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Money Terms

  • appraisal - An expert judgment or estimate of the quality or value of real estate as of a given date.

  • capital - Wealth, in the form of cash, or property, that can be used to earn income.

  • Check & Cash Card - Stark Federal Credit Union's debit card.  Click here to read more about it.

  • check register - The written record you keep of your checks as you write them and the deposits you make in your checking account.  You'll want to balance your account to make sure that you know the maximum you can write checks for without getting hit with a non-sufficient funds penalty.  SAFE@home has a useful tool built in to help you.  Click here for an interactive course in how to balance your checkbook and tips on how to prevent checking fraud.

  • co-sign - To accept joint responsibility for repaying someone else's loan.  If the borrower doesn't make loan payments, the co-signer is liable for the debt.

  • counterfeit - Fake, usually referring to phony currency or "funny money."  The Secret Service is in charge of investigating counterfeit money in the US.

  • direct deposit - A way of having payments you normally receive by check sent electronically to your account.

  • dividends - Earned quarterly at Stark Federal Credit Union.  As a SFCU member, you are entitled to returns on your share account (savings), share certificates and other savings products.  Click here to learn more.

  • Equity - The value of a homeowner's unencumbered interest in real estate. Equity is computed by subtracting from the property's fair market value, the total of the unpaid mortgage balance and any outstanding liens or other debts against the property.  Click here to learn more.

  • Escrow - Funds paid by one party to another to hold until the occurrence of a specified event, after which the funds are released to a designated individual. The money is held in a trust fund, provided by the lender for the buyer. Such funds should be adequate to cover yearly anticipated expenditures for mortgage insurance premiums, taxes, hazard insurance premiums, and special assessments.

  • IRA - Individual Retirement Account.  Click here to learn more.

  • PIN - Short for Personal Identification Number.  Birthdays and anniversary dates are the most frequently guessed PINs.

  • Points - A point is one percent of the amount of the mortgage loan. For example, if a loan is for $25,000, one point is $250.

  • Principal - The amount upon which interest is paid. 

  • share account - Another term for a savings account.  Stark Federal Credit Union members must have a minimum of $5 in their share accounts.  Click here to learn more.

  • share certificate - The credit union equivalent of a Certificate of Deposit.

  • share draft account - What most credit unions call a checking account.


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