthly conditions.
What counts as a business day
Weekends and federal holidays are outside the business-day count entirely.
Cut-offs commonly differ by channel — a branch counter, an ATM, a mobile deposit and a wire desk can each have their own.
Where a payment has a deadline, send it with a business day in hand rather than on the day.
Anything submitted after the daily cut-off carries the next business day's date, even though you sent it today.
Key terms, in plain English
Definitions for the account and lending terms readers ask about most.
- ACH transfer
- A bank-to-bank transfer carried on the Automated Clearing House rails — the same network that handles direct deposit, scheduled bill payments, and transfers you set up online.
- Annual percentage yield (APY)
- A percentage that shows what a deposit earns over a year once compounding is counted, so two savings accounts can be compared on the same basis.
- Automatic payment
- A repeating charge you let a biller pull on a fixed schedule; checking them now and then stops a forgotten one from overdrawing your account.
- Beneficiary
- A person you list to receive an account's balance after your passing, which can hand the money over directly rather than through the probate process.
- Certificate of deposit (CD)
- A deposit that pays a fixed rate for a set term. Withdrawing before the maturity date typically triggers an early-withdrawal penalty.
- Compound interest
- When interest is figured on your principal and on the interest it has already earned, so savings build on themselves over time.
- Debit card
- A card linked to checking that deducts each purchase from your existing balance — no borrowing involved, unlike a credit card.
- Escrow
- Money a lender collects and holds to pay property taxes and homeowners insurance on your behalf, usually bundled into a monthly mortgage payment.
- Grace period
- A set span in which you can make a payment or take an action without a penalty or extra interest — a feature seen on loans and credit cards.
- Money market account
- A deposit account that mixes savings and checking traits — often tiered interest with a capped number of checks or transfers each cycle.
- Routing number
- A nine-digit code standing for your financial institution when money moves; it works with your account number to send direct deposits and electronic payments to the right place.
Common questions
Can I bank in person and online?
Day-to-day banking works through a few different channels:
- Face to face at a branch when you would rather speak to a person
- Through the app on a phone or tablet
- On the phone with a member of the support team
What each location offers, and when, can differ — look it up before you travel.