Glossary of Acronyms

ACH - Automated Clearing House

ADB - Average Daily Balance

APR - Annual Percentage Rate

APY - Annual Percentage Yield

ATM - Automated Teller Machine

BOD - Board of Directors

CPFCU - Cedar Point Federal Credit Union

CPFS - Cedar Point Financial Services, Inc

CUIC - Credit Union Insurance Corporation

CUNA - The Credit Union National Association

CUSO - Credit Union Service Organization

DP - Data Processing

EFT - Electronic Funds Transfer

FAQ - Frequently Asked Questions

FINRA - Financial Industry Regulatory Authority

FOM - Field of Membership

HELOC - Home Equity Line of Credit

HTK - Hornor, Townsend & Kent, Inc.

IRA - Individual Retirement Account

IT - Information Technology

JMS - Janney Montgomery Scott, LLC

MDCUL - Maryland Credit Union League

MVCP - Motor Vehicle Certification Program

NACUSO - National Association of CUSOs

NADA - National Automobile Dealers Association

NAFCU - National Association of Federal Credit Unions

NCUA - National Credit Union Administration

NCUSIF - National Credit Union Share Insurance Fund

NSF - Non-sufficient Funds

PaxNAS - Patuxent River Naval Air Station

PCU - Personal Credit Union

PCUPay - Our online bill paying service

PIN - Personal Identification Number

SEG - Select Employee Group

SIPC - Securities Investor Protection Corporation

SMECO - Southern Maryland Electrical Cooperative

UBS - United Buyers Service

USPS - United States Postal Service

WOCCU - World Council of Credit Unions

YTD - Year to Date

Glossary of Terms

Annual Meeting - Provides members an opportunity to be directly involved in the future of Cedar Point. Members hear reports from credit union officials and are free to have input in discussions. Members also elect the volunteer board of directors.

Assets - Credit union resources owned or effectively controlled by the credit union. (ex. cash, investments, equipment, buildings)

Bank-to-Bank Wire - EFT which transfers money from a member’s account to an account at another financial institution.

Board of Directors - Governing body of organizations. CPFCU directors are elected by and exclusively from the credit union membership.

Charter - Formal documentation detailing an organization's membership. Our charter is filed with NCUA.

Common Bond - Link which credit union members have with one another. For example, a place of employment. Credit Unions can have several of these common bond groups within their field of membership.

Communicator - Monthly member newsletter sent to all members with their statements.

Direct Deposit - Service which places a member’s paycheck directly into an account as both a convenience to members and an incentive to save.

Dividends - Earnings paid on deposit accounts. Rates are set by the board of directors.

Draft - Short for share draft

Equity - Equity represents the undistributed earnings of an institution.

Liabilities - Debts owed to others.

Line of Credit - Loan which allows for successive draws up to a pre-set limit.

Member - Person who has opened an account by purchasing the minimum share of $25.00.

Overdraft - Draft written for more money than is available in the member’s share draft account.

Payroll Deduction - Service which allows members to have deductions made from their paychecks either by their employer or Cedar Point to pay off loans or to make savings deposits.

Reg D - Regulation D limitations control the number of electronic funds transfers (EFTs) a member can make each month. A member can make six EFT transfers, three of which may be automatically taken by Cedar Point to cover an NSF item. There are no limits on EFTs from checking/share draft accounts..

Share Account - Credit union savings account

Share Certificate - Credit union time deposit.

Shareholder - Every member becomes a shareholder in his/her credit union when he/she opens a share account.

Share Draft - Credit union member checks which function like traditional checks.

Share Draft Account - Credit union checking account.

Statement - Each member receives a monthly statement which details account activity for the previous month.

Stop Payment - A stop payment prevents a share draft from clearing a member’s account. Cedar Point currently charges a $10 fee for this service.

Transaction - A single withdrawal or deposit. A transfer consists of 2 transactions - a withdrawal and a deposit.

USERS- No, this is not an acronym. It is the name of the company which provides the software we use to access members' accounts.

Western Union Wire - An EFT which transfers money from a member’s account to a Western Union office for pick up.

Wire - Short for either a bank-to-bank wire or a Western Union wire.