ALM - Asset Liability Management
APR - Annual Percentage Rate
APY - Annual Percentage Yield
Automated Teller Machine
CU - Credit Union
CUES - Credit Union Executive Society
CUNA - Credit Union National Association
CUSO - Credit Union Service Organization
HELOC - Home Equity Line of Credit
KMG - Key Member Group
LTV - Loan to value - represented in a percentage.
NASCUS - National Association of State Credit
NCUA - National Credit Union Administration -
an agency of the Federal Government that insures each
members account up to $100,000.
NCUSIF - National Credit Union Share Insurance
OCUL - Ohio Credit Union League
It's Me 247 - Day Air's Internet
Share - A credit union term for a savings account.
This is the account that must have a $5 minimum balance
to own a share in Day Air and partake in our membership.
Share Certificate - A credit union term for what
is commonly known as a Certificate of Deposit with other
Share Draft - A credit union term for a draft
(check). A Share Draft account is a checking account.
Online Banking Terms
Bandwidth - The volume of data that can be transmitted
on a particular media. It is measured in bits per second.
Online financial institutions and online consumers both
seek the greatest possible bandwidth to increase the
speed at which the Web pages load.
Bit - The smallest piece of data that a computer
system can use. Bits, which computers read as either
1 or 0, are the building blocks from which all programs
Browser - A computer software program used for
accessing and viewing Internet Web sites.
Byte - A series of eight bits that represent a
Cookie - Some Web sites may track a user's online
activity with a "cookie." A cookie is simply a block
of text that the Web site places in a file on the hard
drive of the viewer's computer. Although a code in the
cookie file enables the site to label a particular user,
it does not identify the user's name or address unless
such information is provided automatically by the user's
Cyberspace - A term used to describe the range
of information resources available through computer networks
such as the Internet. The term was coined by science
fiction author William Gibson.
Download - The method used to transfer or "pull
down" a file of data from one computer to another, usually
via a modem.
Electronic mail, or email - Messages that are
sent from one person's computer to another's via the
Internet. Files can be attached to the email message
for downloading by the recipient of the message.
Encryption - A method for ensuring the privacy
and security of a consumer's personal finance information
at a financial institution Web site. Encryption is the
process of scrambling data so that only the intended
receiver can use it. Consumers should make sure it is
being used when sending sensitive information.
Firewall - A means of protecting a computer system
from unauthorized outside use.
HTML - Stands for hypertext markup language, the
programming language used to created web sites; HTML
creates hypertext documents.
HTTP - Stands for hypertext transfer protocol,
the protocol used for moving hypertext files over the
HTTPS - By Web convention, pages whose URL begins
with https instead of http, are encrypted pages offered
on a site that employs secure sockets layer. Also see
Hypertext - A way of presenting information in
which text, sounds, images and actions are joined by
links together in a way that allows the user to go from
one page to another in any order.
Hyperlink - See link.
Internet - A global network of interconnected
computer networks that can be accessed by computer users
Internet Service Provider (ISP) - A company that
provides access to the Internet for a fee, most often
via phone lines. Some provide access via cable lines.
Intranet - A private network, like the Internet,
that is for use only by selected users, usually set up
for internal use by employees of a single company.
of the features of Java, but is chiefly designed to work
with HTML pages. It is used to add interactivity and
fancy design elements to pages. Financial calculators
Kilobyte - 1,024 bytes.
Link - Refers to any highlighted words or phrases
in a hypertext document that allow the user to click
through to another section of the same document or to
another document on the World Wide Web. Also known as
Log In - The procedure by which a person "enters" a
secure online site, such as a financial institution.
When logging in, customers enter their passwords to gain
access to a secure area of the institution's Web site,
where they can view their financial records and take
action, such as online bill payment.
Modem - An acronym for modulator-demodulator,
it's a device that allows remote computers to communicate,
transmit and receive data using telephone lines.
Navigate - A term used to describe moving around
a Web site and looking at the various pages.
Network - A connection of two or more computers
that can share resources.
Online banking - Online systems allow members
to plug into a host of banking services from a personal
computer by connecting with the credit union's computers
over telephone lines.
Privacy - The Internet works by sending information
from one computer to another until the information reaches
its final destination. When information is being sent
from a home computer to any given Web site, other computers
have the capacity to peek in and see what is being sent.
And that's why encryption and other protective measures
Privacy policies - These are important to look
for when visiting a Web site. They appear in various
Us" or company information sections of the site, or under
a privacy icon. Some companies don't label their information
practices specifically but make a statement such as "no
information is being collected on this Web site." That
Protocol - An agreed-upon convention for transferring
data between computers.
Security - Web browsers can be set to create a
signal if a user is about to take an action that poses
a security risk. For example, if a credit card number
is about to be sent to an insecure site, Netscape Navigator
and Internet Explorer will send a warning that the site
is not secure. If the site claims to be secure but its
security credentials are suspect, both browsers can send
warnings that the site might have been tampered with
or might be misrepresenting itself.
SSL - Short for secure sockets layer. SSL is a
protocol designed to increase security on the Internet
by allowing encrypted files to be transferred from computer
to computer. It works by using a private key to code
data that's sent over a SSL connections. See also HTTPS
TCP/IP - stands for Transmission Control Protocol/Internet
Protocol. It's the protocol that defines the way information
is sent over the Internet.
URL - Stands for uniform resource locator. Term
used for the address of a Web site, for example, www.dayair.org
World Wide Web or www - The global, interconnected
collection of hypertext pages that also contain embedded
images and links to other pages - like a web. The pages
are accessed by servers over the Internet.
15, 20, 30 Year Fixed Interest
A mortgage feature that structures the loan so that there will be no increases
or decreases in the interest rate during the life of the loan.
- Monthly payments are fixed over the life
of the loan
- Interest rate does not change
- Protected if rates go up
- Can refinance if rates go down
- Higher interest rate
- Higher mortgage payments
- Rate does not drop if interest rates improve
3 and 5 Year Adjustable Rates Mortgage
A general term for any mortgage in which the interest rate and, generally, the
payments change over the life of the loan. The interest rate is adjusted to match
the rise or fall of a preselected interest rate index and the borrower's regular
payments will increase or decrease accordingly. Different types of adjustable
rate mortgages (ARMs) have different frequencies for these adjustments. Some
ARMs have limits on payment and interest rate changes and the maximum interest
rate over the life of the loan. To the borrower's advantage, the initial rate
of an ARM is usually low, permitting the purchase of real estate that otherwise
would be unaffordable with a fixed rate mortgage. But, there is a risk of higher
payments later on.
- Lower initial monthly payment
- Lower payment over a shorter period of time
- Rates and payments may go down if rates improve
- May qualify for higher loan amounts
- More risk
- Payment may change over time
- Potential for high payments if rates go up
7 Year Balloon
A mortgage with periodic installments of principaland interest that, at the end
of such a period, do not fully amortize the loan. The balance of the mortgage
due is usually paid in a lump sum at a specified date, usually at the end of
the term of such periodic installments.
- Lower initial monthly payment
- Lower payment over a shorter period of time
- Many balloon mortgages offer the option to convert to a new loan
after the initial term
- Risk of rates being higher at the end of the initial fixed period
- Risk of not being able to refinance if financial situation has declined
Low Closing Costs
See example of good faith estimate. (Approximately $970.00 plus title insurance,
No Origination Fees
All of our loan rates are quoted with 0 points and 0 origination fees, although
points may be paid to lower your rate if you prefer.