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Federal legislation, called Check Clearing for the 21st Century Act (Check 21), went into effect on October 28th, 2004. It allows financial institutions to...
A check hold denotes a period of time equal to the maximum number of days that a financial institution can legally hold the money from a check that was...
A checking account is a transactional deposit account held at Members 1st that allows for withdrawals and deposits. Money held in a checking account is very...
Any additional borrower(s) whose name(s) appear on loan documents and whose income and credit history are used to qualify for the loan. Under this...
Compound interest is the interest added to the principal of a deposit or loan so that the added interest also earns interest from then on. This addition...
A credit card is a revolving line of credit from which the cardholder can borrow money for payment to a merchant or as a cash advance. Any purchases or cash...
An assessment of the likelihood that a borrower can fulfill his or her loan (debt) obligations. It is based upon factors, such as his/her history of...
A daily periodic interest rate is calculated by dividing the annual percentage rate, or APR, by either 360 or 365. The...
A debit card issued by Members 1st Credit Union allows you to transfer money electronically when making a purchase in person, online, or by phone. Debit cards..
Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. Common loans people want to consolidate are high...
