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A financial term that refers to a decrease in a deposit account, such as writing a check against the account. See also, credit.


Debit Card


A plastic card issued by a financial institution which members can use to pay for purchases anywhere Visa® is accepted; money is immediately deducted from a designated checking account. Can also be used at ATMs.




Money placed in a financial institution. Also money given by a buyer to make a formal offer to bind a sale.


Direct Deposit


An electronic deposit into a personal credit union account of a paycheck, retirement, social security or investment check; deposits are handled through the ACH.


Dividend Rate


The rate paid on deposit accounts such as savings, share certificates and some checking accounts.


Dividend Transfer


A process that allows dividends earned in one account to be transferred to another account. For example, dividends earned on a share certificate can be automatically transferred at maturity to a designated checking account.



Electronic Funds Transfer (EFT)


Any transfer of funds that is initiated through an electronic terminal, telephone, computer, or magnetic tape for the
purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account. The term includes, but is not limited to: (i) Point‐of‐sale transfers; (ii) Automated teller machine transfers; (iii) Direct deposits or withdrawals of funds; (iv) Transfers initiated by telephone; and(v) Transfers resulting from debit card transactions, whether or not initiated through an electronic terminal, and includes home banking and bill payer, mobile banking and more.




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 the person receiving the check.


Field of Membership (FOM)


The group, or groups of people who are eligible to join a particular credit union. For example, LBS Financial Credit Union’s FOM consists of anyone who lives or works in Orange County, Riverside County, San Bernardino County, San Diego County or 50 cities in Los Angeles County and also includes hundreds of groups of people such as employers, schools and associations.


Fixed Expenses


Expenses that must be paid every month or at other regular time periods. They include such things as rent, mortgage, car loans and insurance premiums.


Fixed Rate


A rate of interest charged for a loan that does not vary for the term of the loan or deposit. See also, variable rate.



Accepts Deposits: Yes

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