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Education

Learning is an ongoing process.

Do you understand how important your credit score is and how you can improve it? Do you know what a phishing scam is? Are you familiar with how to make a budget?

Our various budgeting and financial education tools and a glossary of terms will help build your financial vocabulary and be ready to tackle your financial goals.

Credit Score by SavvyMoney

Don’t just get smart. Get Savvy.

Credit Score by SavvyMoney is available to you through online and mobile banking. Credit Score is a free service offered to help you understand your current credit score, give access to your full credit report, provide credit monitoring alerts, simulate and learn ways to improve your score and see ways you can save money on new and existing loans with us.

This innovative service provides a comprehensive analysis of your financial situation, including a detailed review of your credit report and personalized recommendations for improving your financial health.

By offering insights into your credit score, debt management, and savings goals, Credit Score will enable you to make informed financial decisions, identify opportunities to reduce debt and enhance your overall financial stability.

SavvyMoney FAQs and Videos

All the SavvyMoney information you need, right here.

Simulate your score

Credit Simulator by SavvyMoney offers you the ability to simulate your credit score, which helps you manage your credit based on certain actions you can take. See how it all works and use it to make informed decisions. Stay up to date, simulate, and see where you stand.

1. What is SavvyMoney Credit Score?

SavvyMoney is a comprehensive Credit Score program offered by your financial institution, which helps you stay on top of your credit. You get your latest credit score and report, an understanding of key factors that impact the score, and can see the most up to date offers that can help reduce your interest costs or lower your monthly payments. With this program, you always know where you stand with your credit and how your financial institution can help save you money. Credit Score also monitors your credit report daily and informs you through digital banking and by email if there are any big changes detected such as: a new account being opened, change in address or employment, a delinquency has been reported or an inquiry has been made. Monitoring helps users keep an eye out for identity theft.

2. What is SavvyMoney Credit Report?

SavvyMoney Credit Report provides you all the information you would find on your credit file including a list of current or previous loans, accounts and credit inquiries. You will also be able to see details on your payment history, credit utilization and public records that show up on your account. Like Credit Score, when you check your credit report, there will be no impact to your score.

3. What is the Score Simulator tool?

The Score Simulator is an interactive tool that allows you to select various actions you may take and see how your score could be affected. Different actions, like paying off a credit card balance might make your score move up or down. Just like checking your credit score through SavvyMoney, using the simulator does not affect your actual credit score.

4. Is there a fee?

No. SavvyMoney is entirely free, and no credit card information is required to register.

5. How often is my credit score updated?

As long as you regularly access digital banking, your credit score will be updated every 7-days and displayed within your online banking screen. You also have the ability to refresh your credit score and full credit report every 24-hours by clicking “Refresh Score” by navigating to the detailed Credit Score Dashboard from within digital banking.

6. How does the SavvyMoney Credit Score differ from other credit scoring offerings?

SavvyMoney pulls your credit profile from TransUnion, one of the three major credit reporting bureaus, and uses VantageScore 3.0, a credit scoring model developed collaboratively by the three major credit bureaus: Equifax, Experian and TransUnion. This model seeks to make score information more uniform between the three bureaus to provide consumers a better picture of their credit health.

7. Why do credit scores differ?

There are three major credit-reporting bureaus—Equifax, Experian and Transunion—and two scoring models—FICO or VantageScore—that determine credit scores. Financial institutions use different bureaus, as well as their own scoring models. Over 200 factors of a credit report may be considered when calculating a score and each model may weigh credit factors differently, so no scoring model is completely identical but should directionally be similar.

8. Will Heritage Grove use SavvyMoney Credit Score to make loan decisions?

No, Heritage Grove uses its own lending criteria when making final loan decisions. However, the SavvyMoney tool can show you estimated savings opportunities on new and existing loans. Final rate, term, monthly payment, and other factors will be determined at the time of application.

9. Will SavvyMoney share my credit report with Heritage Grove?

No, Heritage Grove does not have access to your credit file unless you choose to share with them. If you would like to share your credit report with your financial institution or any trusted party, you can easily download your SavvyMoney credit report by navigating to the “Credit Report” tab and clicking “Download Report”.

10. How does SavvyMoney Credit Score keep my financial information secure?

SavvyMoney uses bank level encryption and security measures to keep your data safe and secure. Your personal information is never shared with or sold to a third party.

11. If Heritage Grove doesn’t use SavvyMoney Credit Score to make loan decisions, why do we offer it?

SavvyMoney Credit Score can help you manage your credit so when it comes time to borrow for a big-ticket purchase—like buying a home, car or paying for college—you have a clear picture of your credit health and can qualify for the lowest possible interest rate. You’ll also see offers on how you can save money on your new and existing loans with Heritage Grove.

12. There is a section on the site that features both Heritage Grove product offers and financial education articles. Why am I seeing this?

Based on your SavvyMoney Credit Score information, you may receive Heritage Grove pre-qualified offers (invitation to apply) on products that may be of interest to you. In most cases, these offers may have lower interest rates than the products you already have or can save you money on your monthly payments. The educational articles are designed to provide helpful tips on how you can manage credit and debt wisely.

13. Will accessing SavvyMoney Credit Score ‘ping’ my credit and potentially lower my credit score?

No. Checking SavvyMoney Credit Score is always a “soft inquiry”, which does not affect your credit score. Typically, lenders use ‘hard inquiries’ to make decisions about your credit worthiness when you apply for loans.

14. Does SavvyMoney offer credit report monitoring as well?

Yes. After you have enrolled in Credit Score for the first time, SavvyMoney will monitor and send email alerts when there’s been a change to your credit profile. When applicable, you can also find these monitoring alerts within your online or mobile banking account.

15. How do I change my email address or other personal information?

If you access SavvyMoney program through your online banking, you are all set, and no further action is required from you! Your email address will get updated automatically in SavvyMoney when you update it within online or mobile banking. We always encourage you to inform your financial institution of any contact information updates. If you signed up with SavvyMoney from our website, please log into the website and navigate to the “Profile Settings” section under “Resources” within the tool.

16. Am I able to choose which emails I receive from SavvyMoney?

Yes, you can easily choose when SavvyMoney contacts you. Navigate to the “Resources” tab and then under “Profile Settings” you can choose which email notifications you receive. SavvyMoney sends out three types of emails: Credit Monitoring Alerts, General Messages and Monthly Notices. You will be automatically enrolled in all email communications and can easily unselect the specific email types you wish to not receive.

17. Can people use SavvyMoney on mobile devices?

Yes, SavvyMoney Credit Score and all other features are available on mobile and tablet devices and is integrated within our mobile banking app.

Resources

Information is everything.

As your financial advocate we want to provide you with the tools you need to make sound financial decisions. Here are some great resources we’ve assembled with budgeting and financial education information to help with your research:

Credit Score (FICO)

Research shows that nearly half of American adults don’t know their credit score—also known as your FICO score—including more than 60% of adults between 18-34. An even higher percentage of adults don’t know how to improve their credit scores.

Managing your credit responsibly will affect the prices you pay for other necessities of life. Most financial institutions use a standardized credit score when evaluating a credit application. Others, such as a landlord, insurance company, or even an employer, may also use your credit score as a basis for providing services to you.

The three major credit reporting agencies—Equifax, Experian and TransUnion—grade your FICO score between 300-850, with higher numbers indicating a better score, which indicates you are a lower credit risk to a potential lender. This gives you more options when shopping for the best rates, saving you thousands of dollars in finance charges over your lifetime.

For more information on credit scores, watch this video or check out our FAQ below. For more information about credit scores and how to manage them wisely, visit the MyFICO website.

Credit Score Frequently Asked Questions

1. What's considered a good score?

A credit score of 720 or higher is considered good. About 60% of us have credit scores of 700 and higher. If your score is 720, lenders usually put you in the same category as borrowers with the highest scores. You are viewed as a safe risk and typically receive a loan at a low interest rate. Although it is important to continue to maintain a strong repayment history and credit score, you shouldn’t worry too much about trying to improve it further as it will have little affect on your ability to obtain credit.

2. How is my credit score calculated?

The score is created by a mathematical formula that considers many different variables on your credit file—which is why the score can be different for each of the credit reporting agencies. Most financial institutions use the FICO credit score. On real estate loans, your credit score from all three major credit reporting agencies (Equifax, Experian and TransUnion) are often pooled together to evaluate your creditworthiness.

3. What goes into my credit score?

Your score is based on the following five major factors, although each major factor may contain smaller components:

35% Payment History - A history of making payments on time, not missing payments, length of time since last late payment, etc.
30% Amounts Owed - What do you owe relative to the total amount of credit available. Someone closer to maxing out all their credit limits is deemed to be a higher risk
15% Length of Credit History - How old is your oldest account, what is the average age of all accounts, etc.
10% New Credit - Any new credit lines you may have on your record.
10% Types of Credit - Your mix of credit cards, retail accounts, finance company loans and mortgage loans is considered.

4. How do I increase my score?

While you cannot raise your score overnight, you can do so fairly quickly. The scoring formula gives more weight to recent activity. Even six months of “good behavior” will have an impact, demonstrating that you have cleaned up your credit behavior.

Payment history comprises the largest part of your FICO score, so making a habit of paying bills and making payments on time is going to have the largest positive impact.

The fastest way to improve your score is to pay down balances. FICO scores reward people who use a smaller percentage of their available credit. Some suggest never using more than 50% of your limit on any card.

Avoid opening a lot of new accounts at once. This makes lenders uneasy, particularly if you do not have a long credit history. Many recommend not having more than five credit cards. If you decide to close some credit accounts, close the newer accounts first, and avoid closing more accounts than necessary because this lowers loan capacity. It is generally better to leave the account open and cut up or put away the credit card.

Rotate and use all of your cards. A dormant credit account will not help your score.

While there is no question that having a good credit score is essential, it is also important to point out that FICO scores do not take into consideration your age, income, assets or employment history.

5. How do I find out my credit score?

You can receive a free copy of your credit report once every 12 months from each of the nationwide credit reporting companies - Equifax, Experian and TransUnion.

For instant access to your free credit report, visit www.annualcreditreport.com or call (877) 322-8228.

In addition, FICO has a website called www.myfico.com. This website will also offer you all of three credit scores for a nominal fee.

6. How do I get in touch with the credit companies?

Here are links and contact information for the three credit reporting bureaus:

Equifax
(800) 685-1111
www.equifax.com

Experian
(888) 397-3742
www.experian.com

Trans Union
(800) 916-8800
www.transunion.com

Keeping our members financially fit.

Heritage Grove has partnered with BALANCE to provide members free, confidential money management information and assistance. Speak directly with counselors to get immediate answers to questions ranging from how long a negative item will stay on your credit report to whether it is better to buy or lease a vehicle. For more complex issues such as debt elimination or developing a budget, schedule an appointment with a counselor to discuss your personal objectives.

The website provides a full range of financial modules and tools, including how to:

buy or lease a car
improve your credit score
get out of debt
guard against identity theft
get a mortgage
and more

With Heritage Grove and our partnership with BALANCE, you’ll always have access to the very best professional guidance to keep your life financially fit. Contact a counselor by calling 1-888-456-2227 (toll-free) Monday through Thursday, 5:00 a.m. to 8:00 p.m.; Friday, 5:00 a.m. to 5:00 p.m.; and Saturday from 8:00 a.m. to 5:00 p.m. (PST), or you can visit their website for additional information. You will need to register (create a login and password) to access the Balance information.

Learn to BALANCE Balance en Espanol

Phishing—don’t take the bait.

Phishing is the attempt to steal your personal financial information through the use of spam—unwanted e-mail—to lure people to fake Web sites to obtain personal information and commit identity theft. Fraudulent e-mails that appear as legitimate often lead to a “spoofed” or fake site that also appear authentic. You’re asked to divulge account information or other personal data such as user names, passwords and Social Security numbers.

Just know that Heritage Grove will never send you an e-mail—or call you by phone—to request your personal data.

Be a Cautious Internet User

Install a firewall as your first line of defense. This is the primary block between you and other computers on the network. Also install, run and update antivirus and antispyware programs.
Ensure your browser is up-to-date with security patches.
Never click links within e-mail to visit a Web site. Open a new browser window and type the URL (uniform resource locator) in the address bar.
Don’t fill out e-mailed forms that ask for personal information. The only way you should send credit card or account information is via a secure Web site. Look for the padlock icon on the browser frame, and click on the lock to view the security certificate to be sure the website is legitimate.
Be cautious of urgent e-mails requesting personal information. Phony e-mails often include upsetting or alarming statements to get people to respond. Don’t! If a company or financial institution really needs to update your expired credit card number, for instance, you’ll be able to take care of it the next time you make a transaction, or by a telephone call you place to the company’s customer service number on the card.
Be suspicious if someone claiming to be from your financial institution asks for confidential information. This information should already be on file.
Review your monthly statements. Report any suspicious activity immediately to whomever the statement is from. Most financial institutions and online companies will reimburse customers for any phishing losses. If you receive statements by mail, call the company if a statement is late to make sure an ID thief has not redirected your mail by changing your address.
Monitor your online accounts frequently and report any unauthorized transactions promptly.
Change your Online Banking and shopping account passwords every three to six months. If your information is caught, your passwords should be out-of-date by the time crooks try to sell the data to other phishers. Experts recommend using passwords with a combination of letters (upper and lowercase), numbers and symbols.
Forward phishing e-mails to reportphishing@antiphishing.com. You can also forward the e-mail to the Federal Trade Commission at spam@uce.gov. When forwarding spoofed messages, always include the entire original e-mail with its original header information intact. Notify the Internet Fraud Complaint Center of the FBI by filing a complaint on its website at ic3.gov.
If you think you’ve been spoofed, call the company that’s been spoofed right away. If you are quick enough, you might be able to change your password or account number in time to stop unauthorized transactions.

Other Identity Theft Prevention Tips

Only give your Social Security Number when it is absolutely necessary. Use another identifier, such as a driver’s license or last name instead.
Don’t carry your Social Security card in your wallet unless you need it that day.
Keep items with personal information in a safe place and shred them when you don’t need them anymore. Dispose of checking/share draft copies and statements, receipts with a credit card imprint, insurance forms, expired credit cards, savings and investment account statements and credit card offers the same way.
Order a copy of your credit report from each credit-reporting agency every year. The Fair and Accurate Credit Transactions Act (FACT Act) of 2003 requires each major credit bureau to provide one free credit report annually to consumers who request a copy (call 877-322-8228, or visit www.annualcreditreport.com). See the Understanding Your Credit section for contact information for all three bureaus.
Verify that your credit report is accurate and that it includes only accounts you have authorized.
Consider switching to Internet Banking and eStatements to keep your financial information out of the mail stream. Research has shown that fewer Internet Banking and eStatement users fall victim to identity theft, and when they do, they notice the fraud much earlier, resulting in much lower financial losses than those who rely on mailed paper statements.
Look over your credit card and credit union statements each month for unauthorized charges or suspicious activity.
Photocopy financial cards and insurance cards you carry in your wallet (front and back) and keep copies in a safe place. If your wallet is lost or stolen, you can promptly and accurately report the loss.
Consider the information you are supplying on entries to win a car, shopping spree and so on. To win, information such as your age or income range usually is not necessary.
Opt-out of pre-approved credit offers from being mailed to you by contacting the three major credit reporting agencies. The national credit bureaus offer a toll-free number that enables consumers to opt-out of all pre-approved credit offers with just one phone call. Call 1-888-5-OPTOUT (1-888-567-8688) for more information.
Contact the U.S. Postal Service if you don’t receive mail for a few days. You want to confirm that your mail hasn’t been diverted by a thief filling out a change of address form in your name.

Annual Percentage Rate (APR)

The cost of carrying a balance on a loan expressed as an annual percentage. To calculate the amount owed in interest each month, divide the APR by twelve. For example, if the APR is 18% the monthly rate is 1.5%.

Annual Percentage Yield (APY)

This calculation displays the effective annual rate of return, taking into account the effect of compounding interest.

Appraisal

A professional opinion of the market value of a property.

Appraisal Fee

The charge for estimating the value of property offered as security.

Authorized User

A person who has been given permission to make changes to a credit account. This status must be given by the primary account user. An authorized user is not legally responsible for repaying the account.

Automated Clearing House (ACH)

A secure payment transfer system that connects all U.S. financial institutions. The ACH network acts as the central clearing facility for all Electronic Fund Transfer (EFT) transactions that occur nationwide, representing a crucial link in the national banking system.

Automated Teller Machines (ATMs)

The terminals for user initiated banking transactions.

Automatic Payment

An arrangement that authorizes payments to be deducted automatically from a bank or credit union account to pay bills (such as insurance payments, rent, mortgage or loan payments). Payments are usually scheduled to be made on a certain day of the month.

Automatic Transfer

An arrangement that moves funds from one account to another automatically on a pre-arranged schedule: for example, every payday or once a month.

Available Balance

The portion of an account balance available for immediate withdrawals on which the financial institution has placed no restrictions.

Balance Transfer

The process of transferring a balance from one credit card to another card. Usually this is done when one card has a better interest rate than the other.

Balance Transfer Fee

The fee charged by the credit card issuer to transfer a balance to a card. This is usually the same charge that applies to a cash advance.

Balloon Mortgage

A short-term fixed-rate loan which involves smaller payments for a certain period of time and one large payment for the entire balance due at the end of the loan term.

Balloon Payment

The final payment that is made at the maturity date of a balloon mortgage and pays the loan in full.

Bankruptcy

Legal declaration of the inability to repay debts. Federal Bankruptcy Law allows this person’s property to be administered to satisfy creditors.

Beneficiary

A person named to receive a benefit in a will, life insurance policy, retirement plan or other financial arrangement upon death.

Cardholder Agreement

The written statement that defines and explains all legal terms for a credit card agreement. It includes payment terms, billing dispute procedures, communication guidelines, fees, etc. Debit cards may also have a cardholder agreement.

Cash Advance Fee

A fee assessed when a cardholder uses a credit card to obtain cash. These fees are often charged as a percentage of the cash obtained.

Cashier Check /Certified Check

A cashier check or certified check is drawn against the issuing financial institution and is typically purchased by the customer or member for a fee. A cashier check is usually made available for withdrawal without a hold on the day after the date of deposit.

Certificate of Deposit (CD)/Share Certificate

An investment instrument, issued by a financial institution, that is evidence of a type of saving deposit. The document includes the institution’s promise to return the deposit, plus earnings at a specified interest rate for a specified period of time.

Check

A written document instructing a financial institution to pay money from the writer’s account to the payee on the check.

Closing

A meeting of the parties involved in a real estate transaction to finalize the process. In the case of a purchase, a closing usually involves the seller, the buyer, the real estate broker and the lender. In the case of a refinance, the closing involves the borrower and the lender. Sometimes referred to as the settlement or the close of escrow.

Closing Costs

The total of all the items that must be paid at closing related to your new mortgage. Closing costs are made up of individual closing cost items such as origination fees, escrow fees, underwriting fees and processing fees. Also called “settlement cost”.

Co-applicant/Co-borrower

An individual who signs a note to guarantee a loan made to another party and is jointly liable with that party for repayment.

Co-signer

Signer other than the borrower, who assumes responsibility for the loan if the borrower fails to repay it.

Collateral

Anything that a lender accepts as a security for a borrower’s loan. If the borrower fails to repay the loan, the lender is allowed to repossess the collateral and sell it to satisfy the loan.

Conventional Mortgage

A mortgage that is not insured or guaranteed by the federal government.

Credit Agency/Bureau

Organization that compiles credit and personal information to be provided to creditors. This information may include payment history, credit accounts and balances and employment information.

Credit History

A record of how a person has borrowed and repaid debts.

Credit Limit

The maximum amount of money a borrower can access in a credit account.

Credit Report

A report of an individual’s credit history (current and past debt repayment patterns) prepared by a credit bureau and used by a lender in determining a loan applicant’s creditworthiness.

Debit Card

A plastic card that functions and resembles a credit card but directly debits a transaction from a selected checking account. It may also be used for withdrawals or other transactions associated with ATMs.

Debt Consolidation

Using the proceeds of a new loan to pay off one or more existing loans. Usually done to provide the borrower more favorable terms than the existing debt.

Deductible

Under an insurance policy, the amount of loss or expense that one must pay before the insurance company begins paying.

Default

Failure to make payments on a timely basis or to comply with other conditions of a loan. Defaults are reported to national reporting agencies, which may affect future creditworthiness.

Deferment

Period during which a borrower who meets certain criteria may suspend loan payments. On some student loans the federal government pays the interest. In other cases, interest accrues and the borrower is responsible to pay it after the deferment period ends.

Direct Deposit

Electronic deposit of wages or benefits, such as pension or social security, into a personal bank account or credit union account; deposits are handled through ACH system of the Federal Reserve Bank.

Discharge

Release of a borrower from the obligation to repay his or her loans through the completion of a bankruptcy filing.

E-Statement

Electronic version of a monthly account statement available to account holders through a secured website.

Earnest Money

A deposit made by the potential home buyer to show that she/he is serious about purchasing the home. Earnest money is normally submitted with the purchase agreement.

Endorse/Endorsement

To sign, as the payee, the back of a check before cashing or depositing the check.

Equal Credit Opportunity Act

Legislation passed in 1974 that requires all lenders to make credit equally available, without discrimination based on any prohibited factors.

Equity

Difference between the appraised value and the outstanding principal balance.

Escrow

The holding of documents and money (taxes, insurance, etc.) by a neutral third party prior to closing or during the life of a mortgage loan.

Federal Deposit Insurance Corporation (FDIC)

An agency of the federal government that insures accounts for banks.

Finance Charge

The total cost of credit over the life of a loan.

Fixed Interest Rate Loan

A loan in which the rate of interest does not change over the life of the loan.

Forbearance

Postponement of payments or reduction in monthly payments for a limited, specified period of time during which a borrower is unable to make payments.

Foreclosure

Usually refers to the repossession of real estate. The legal process required to gain possession of a house when a specified number of mortgage payments have been missed and the client has not sold the house on his own.

Good Faith Estimate

A breakdown of cost to originate a mortgage loan. Lenders are required to provide a good faith estimate to borrowers within three (3) business days of receiving the borrower’s application.

Grace Period

The length of time between the use of credit to make a purchase and the start of interest on the amount charged. Grace periods are usually available on credit card accounts.

Grant Deed

The written instrument that conveys a property from the seller to the buyer. The deed is recorded with the County recorder so that the transfer of ownership is part of the public record.

Guarantor

A person who is financially responsible for the repayment of a credit account but has no use privileges. Also known as a co-signer.

Guaranty

A pledge to make good a note or security in case of default by the borrower. Although the original debtor is responsible for the debt, a guarantor becomes liable in the event of a default.

Home Equity Line of Credit

A credit line providing the ability to borrow funds at the time and in the amount chosen by the customer, up to a maximum qualified credit limit. Repayment is secured by the equity in the customer’s home. Interest is usually tax-deductible.

Home Equity Loan

A fixed or adjustable rate loan secured by the equity in the borrower’s home. Interest paid is usually tax-deductible.

Individual Retirement Account (IRA)

A retirement investing tool for employed individuals that allows an annual contribution of 100% of earned income up to a specified maximum amount. The contribution may be deductible from income taxes, depending on the individual’s income and coverage by an employer-sponsored retirement plan. IRA accounts can be Traditional or Roth IRA accounts. Each type has different tax, withdrawal and contribution rules.

Interest

Fee charged for borrowing money. Interest is calculated as a percentage of the principal loan amount. The rate may remain fixed throughout the life of the loan, or it may be variable and change at specified intervals.

Interest-Only Payment

Payment that covers the interest owed but not the principal balance.

Interest Rate

The monthly effective rate paid (or received if you are a creditor) on borrowed money. Expressed as a percentage of the sum borrowed or invested.

Joint Account

A credit or deposit account held by two or more people so that all can use the account and all assume legal responsibility to repay.

Late Fee

A charge assessed by a creditor for payments received beyond the due date and any allowed grace period.

Late Payment

A payment made later than agreed upon in a credit contract and on which additional charges may be imposed.

Lien

A legal claim against property that must be paid off when the property is sold.

Line of Credit

An agreement by a financial institution to extend credit up to a certain amount for a certain time to a specified borrower.

Loan Servicing

The collection of mortgage payments from borrower and other related responsibilities of a loan servicer.

Loan-to-Value (LTV)

The relationship between the principal balance of the mortgage and the property’s appraised value (or sales price if it is lower).

Lock-in

A written agreement guaranteeing the home buyer a specified interest rate provided the loan is closed within a set period of time. The lock-in usually specifies the loan terms and closing date.

Maintenance Fee

A fee that is charged to the account holder under the terms of the account. Also called a service fee. A maintenance fee may be charged either for having the account or if the account balance drops below the required minimum.

Maturity Date

The date on which the principal balance of a financial instrument becomes due and payable.

Minimum Balance

The average balance in the account for a designated period of time. If the account balance falls below the minimum balance a fee may be charged.

Minimum Deposit

The minimum initial deposit required to open an account.

Minimum Payment

The smallest payment a consumer can make in a billing cycle to keep the account from going into default.

Money Order Fee

Similar to a check. It is used to pay bills or make purchases in cases where cash is not accepted.

Mortgage

A legal document that pledges a property to the lender as security for payment of a debt (loan); the pledge is canceled when the debt is paid in full.

NSF

Non-sufficient funds. This term is used to describe the reason a check or automatic debit was returned when there is not enough funds available in an account to pay the item.

NSF Fee

A non-sufficient fund fee is charged when a transaction drawn on an account with insufficient funds is not honored by the paying institution. The NSF fee is a processing fee to your account to cover the cost to return the check.

Online Banking

Convenient banking service using the Internet and a computer to access account balances, transaction history, transfer funds, pay bills and more.

Online Bill Payment

An optional service of Online Banking, which enables a user to create specific payees and submit payment-processing instructions for either electronic or paper processing of most routine bills.

Origination Fee

Fee charged by a financial institution to cover the cost of administering a loan from application to closing. Origination fees are usually only charged on mortgage loans.

Overdraft Fee

A fee that is charged an account holder for a check, debit card or other transaction that is paid or honored by the paying institution when the available balance in the account is not sufficient to cover the amount of the transaction.

Payee

Any individual, business or party at the receiving end of a payment.

Personal Identification Number (PIN)

A code that provides security for consumers at an ATM. Only the cardholder knows the PIN and the PIN must be entered to complete a transaction.

Point of Sale (POS)

The store or other location where a transaction takes place.

Prequalification

The process of determining how much money a prospective home buyer will be eligible to borrow before a formal loan application is submitted.

Prime Rate

The interest rate financial institutions charge their most creditworthy commercial customers. Financial institutions use the prime as a base to set rates for credit cards, home-equity loans, and other loans, including loans to small and medium-size businesses.

Private Mortgage Insurance (PMI)

Insurance provided by non-government insurers that protects lenders against loss if a borrower defaults on a mortgage loan. Mortgage insurance is typically required for loans with loan-to-value (LTV) percentages greater than 80 percent.

Promissory Note

Contract between a borrower and a lender that includes terms and conditions under which the borrower promises to repay the loan.

Qualifying Ratios

Guidelines applied by lenders to determine how large a loan to grant a home buyer. Ratios are based upon income and obligations of the borrower(s).

Refinancing

The process of paying off one loan with proceeds from a new loan using the same property as security.

Roth IRA

A tax-deferred retirement account. Slightly different from a regular IRA because contributions to a Roth IRA are not tax-deductible. However, there is no tax on withdrawals as long as the taxpayer is age 59 and the account has been open for at least five years.

Savings

The total accumulated amount of income that is not spent on consumption.

Secured Loan

A secured loan is a borrower’s obligation that includes the pledging of some form of collateral to protect the lender in case of default.

Service Fee/Charge

A fee that is charged to the account holder under the terms of the account. Also called a maintenance fee. A service fee may be charged either for having the account or if the account balance drops below the required minimum.

Stop Payment

A request made to a bank or credit union to not pay a specific check. If requested soon enough, the check will not be debited from the payer’s account. Normally there is a charge for this service.

Stop Payment Fee

A fee charged for a stop payment order. The account holder requests that the paying institution not pay a particular check previously written by the account holder.

Term

The loan term is the number of months that you will make monthly payments.

Transaction Date

The date that a purchase was made or a cash advance was taken.

Trust

A legal entity created to manage property for the benefit of a specific person or persons. A trust is funded when the owner (the grantor) transfers ownership of property to another (the trustee) for the immediate or eventual benefit of a third person (the beneficiary).

Truth-in-Lending

A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the APR and other charges.

Underwriting

The process of evaluating a loan application to determine the risk involved for the lender. It involves an analysis of the borrower’s credit worthiness and the value of any collateral offered for the loan.

Unsecured Debt

A loan that is not backed by collateral. Also knows as a signature or note loan.

Variable Rate Loan

A loan in which the rate of interest is tied to a certain index and changes periodically based on changed in the index.

Wire Transfer

A transaction that electronically transfers money from one financial institution to another.

Wire Transfer Fee

A fee charged by some financial institutions to cover the cost of performing a wire transfer.

Withdrawal

An amount of money taken out of an account.

Yield

The percentage rate of return paid on a stock in the form of dividends or the rate of interest paid on a bond or note.

Yield to Maturity

The percentage rate of return paid on a bond, note or other fixed income security if one buys and holds it to its maturity date. The calculation for YTM is based on the coupon rate, length of time to maturity and market price. It assumes that coupon interest paid over the life of the bond will be reinvested at the same rate.

If you're not a member and you'd like to enjoy the Heritage Grove difference, call 503-588-0211 to join today. You can also join online.

Equal Housing Lender Federally insured by NCUA

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

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631 Winter Street NE, Salem, OR 97301
503-588-0211 or 1-877-695-8321
Routing number: 323276391