Financial Terminology Library
Understanding common financial vocabulary can help you make informed decisions.
Financial jargon made simple
When it comes to buying a car or house, planning for retirement or preparing for another major financial event, understanding complex terminology can be overwhelming. Dominion Energy Credit Union is here to help you make sense of common financial terms so the next time you need to make a major financial decision, you have the vocabulary to set you up for success.
When you transfer money between your Dominion Energy CU accounts, this is known as an internal transfer. You can transfer money using online banking, an ATM or by visiting a branch.
An Individual Retirement Account (IRA) is a savings or certificate account designed for building retirement savings.
This indicates the amount of time a borrower is granted to repay a loan. For example, auto loans can have up to 60-month terms, while mortgage loans are commonly offered in 30-year terms and 15-year terms.
A money order is a printed order for payment of a specified amount, issued by the Credit Union.
An overdraft is a deficiency in an account caused by withdrawing more money than the account has available.
An overdraft fee is assessed when you withdraw more money than you have available in your account.
If you try to spend or take out more money than you have in your account, your account will be overdrawn. Overdraft protection allows you to link one account to another, so your transactions are covered by both balances or available credit.
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.
The person or organization due to receive money via check or a digital payment.