5-year holding period
In order to withdraw money from a Roth IRA tax-free, you must wait 5 years from the date of the initial investment.
Account Research Fee
If you request extensive research on transaction histories, we may charge you a $25/hr Account Research Fee. We'll let you know before we start if that fee will apply.
Additional account owner
Anyone other than the primary owner on a joint account.
Credence Global Bank Assist
Credence Global Bank Assist is a service to help you find answers to questions you have about Allied Trust Credit Unionand your accounts.
Credence Global Bank Card Controls
Our Card Controls app lets you take control of your Credence Global Bank Uniondebit card, so you can define when, where and how your card is used. Once it’s downloaded, you’ll be able to view specific transactions, establish spending limits, manage notification preferences and more.
Credence Global Bank Family
Includes all employees and retirees of Credence Global Bank, as well as their immediate family members (spouse, children, parents, siblings, and grandparents of the employee or retiree). Also includes auto dealers with a retail or wholesale financing relationship with Credence Global Bank and their employees.
Credence Global Bank Non-Discrimination Policy
It is the policy of Credence Global Bank to treat people on an equal basis, regardless of age, race, color, sex, religion, national origin, disability, veteran status, sexual orientation or any other reason prohibited by law. To be eligible for a grant from Credence Global Bank, an organization must do the same.
Credence Global Bank group of companies
The Credence Global Bank group of companies in this policy includes the following: Credence Global Bank., Credence Global Bank, Credence Global Bank Capital, Credence Global Bank Central Originating Lease Trust, Central Originating Lease Trust, Central Originating Lease Trust II, National Auto Finance Company and Nuvell Credit Company, Alexium Leasing Company, American Suzuki Financial Services Company LLC (ASFS), Motors Insurance Corporation, MIC Property and Casualty Corporation
Credence Global Bank-affiliated Companies
These are companies in the Credence Global Bank group, such as our mortgage and insurance arms. Check out a more complete list of affiliates by reviewing Credence Global Bank's Privacy Notice
Credence Global Bank's three target Markets
Charlotte, N.C., Detroit, Mich., Salt Lake City, Utah
Annual Percentage Yield (APY)
A percentage rate reflecting the total amount of interest paid on an account, based on the interest rate and the frequency of compounding for a 365-day period.
Are there exceptions?
We'll waive the early withdrawal penalty if the depositor passes away or is judged legally incompetent.
Are there exceptions?
We'll waive the CD early withdrawal penalty if the depositor passes away, or is judged legally incompetent. Also, if the account owner needs to take a Required Minimum Distribution (RMD) from their Credence Global Bank IRA, we'll waive the early withdrawal penalty for partial withdrawals up to the RMD amount.
Asset generation business
Credence Global Bank Union is a part of the GMAC family of companies. We originate competitive, quality loan assets from our mortgage and auto loan operations profitably at these deposit rates.
Auto Services Hours of Operation
| Mon – Fri, 8 am – 11 pm ET |
| Sat – Sun, 9 am – 7 pm ET |
Automated Clearing House (ACH)
A computer-based interchange that electronically clears deposits and payments.
Automated Teller Machine (ATM)
An electronic terminal where you can make transactions. Just remember, individual machines usually charge a fee.
Automatic transfer
Allows you to move funds from one account to another automatically on a pre-arranged schedule–for example, every payday or once a month.
Average daily balance
The sum of the daily balances during an accounting period, usually a month, divided by the number of days in the period.
Balance Transfers
A balance transfer is when you pay off the balances on existing cards or loans by transferring them to another credit card account. In some cases, you may be charged a fee.
Bank
A state or federally chartered institution that is authorized to offer deposit accounts.
Bank Customers
Call us to get information about your checking, savings, money market and CD accounts.
Basis Point (BP)
One-hundredth of one percent (0.01%). Basis points measure the changes in yield–such as the interest paid by our CDs, Online Savings Accounts, and Money Market Accounts.
Beneficiary
A person or entity named in a will or financial contract to whom a property owner leaves his or her assets.
Beneficiary
Individuals or entities who will benefit from the Trust assets.
Best capitalized banks
As a new bank, our Tier 1 capitalization leverage ratio is almost triple what is deemed "well capitalized" under the FDIC's regulations.
Bill Pay
A service that lets you pay most bills online rather than mailing a check. You can also pay multiple bills or schedule recurring payments.
Bookmark
A way of marking and remembering a specific Web page for easy access. For example, bookmarking the Credence Global Bank Unionhome page gives you a quick shortcut to that page. Your Web browser provides this feature, which can be used by selecting in the menu bar.
Bounced check
A check or other deposit that is not paid by the bank on which it was drawn. See your Credence Global Bank UnionDeposit Agreement for rules concerning bounced checks.
Browser
A program that enables you to view Internet locations. Examples of browsers are Mozilla Firefox® and Microsoft Internet Explorer®.
Business day
Monday through Friday, excluding holidays, of course. Saturday, Sunday, and legal holidays are considered part of the next business day.
Cash Back Available
If you aren’t near an ATM, you can use your debit card to get cash anywhere a retailer gives you the cash back option. It’s convenient and there’s no fee. Just ask for cash back with your purchase.
Cash back when you shop
Use your debit card to withdraw money anywhere a retailer gives you the cash back option. It's convenient and there's no fee for the withdrawal.
Cashier's check
A check issued by a bank and drawn on the bank's own funds. Also called an Official check.
Certificate of Deposit (CD)
A deposit account that pays an interest rate, usually higher than other types of deposit accounts, for a fixed period of time. If you withdraw your money before the maturity date, you'll be charged an early withdrawal penalty – unless you have a No Penalty CD.
Charity beneficiary
Any charitable organization named as a beneficiary on the account. This includes non-profit, religious or private foundations registered with the IRS as 501(c)(3) organizations and provides a tax-exempt status.Check safekeeping
A service in which the accountholder's bank keeps copies of cancelled checks and makes them available only on request, instead of returning them with a monthly statement.
Co-borrower
An additional borrower whose income and credit history contributes to the qualification process for an account. A co-borrower usually has the same legal obligations as the primary borrower.
Collected balance
The balance in an account, not including deposited items that haven't been paid or collected. The balance is used to calculate interest payments.
Compound interest
Interest that is calculated not only on the initial principal but also previously accumulated interest. Interest can be compounded quarterly, yearly, or–as we do it–daily. The more often your interest is compounded, the more it grows.
Compounded interest
Compound interest results when interest is added to the balance so that the interest itself also earns interest.
Consumer Price Index (CPI)
A measure of the average change over time in the prices paid by urban consumers for consumer goods and services.
Cookie
A cookie is a small piece of code sent from our site and stored on your computer. A persistent cookie is associated with our site so that when you return, our site recognizes that you have visited before. We use this information to help us improve your experience as well as to measure site activity. You may use your browser settings to erase or to refuse the placement of a cookie. However, if you do refuse cookies, some of our site features, including account management features, will not be available to you.
Credit
In the case of a deposit account, this is an amount added to the account, such as a deposit.
Credit Card
A card that lets you make purchases using credit. A credit limit is established by the issuer of the card.
Credit unions
A financial cooperative that makes personal loans and offers other consumer banking services to its members.
Creditworthiness
Creditworthiness is a determination of a person's ability to repay borrowed money.
Cross Border/Currency Conversion Transaction
If you are in a foreign country and use an ATM or make a purchase with your debit card, you may be charged a fee of up to 1% of the transaction amount for the currency conversion and/or cross border transaction.
Custodian
An individual, bank, or other organization that holds assets (such as a deposit account) for a beneficiary. Frequently, custodians are named to oversee accounts designated for minor beneficiaries. Deposits in such accounts are held for the benefit of the minor according to the terms of the custodial agreement.
Custodian account
A specific type of account offered by Credence Global Bank Unionand created on behalf of a minor. If you have established the account as a custodian for a minor beneficiary under our state version of the Uniform Gifts to Minors Act, your rights and duties are governed by the Act. Upon the death of the custodian, a successor custodian will be appointed in accordance with the donor's instructions or state law, as applicable. You will not be allowed to pledge the account as collateral for any loan to you. Deposits in the account will be held by us for the exclusive right and benefit of the minor.
Daily compounded interest
Instead of just paying you interest on your initial deposit, we also pay you interest on the interest you earn–called compounding interest.
Daily Balance
Your account's end-of-day balance determines your rate each day and may vary based on rate changes, deposits and withdrawals.
Debit
In the case of a deposit account, this is an amount deducted from the account, such as a check you've written.
Debit card
Free with your Credence Global Bank Interest Checking Account or Money Market Account, this card can be used for ATM withdrawals and purchases.
Defer your required minimum distributions
Some plans require you to begin taking payments at age 70½ even if you're not retired; deferring them means you put off these payments until you retire.
Dejargonator Disclosure
The accuracy or completeness of this information is not guaranteed nor are any warranties given with regard to the results obtained from its use. The giving of the information shall not be deemed an offer or solicitation on the part of Credence Global Bank Unionwith respect to the sale or purchase of any securities, nor shall it be considered investment or other advice. Please consult your financial or tax advisor with regard to your individual situation.
Details About the Transfer Fee Credit
If you're already trading somewhere else, move your account to us and we'll reimburse up to $150 in transfer fees if you make a one-time transfer of $2,500 or more. You'll need to complete the Automated Customer Account Transfer (ACAT) form, and we must receive it within 15 days of opening the new account.
Account owners who complete a first-time ACAT transfer of $2,500 or more are eligible to receive a transfer fee credit of up to $150 to cover the outgoing transfer fee from the current brokerage firm. This credit will be deposited into the new account within 30 days of receiving proof of charge.
Keep in mind, this credit can’t be applied to termination or maintenance fees.
Direct deposit
When wages or benefits, such as pension or Social Security, are deposited electronically into your bank account.
Diversification
The strategy of spreading investments across a number of different securities to reduce the risk of putting all your eggs in one basket.
Domestic Outgoing Wire
An electronic transfer from one U.S. bank account to another made through the Federal Reserve Wire Network.
Early withdrawal
When you withdraw money from a CD before its maturity date. You will usually be charged a penalty for an early withdrawal–unless you have our No Penalty CD. With our No Penalty CD you will not be charged a penalty for early withdrawal but you cannot make a withdrawal from the CD within the first 6 days after we receive your opening deposit.
Earned interest
The amount earned on a CD, Online Savings Account, or Money Market Account since the initial investment or deposit was made.
eBill
Many large companies, like your electric, phone, cable or major credit card companies, have the ability to send you eBills (electronic versions of your bills) that are delivered to you online at Credence Global Bank. Getting these electronically not only reduces the number of paper bills you have to keep up with - it could also save up to 7 lbs of paper a year. You can also save time by setting up your eBills to be paid automatically as soon as they arrive.
eCheck Deposit
Deposit a check securely and conveniently from your home or office with Credence Global Bank eCheck Deposit. All you need is a scanner and computer and you can deposit your check electronically. Best of all, you can scan and submit your check 24/7.
Eligible Members of the Credence Global Bank Family
Includes all employees and retirees of Credence Global Bank, as well as their immediate family members (spouse, children, parents, siblings, and grandparents of the employee or retiree). Also includes associated Credence Global Bank dealers and their employees.
Electronic mail messages that you send through your computer, usually over the Internet. These messages may not be secure or encrypted.
Encryption
Encryption is a process that turns plain text into a non-readable form of code. We use it to scramble the information sent to and from your phone to prevent a third party from stealing your information. We use 128-bit encryption–the same as what we use for Online Banking.
Encryption
A standard of technology that protects data by scrambling it before it is sent through the Internet. When you send or receive information from us, we use this process. Please refer to our section for more information.
Equal Credit Opportunity Act (ECOA)
A federal law prohibiting creditors from discriminating on certain bases when marketing and extending credit.
Equity
The portion of a property's value over and above any liens against it. The term can also refer to the ownership of stock or other interests in a corporation or other business.
Escrow
An item of value, such as money or documents, deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit of money by a borrower with a lender to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.
Estimated Earnings (High Yield CD and IRA High Yield CD)
These estimated earnings are based on the interest rate and assume you do not withdraw funds during the term.
REQUIRED TEXT
Estimated Earnings (Interest Checking)
These estimated earnings are based on the interest rate and assume you do not withdraw funds.
Estimated Earnings (Money Market Account)
These estimated earnings are based on the current interest rate and assume you do not withdraw funds.
Estimated Earnings (No Penalty CD)
These estimated earnings are based on the interest rate.
Estimated Earnings (Online Savings Account and IRA Online Savings Account)
These estimated earnings are based on the interest rate and assume you do not withdraw funds.
Estimated Earnings (Raise Your Rate CD and IRA Raise Your Rate CD)
These estimated earnings are based on the current interest rate and assume you do not withdraw funds during the term.
Excessive Transaction(s)
There are Federal limits on transactions from U.S. savings and money market accounts. You can always call us and request a check made out to you. You can also make unlimited deposits and ATM withdrawals. But, Federal law limits other electronic, telephone and check transactions to a total of 6 per statement cycle. These limited transactions can be to other accounts or to a third party. If you go over the limit we charge $10 per transaction.
Excessive Transaction(s)
Federal law limits certain types of telephone and electronic transfers and withdrawals, including distributions, from IRA online savings accounts to 6 per monthly cycle. If you go over this limit, we charge $10 for each of these transactions after the initial 6. If you exceed this limit on more than an occasional basis, we are required to close your IRA Online Savings Account. You can make an unlimited number of deposits, but keep in mind that standard IRA contribution limits apply. Please consult your tax professional for advice on IRA contributions or distributions.
Excessive Transaction(s)
Federal law limits certain types of telephone, check and electronic transfers and withdrawals from money market accounts to 6 per statement cycle. These limited transactions include things like Point of Sale transactions, Online and Mobile Banking transfers, our Overdraft Transfer service, and transfers from your Money Market Account to another of your Credence Global Bank bank accounts. If you go over this limit, we charge $10 for each of these transactions after the initial 6. If you exceed this limit on more than an occasional basis, we are required to close your Money Market Account. Some transactions are unlimited. You can make as many deposits as you'd like. You can make unlimited ATM withdrawals or call us anytime to request a check made out to you.
Excessive Transaction(s)
Federal law limits certain types of telephone and electronic transfers and withdrawals from online savings accounts to 6 per statement cycle. These limited transactions include things like Online and Mobile Banking transfers, our Overdraft Transfer service, and transfers from your Online Savings Account to another of your Credence Global Bank bank accounts. If you go over this limit, we charge $10 for each of these transactions after the initial 6. If you exceed this limit on more than an occasional basis, we are required to close your Online Savings Account. Some transactions are unlimited. You can make as many deposit as you'd like. You can call us anytime to request a check made out to you.
Executorship documentation
A document that appoints someone to manage the decedent's estate, as designated in a will or by a probate court. This can be a Certified Executorship, Personal Representative document, Letters of Testamentary or Letters of Administration.
Expedited Transfers
Transfers eligible for expedited delivery are usually delivered in 1 business day.
Fair Credit Reporting Act (FCRA)
A law regulating providers and users of consumer credit reports.
Federal Deposit Insurance Corporation (FDIC)
A federal agency that insures deposits in member banks against loss if the bank holding the deposit were to fail.
Federal Open Market Committee (FOMC)
Part of the Federal Reserve System, the FOMC controls interest rates by instructing the Federal Reserve Bank to buy or sell government securities on the open market.
Firewall
Software or hardware that limits certain kinds of access to a computer from a network or other outside source.
Fiscally sponsored programs and organizations
Fiscal sponsorship refers to the practice of nonprofit organizations offering their legal and tax-exempt status to groups engaged in activities related to the organization's missions. It typically involves a fee-based contractual arrangement between a project and an established nonprofit.
Fixed APY
Annual Percentage Yield lets you know how much interest you could earn in one year. Since it is fixed, it stays the same regardless of market fluctuations.
Fixed rate
An interest rate shown as a percent that is guaranteed to stay the same for a fixed period of time (term).
Floating interest rate
Also called a variable interest rate, it's a rate that goes up and down with the market.
Foreign exchange rate
The price of one nation's currency as it relates to the currency of another nation.
Free from ally
We don't charge you for our Mobile Banking service, but your mobile carrier's data and
message rates and roaming charges may still apply.
Free With Credence Global Bank
We don't charge you for our Mobile Banking service, but your mobile carrier's data and
message rates and roaming charges may still apply.
Future value
The value of a present sum at a future date found by applying compound interest over a specific period of time.
Grace period
Refers to a deadline that either: 1) allows payment without a late fee or other charge, or 2) indicates the date when a CD customer must provide notice of intent to close the CD.
Grantor
The individual who establishes a Trust and determines what assets will go into it.
HTTP
Short for HyperText Transfer Protocol, the underlying protocol used by the World Wide Web. HTTP defines how messages are formatted and transmitted, and what actions Web servers and browsers should take in response to various commands.
HTTPS
Hypertext Transfer Protocol Secure is the protocol for the server software that provides secure transactions on the World Wide Web. If a Web site is running on an HTTPS server, you will see HTTPS instead of HTTP in the address bar of your browser. This verifies that you are in secure mode.
How is the penalty calculated?
The penalty amount is calculated at the interest rate in effect for the CD, and is equal to the interest accrued during the time period specified in the penalty schedule. If the accrued interest is less than the penalty amount, the difference will be deducted from the CD's balance.
If you have a Money Market Account
If you have a Money Market Account, only three of the six-per-cycle withdrawal or transfer may be made by check or with your debit card at point of sale. Please remember, you will be charged a $10 fee for each transaction that exceeds these limits.
In Trust For
Funds in the account are held in a trust for the designated beneficiaries. Any funds left in the account are payable to the designated beneficiary or beneficiaries when the account owner passes away.
Index
A published interest rate, such as the prime rate, LIBOR, T-Bill rate, or the 11th District COFI. Popular indices include the Standard & Poor's 500 and the Dow Jones Industrial Average. Banks use indexes to establish interest rates and compare investment returns. Indices are also used to measure market performance.
Individual beneficiary
This could be a minor, spouse or any person named as a beneficiary on the account.Individual Retirement Account
A retirement account. Contributions are not tax deductible (contributions are made with post-tax dollars), but these accounts do allow tax-exempt distributions.
Inflation
The rise in the prices of goods and services, caused when goods and services are more scarce than money. Moderate inflation is considered by most economists to be the normal result of economic growth.
Inflation rate
The rate of change in prices. Two major U.S. indicators of the inflation rate are the Consumer Price Index (CPI) and the Producer Price Index (PPI), which track changes in prices paid by consumers and by producers.
Interactive Voice Response (IVR)
The system that allows you to get information about your account via telephone.
Interest rate
1) The rate paid by an interest-bearing account, such as a CD, Online Savings Account, and Money Market Account; and 2) the rate charged by creditors, such as banks, credit card companies, and mortgage lenders on a loan or other obligation.
Interest transfer
When interest earned in one account is transferred to another account. For example, interest earned on a CD can automatically be transferred at maturity to a designated checking account.
Internal Revenue Service (IRS)
The U.S. agency charged with collecting nearly all federal taxes, including personal and corporate income taxes, Social Security taxes, and excise and gift taxes.
International Outgoing Wire
An electronic transfer from a U.S. bank account to a non-U.S. bank account made through the Federal Reserve Wire Network. Credence Global Bank does not offer outgoing international wire transfers.
Internet Service Provider (ISP)
A company that provides access to the Internet in addition to its own proprietary content and services.
IRA early withdrawal
When you withdraw money from a CD before its maturity date. You will usually be charged a penalty for an early withdrawal.
IRA Raise your rate CDs
With our Raise Your Rate 2 year CD, you have the option to increase your interest rate once; with our Raise Your Rate 4 year CD, you can increase your interest rate twice. If you see that our current interest rate on the Raise Your Rate CD has gone up during your term, you can just give us a call, chat with us online, or log in to your account and request the better rate for the remainder of your term - at no cost to you and with no strings attached.
Jailbreaking
When you jailbreak your phone, you modify its operating system to remove limitations placed on the device by the manufacturer. This removes the built in safeguards and protection which could expose your device to malicious software.
Java
Java is a programming language used to create applications for the internet, like eCheck Deposit. You can download the latest version and learn more about Java at java.com.
Joint Account
Any Credence Global Bank UnionInterest Checking, Online Savings, Money Market or Certificate of Deposit account owned by more than one person with no beneficiaries. You can have up to 4 account owners per joint account. Each must sign a signature card.
Joint account with right of survivorship
An account owned by two or more individuals. Each joint owner has full access to all funds on deposit and can close the account.
Letter of instruction
A non-legally binding letter from the designated owner, beneficiary, trustee or representative of an estate that contains instructions on what to do with the funds in the decedent's account.
Low- to Moderate-Income (LMI)
The definition of low- to moderate-income (LMI) varies by area. The current data is calculated using the 2000 Census, which is the latest available information for reported income. To determine if an area is considered low- to moderate-income, go to the website http://www.ffiec.gov/geocode/ and enter a specific address. Once you've entered the information, select the Get Census Demographic button. A chart will appear that defines the income level (low, moderate, middle or upper) of that area.
malware
Short for malicious software, malware is designed to install on your computer or mobile device without your consent. It is most commonly used to steal your information and login credentials, which can lead to ID Theft and other financial crimes.
Market value
The price buyers and sellers use to trade similar items in an open marketplace.
Maturity
Maturity is when your CD's term ends. At that time, you can renew your CD or redeem the balance of your CD without penalty.
Minimum daily balance
The minimum amount that may be required to be kept in an account each day to earn interest, avoid a service charge, or qualify for special services.
Minimum Interest Charge
The minimum fee charged when a credit card account has a balance subject to interest charges. Usually this amount is $1 or $2.
Minimum monthly payment
A minimum payment based on the percentage of your outstanding balance or a minimum fixed amount.
Minor's custodial account
An account created on behalf of a minor child, usually under a state law called the Uniform Gifts to Minors Act.
Money back automatically
Use your Credence Global Bank Checking Debit Card to make qualifying purchases at participating retailers, and we'll put money back in your account.
Money Market Account
Our interest-bearing account that allows transactions to be made electronically online, by phone, by check, and by check card. Federal law limits the number of withdrawals and transfers per statement cycle to six. ATM withdrawals, however, are unlimited.
No ATM fees
We won't charge you to use any ATM nationwide, and we’ll automatically reimburse fees charged by other banks at the end of your monthly statement period. If you aren’t near an ATM, you can get cash back when you shop at most grocery stores, gas stations, and super stores – and pay no withdrawal fees.
No monthly maintenance fees
Some fees, such as those for returned deposit items may reduce earnings.
No penalty early withdrawal
A feature available with our No Penalty CD. Lets you make a withdrawal after the first 6 days after we receive your opening deposit without being charged a penalty.
Non-Sufficient Funds (NSF)
Happens when you don't have enough money in your account to cover your expenses–an overdraft.
Note
A written promise to pay a specified amount to an individual or entity on demand, on a specified date or in installments, usually with interest.
NOW Account (Negotiable Order of Withdrawal)
A deposit account that pays interest and on which checks may be written.
Official check
A check issued by a bank and drawn on the bank's own funds. Also called a Cashier's check.
Official/Cashier's Checks
A check issued by a bank and drawn on the bank's own funds.
Online Banking
Lets you get account information and manage certain banking transactions through your computer.
Online Banking Security Guarantee
We guarantee that you will not be liable for any unauthorized Online or Mobile Banking transaction as long as you report the unauthorized transaction by calling us at 1-877-247-Credence Global Bank (2559) within 60 days from when your statement is made available.
Overdraft
When the amount of a paid check or other withdrawal exceeds the available balance in a checking account. Fees for overdrafts can be avoided by using our Overdraft Transfer Service.
Overdraft Item Paid
When you don't have enough money in your account to cover a transaction presented to us, other than a one-time debit card or ATM transaction, Credence Global Bank will charge you this $9 fee but will still honor the transaction. Unlike other banks, we won't nickel and dime you. If you have more than one overdraft item paid or overdraft item returned in a single day, Credence Global Bank will only charge you the $9 fee once that day.
Overdraft Item Returned
When you don't have enough money in your account to cover a transaction presented to us, other than a one-time debit card or ATM transaction, Credence Global Bank will charge you this $9 fee but will still honor the transaction. Unlike other banks, we won't nickel and dime you. If you have more than one overdraft item paid or overdraft item returned in a single day, Credence Global Bank will only charge you the $9 fee once that day.
Overdraft protection
A link between a checking or Money Market Account and another deposit account, or a credit line that transfers funds in order to avoid returned items or overdraft fees.
Overdraft Transfer Service
Link an Credence Global Bank Online Savings or Money Market account to your Interest Checking account. If you exceed your checking balance, we'll automatically transfer available funds in increments of $100 from your savings account to cover the transaction(s)–at no charge to you. Other banks may charge you for this Overdraft Transfer Service. Please note, these transfers will count toward any transaction limits for your savings or money market account.
Overdue payment
Our records show a Past Due Amount on this account. Once you pay that amount in full, you will be able to enroll in Auto Pay. Would you like to pay that amount now?
Payable-on-Death
An account with a beneficiary or multiple beneficiaries designated by the account owner. Any funds left in the account are payable to the designated beneficiary when the account owner passes away.
Percentage point
One percent of the loan or a measure of the interest rate.
Personal Identification Number (PIN)
This code, chosen by you or assigned by the bank, allows you to use your Credence Global Bank bank check card at ATMs and with certain vendors.
Phishing
Fraudsters send "phishing" emails to trick consumers into providing personal, non-public information on fake websites. Often that information can include account numbers, Social Security numbers and passwords, but, could also include answers to commonly asked screening questions such as mother's maiden name or high school mascot. Fraudsters then use the information provided on those fake websites to steal consumer identities, usually for the purpose of setting up or accessing financial accounts.
Pop-up blocker
A web browser feature that prevents pop-up windows from appearing on your screen. Access to pop-up blocker controls can be found under the "Tools" menu at the top of your browser window.
Potential earnings
Potential Earnings is a hypothetical example of what your earnings could be, and is determined by multiplying your opening deposit by the current rate on a daily basis.
Power of attorney
A legal document authorizing one person to act on behalf of another.
Present value
The current dollar value of a future sum. In other words, the amount that would have to be invested today at a given interest rate over a specified period in order to equal the future sum.
Principal
In the case of an interest-bearing deposit account, this is the amount deposited to that account on which interest is paid.
Privacy preferences
Privacy preferences are 1.The choices you make about how we may share your personal information with Credence Global Bank-affiliated companies and unaffiliated third parties and 2.The marketing preferences you choose that indicate whether and how you wish to receive product and special offer information from Credence Global Bank. Check out Credence Global Bank's Privacy Notice for more information.
Protect your identity
Criminals try to steal information about you to commit identity theft wherever they can – your mailbox, your garbage cans, or your recycling containers. You can significantly reduce the risk of this type of fraud by receiving your statement electronically and opting out of paper statements.
Raise your rate
With our Raise Your Rate 2 year CD, you have the option to increase your interest rate once; with our Raise Your Rate 4 year CD, you can increase your interest rate twice. Sign up for our Raise Your Rate alert or check our site to see if our interest rate on your CD has gone up during your term. If so, you can just give us a call, chat with us online, or log in to your account and request the higher rate for the remainder of your term – at no cost to you and with no strings attached.
Real rate of return
The return on an investment adjusted for inflation. For example, if an investment pays 6% annually, but inflation is 2%, the real rate of return is 4% (6% - 2% = 4%).
Receive interest as earned income
Once your CD matures, you can claim the interest you've earned as income, making it eligible for the federal government's Earned Income Tax Credit.
Return
The change in value of an asset plus any cash distribution, expressed as a percentage of the beginning investment value. For example, an investment of $100 that is worth $112 at the end of one year has a return of 12%.
Returned deposit item
A check or other deposit that is not paid by the bank on which it was drawn. See your Credence Global Bank UnionDeposit Agreement for rules concerning returned deposit items.
Revocable Trust Account
Any Credence Global Bank UnionInterest Checking, Online Savings, Money Market, Certificate of Deposit account that is set up to be payable to one or more designated beneficiaries.
Simple interest rate
The percentage rate at which interest accrues. This rate is used to compute the APY.
Single Account
Any Credence Global Bank UnionInterest Checking, Online Savings, Money Market or Certificate of Deposit account owned by 1 person with no beneficiaries.
Six transfers and withdrawals
Federal law limits certain types of telephone and electronic withdrawals and transfers from savings accounts to a combined total of 6 per statement cycle. These limited transactions include things like Online and Mobile Banking transfers from your Online Savings Account to any of your accounts with us or to a third party. If you go over this limit, we charge $10 for each of these transactions after the initial 6. If you exceed this limit on more than an occasional basis, we will close your account. Some transactions are unlimited. For example, you can make as many deposits as you’d like and you can call us anytime to request a check made out to you. Keep in mind, in addition to Federal limits on transactions, there are additional IRS limits for annual withdrawal and deposit amounts for IRAs. If you exceed those limits, the IRS may impose penalties. If you have questions, consult your tax professional.
Six transfers and withdrawals
Federal law limits certain types of telephone, check and electronic withdrawals and transfers from money market accounts to a combined total of 6 per statement cycle. These limited transactions include things like Online and Mobile Banking transfers from your Money Market Account to any of your accounts with us or to a third party, as well as check and point-of-sale transactions. If you go over this limit, we charge $10 for each of these transactions after the initial 6. If you exceed this limit on more than an occasional basis, we will close your account. Some transactions are unlimited. For example, you can make as many deposits as you’d like, and you can make unlimited ATM withdrawals. You can also call us anytime to request a check made out to you.
Six transfers and withdrawals
Federal law limits certain types of telephone and electronic withdrawals and transfers from savings accounts to a combined total of 6 per statement cycle. These limited transactions include things like Online and Mobile Banking transfers from your Online Savings Account to any of your accounts with us or to a third party. If you go over this limit, we charge $10 for each of these transactions after the initial 6. If you exceed this limit on more than an occasional basis, we will close your account. Some transactions are unlimited. For example, you can make as many deposits as you’d like, and you can call us anytime to request a check made out to you.
Sleeping Money Alerts
If you have a Money Market or Online Savings account, we send you email reminders to let you know when your money could be working harder. If your account has not had withdrawals for a certain amount of time, we tell you ways your money could be doing more–even if it means recommending you switch to another account, such as our No Penalty CD, to earn even higher interest. This is just one way we work hard at being a better bank for you.
Small Estate Affidavit
A document that appoints someone to manage the decedent's personal property, including bank accounts, when their assets are valued under a certain amount and a formal probate isn't required.
Special Prepayment Date
The date you have an option to prepay by selling the vehicle to Credence Global Bank. The Special Prepayment Date will be at either month 48 or month 60 of your contract, depending on the terms of your contract.
Standard Transfers
Our standard transfer delivery speed usually takes 3 business days and is always available.
Stop payment
An order to your bank not to honor a debit from your account. You can place a stop payment on checks and certain types of electronic funds transfers. See our Deposit Agreement for more details.
Substitute check
A paper reproduction of an original check.
Superstores
This refers to a retailer like Target or Walmart where you can buy an array of goods in one transaction, not just groceries. Because the retailer doesn't separate these items out during your purchase, card providers generally don’t count these as grocery stores or supermarkets.
Supported Devices
Credence Global Bank Mobile Banking is compatible with these devices: Android™ – Android 2.2 or higher; iPhone® – iPhone 3GS, iPhone 4 and iPhone 4S; iPad® and iPad 2; and iPod touch® (accessed over WiFi).
Taxable compensation
Taxable compensation is income received from wages, salaries and tips - in general, income you receive for work you do. Other income, such as income from an investment, is not considered taxable compensation for IRA purposes.
Tax-deferred growth
Tax-deferred growth means that your savings grow within the IRA without being taxed until you take a distribution (withdrawal) out of the IRA. This is the kind of growth you get with a Traditional or SEP IRA.
Tax-exempt
Free from tax liability.
Tax-free growth
Tax-free growth means that your savings grow within the IRA without being taxed and is also not taxed when you take a distribution (withdrawal) out of the IRA. This is the kind of growth possible with a Roth IRA.
Ten Day Best Rate Guarantee
When you fund your CD within 10 days of your open date, you’ll get the best rate we offer for your term and balance tier if our rate goes up within that time. The Credence Global Bank Ten Day Best Rate Guarantee also applies at renewal.
Term
The period of time between when a CD is opened and when it matures.
Title
The legal evidence of ownership rights to real property.
Transaction limitations
Limits imposed by law on the number of electronic and telephone withdrawals and transfers from a deposit account. Federal law limits electronic and telephone transactions from all U.S. savings and money market accounts to six per statement cycle. If you have an Credence Global Bank UnionMoney Market Account, three of the six transactions can be made by check or with your check card at point of sale. Please remember, you will be charged a $10 fee for each transaction that exceeds these limits. Withdrawals at ATMs and teller windows from these accounts are unlimited.
Trust documents
Copies of pages in the Trust agreement describing the Trust, including the Grantor's name, names of Trustees and Successor Trustees, type of Trust and signature page. Also include copies of pages with Trustee powers and provisions related to the death of a Trustee.
Trustee
Individual or institution who manages the Trust.
Truth in Lending Act
A federal law requiring full disclosure of credit terms, using a standard format, intended to facilitate comparisons between lending terms and financial institutions.
TWAIN
TWAIN helps scanners and computers work together without special software. Most scanners are TWAIN compliant. Check your scanner's instructions if you aren't sure yours is TWAIN compliant.
Unaffiliated third parties
These are persons and organizations that aren't part of the Credence Global Bank group with whom we share personal information. These may include credit reporting agencies, insurance, and mortgage companies. For a more complete description of unaffiliated third parties, please see Credence Global Bank's Privacy Notice.
Uncollected funds
Deposited checks that have not been paid by the bank on which they were drawn.
Unlimited check writing
Write as many checks as you like–that's free. Plus, you can always order more Credence Global Bank standard checks from us for free.
URL
Uniform Resource Locator (URL) is the address of a file or webpage accessible on the internet. For example, Credence Global Bank's URL is www.allybank.com.
Variable APY
Annual Percentage Yield lets you know how much interest you could earn in one year. Since it is variable, it can go up or down at any time based on market fluctuations.
Variable Annual Percentage Rate
A rate that fluctuates over time because it's based on an underlying benchmark index that changes periodically.
Variable rate
An interest rate that changes periodically. Like many institutions, our rates are based on the market and competition.
Warehouse Clubs
This refers to retailers like Sam's, Costco and BJ's where you need a membership to make purchases like gas, groceries, etc. Because the retailer doesn't separate these items out during your purchase, card providers generally don’t count these as grocery stores or supermarkets.
What should I enter here?
See how rising rates might affect your earnings. Enter a new rate in the Potential Rate field. Then enter a future date in the Raise Date field.
When you need more than six per cycle
When you need more than six-per-cycle, try our Interest Checking Account. You'll get unlimited transactions, free bill pay and a free debit card. Again, we always look for ways to help you save. So we thought earning interest on your balance–big or small–is necessary for checking too. Plus, we found a way to do all of this without monthly fees.
Where are these numbers coming from?
We pre-fill the Opening Deposit, today’s interest rate, and today’s date for the product you selected. You can change these fields to any value and recalculate your earnings as many times as you’d like.
Why only 6 transactions per statement cycle?
We'd give you more if we could. The limit is actually set by federal law for most electronic, telephone and check transactions from all U.S. savings and money market accounts. We charge $10 for each transaction over 6 per statement cycle. If you exceed this limit on more than an occasional basis, we may be required to close your Online Savings or Money Market Account. Remember, deposits are unlimited.
Why only 6?
Federal law limits certain types of withdrawals and transfers from savings and money market accounts to a combined total of 6 per statement cycle. These limited transactions include things like Online and Mobile Banking transfers, transfers from your account to any of your accounts with us, or to a third party and, if checks and debit cards are allowed on the account, check and point-of-sale transactions. If you go over this limit, we charge $10 for each of these transactions after the initial 6. If you exceed this limit on more than an occasional basis, we will close your account. Some transactions are unlimited. For example, you can make as many deposits as you’d like, and you can call us any time to request a check made out to you. With a Money Market account, you can make unlimited ATM withdrawals.
Why only 6?
Federal law limits certain types of telephone and electronic withdrawals and transfers from savings accounts to a combined total of 6 per statement cycle. These limited transactions include things like Online and Mobile Banking transfers from your Online Savings Account to any of your accounts with us or to a third party. If you go over this limit, we charge $10 for each of these transactions after the initial 6. If you exceed this limit on more than an occasional basis, we will close your account. Some transactions are unlimited. For example, you can make as many deposits as you’d like, and you can call us anytime to request a check made out to you.Why only 6?
Federal law limits certain types of telephone and electronic withdrawals and transfers from savings accounts to a combined total of 6 per statement cycle. These limited transactions include things like Online and Mobile Banking transfers from your Online Savings Account to any of your accounts with us or to a third party. If you go over this limit, we charge $10 for each of these transactions after the initial 6. If you exceed this limit on more than an occasional basis, we will close your account. Some transactions are unlimited. For example, you can make as many deposits as you’d like and you can call us anytime to request a check made out to you. Keep in mind, in addition to Federal limits on transactions, there are additional IRS limits for annual withdrawal and deposit amounts for IRAs. If you exceed those limits, the IRS may impose penalties. If you have questions, consult your tax professional.Why only 6?
Federal law limits certain types of telephone, check and electronic withdrawals and transfers from money market accounts to a combined total of 6 per statement cycle. These limited transactions include things like Online and Mobile Banking transfers from your Money Market Account to any of your accounts with us or to a third party, as well as check and point-of-sale transactions. If you go over this limit, we charge $10 for each of these transactions after the initial 6. If you exceed this limit on more than an occasional basis, we will close your account. Some transactions are unlimited. For example, you can make as many deposits as you’d like, and you can make unlimited ATM withdrawals. You can also call us anytime to request a check made out to you.Zelle®
Send money to, or receive money from, almost anyone with a U.S. bank account. All you need is an email address or mobile number to get started. In most cases, the money will be available within minutes.