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Glossary of Financial Terms

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Savings Account
An interest bearing relationship used by a customer to accumulate funds. Savings accounts have no fixed maturity date and typically earn interest.

Service Charge
A fee paid for a service performed, such as, handling an account.

Senior NOW Checking
A checking account available at First Central Savings Bank that allows customers 65 years of age and over to maintain a lower balance and still earn interest.

Sight Draft
A written order to pay upon presentation or delivery.

Signature
A sign or mark made by the drawer or maker of a negotiable instrument. A signature may include thumbprints and may be printed, typed, or stamped.

Signature Card
A card signed by each depositor or owner of an account. The card is a contract between the depositors and the institution. The card is used as the principal means of identifying the account holder.

Simple Interest
Interest is accrued to the account at specified intervals (i.e., monthly, quarterly). Compounding does not occur until the interest is posted to the account. The interest is then part of the principal.

Split Cash Check Deposit
A transaction where the customer wishes to have part of a check credited to an account and the remainder paid out in cash.

Stale Dated Check
An instrument bearing a date of 6 months or more in the past, prior to its presentation. The Uniform Commercial Code states that banks are not required to honor such checks.

Statement
A list of all monetary transactions that occurred during a specific cycle, including balances, interest and service charge information.

Stop Pay Suspect
An item that meets some but not all of the criteria of a Stop Pay Item.

Stop Payment
A request by the customer for your bank not to honor or pay a specific check/draft of the customer.

Student Loan
Special loans given to students, normally with a low interest rate and backed by the Federal Government.

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