Common Banking & Finance Terms

Don’t Let the Lingo Create Lingering Confusion

There can be a lot of confusing terms and acronyms when it comes to finances and banking. We want to make sure you always understand what’s going on and are never left wondering what something means. If you have any additional questions about our products, services, or industry jargon please reach out to us.

Common Terms & Definitions

Account Balance

Your account balance is the total amount of funds in your account at that time, including all deposits and withdrawals that have been posted.


Account Statement

Your account statement is a printed or electronic list of transactions that occurred during that statement cycle.


ACH

Automated Clearing House or ACH is an electronic method of making financial transactions in the United States. ACH can be used for direct payments for cash concentration and disbursement, donations and recurring gifts, bill payments, vendor and supplier payments. ACH can also be used for direct deposit for payroll, annuities, support payments, and more.


Bank Center

FCB locations are called bank centers. Visit a bank center to handle transactions, open or update accounts, or meet with an FCB employee.


Certificate of Deposit (CD)

A certificate of deposit, better known as a CD, is an account type that lets you invest a specific amount of money a period of time for a predefined amount of interest in return. CDs can be a great low-risk way to grow your savings.


EMV/Chip Card

A Europay Mastercard Visa is commonly called an EMV or chip card. These cards have an embedded microchip in the end as well as the standard magnetic stripe. The chip helps increase data security and protect your card by encrypting information while making transactions.


FDIC

The Federal Deposit Insurance Corp or FDIC is a government organization that insures funds in your bank account up to a defined limit. You want to look for a bank that is FDIC insured to ensure this level of protection.


Loan 

A loan is usually a one-time lump sum that you borrow for a specific project or purpose. The terms of the loan dictate the interest rate, payment schedule, and details.


Line of Credit

A line of credit is flexible and typically ongoing. Like a credit card, a line of credit allows you to access all or a portion of the funds up to your credit limit. Although dictated by the terms, usually interest is only paid on the amount borrowed during that period.