Jargon Hacks

P2P

Person-to-person payments (P2P) is an online technology that allows members to transfer funds from their account or credit card to another person’s account via Online or Mobile Banking.

Payee

The person or organization due to receive money via check or a digital payment.

PIN stands for Personal Identification Number. This is the four-digit number that you use to authorize ATM or Debit Card transactions.

POS (Point of Sale)

This refers to the location where a debit or credit card transaction occurs. For example, at a checkout in a store or online.

Prime Rate

The Prime Rate is the best loan rate available to anyone except other banks. It’s also called the prime lending rate, the prime rate, or even just prime.

Privilege Pay

Privilege Pay is WECU’s overdraft service. By opting in, WECU will cover overdrafts that may occur when using your debit card when you do not have the funds in your account to cover the transaction.

RDC

Remote Deposit Capture (RDC) is a system that allows our Business Members to scan checks remotely and transmit the images to an account for deposit.

Service Fee

This is a fee associated with a credit union service.

Statement

A statement is a printed record of the balance of an account or loan, and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account

Transaction

Transactions refer to routine events on your account such as withdrawals, deposits, or payments into and out of the account.

Transaction Fees

This is a fee associated with a transaction type.

Unpaid Item

This occurs when the Credit Union does not pay a check or debit presented on your account. It may be because there are insufficient funds or another reason that prevents the payment.

P2P