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Credit Union Service Centers
Credit Union Service Centers (commonly known as shared branching) is an organization of credit unions that allows members of participating credit unions to process Financial transaction, transactions at any participating Branch (banking), branch. Members are generally free to conduct normal transactions and day-to-day operations away from their home branch. , the network included 5,700 participating locations. While mostly composed of US based credit unions, the network is international. Shared branches are useful for domestic or international traveling, changing credit unions, and easily using a credit union that is closer to a customer versus their own branch. Transactions The types of transactions that can be done at a shared branch can vary. Some may have fees based on an established schedule. The types of transactions generally available to customers include: * Deposit (finance), Deposits * Withdrawals * Loan payments * Making Balance transfer, transfers between accounts * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Organization
An organization or organisation (English in the Commonwealth of Nations, Commonwealth English; American and British English spelling differences#-ise, -ize (-isation, -ization), see spelling differences) is an legal entity, entity—such as a company, or corporation or an institution (formal organization), or an Voluntary association, association—comprising one or more person, people and having a particular purpose. Organizations may also operate secretly or illegally in the case of secret society , secret societies, criminal organizations, and resistance movements. And in some cases may have obstacles from other organizations (e.g.: Southern Christian Leadership Conference, MLK's organization). What makes an organization recognized by the government is either filling out Incorporation (business), incorporation or recognition in the form of either societal pressure (e.g.: Advocacy group), causing concerns (e.g.: Resistance movement) or being considered the spokesperson o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Union
A credit union is a member-owned nonprofit organization, nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (checking account, cheque accounts), credit cards, Credit (finance), credit, share term certificates (Certificate of deposit, certificates of deposit), and online banking. Normally, only a member of a credit union may deposit account, deposit or loan, borrow money. In several African countries, credit unions are commonly referred to as ''SACCOs'' (''savings and credit co-operatives''). Worldwide, credit union systems vary significantly in their total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 375 million, with over 100 millio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Transaction
A financial transaction is an Contract, agreement, or communication, between a buyer and seller to exchange goods, Service (economics), services, or assets for payment. Any transaction involves a change in the status of the finances of two or more businesses or individuals. A financial transaction always involves one or more financial asset, most commonly money or another valuable item such as gold or silver. There are many types of financial transactions. The most common type, purchases, occur when a good, service, or other commodity is sold to a consumer in exchange for money. Most purchases are made with cash payments, including Cash, physical currency, debit cards, or cheques. The other main form of payment is credit, which gives immediate access to funds in exchange for repayment at a later date. History There is no evidence to support the theory that ancient civilizations worked on systems of barter. Instead, most historians believe that ancient cultures worked on princi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Branch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution (including a broker, brokerage firm) offers a wide array of Real life, face-to-face and automated services to its customers. History and description During the 3rd century banks in Persia (now Iran) and in other territories started to issue letters of credit known as Sakks, basically cheque, checks in today’s language, that could be traded in cooperative houses or offices throughout the Persian territories. In the period from 1100-1300 banking started to expand across Europe and banks began opening ‘branches’ in remote, foreign locations to support international trade. In 1327, Avignon which is located in France had 43 branches of Italian banking houses alone. The practice of opening satellite branches was popularized in the early 20th century by Amadeo Giannini, then head of the Bank of America. Historically, branches were housed in imposing build ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deposit (finance)
A deposit is the act of placing cash (or cash equivalent) with some entity, most commonly with a financial institution, such as a bank. The deposit is a credit for the party (individual or organization) who placed it, and it may be taken back (withdrawn) in accordance with the terms agreed at time of deposit, transferred to some other party, or used for a purchase at a later date. Deposits are usually the main source of funding for banks. Types Demand deposit A demand deposit is a deposit that can be withdrawn or otherwise debited on short notice. Transaction accounts (known as "checking" or "current" accounts depending on the country) can be used to pay other parties, while savings accounts are typically payable only to the depositor or another bank account, and may have limits on the frequency of withdrawal. Time deposit Deposits which are kept for any specific time period are called time deposit or often as term deposit. * Term deposit (or ''time deposit''), bear a fixed t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Loan
In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money. The document evidencing the debt (e.g., a promissory note) will normally specify, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and the date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower. The interest provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice, any material object might be lent. Acting as a provider of loans is one of the main activities of financial institutions such as banks ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balance Transfer
A balance transfer is the transfer of (part of) the balance (either of money or credit) in an account to another account, often held at another institution. It is most commonly used when describing a credit card balance transfer. How it works Balance transfers allow people to move their balances from one credit card to another offering a lower interest rate for a set period of time. The overall amount and the types of balances that can be transferred depends on the credit card as well as credit score. Moreover, balance transfer should be done as per the timings allocated by the credit card company. While many credit card issuers offer 0% interest balance transfers, some issuers also charge a transfer fee, which could range from 0–5%. As a result, consumers should evaluate the balance transfer interest rate during the promotional period, the length of the promotional period, and the balance transfer fee when deciding on which balance transfer promotion is best. Types Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Order
A money order is a directive to pay a pre-specified amount of money from prepaid funds, making it a more trusted method of payment than a cheque. History Systems similar to modern money orders can be traced back centuries. Paper documents known as "flying cash" were used in China from the 800s, while the Hawala practice of informal financial remittances through a widespread system of brokers can be traced to India in the 1300s and remains common in parts of Asia and Africa. The modern western money order system was established by a private firm in Great Britain in 1762, though due to high costs was not very successful. Around 1836 it was sold to another private firm which lowered the fees, significantly increasing the popularity and usage of the system. The Post Office (United Kingdom), Post Office noted the success and profitability, and it took over the system in 1838. Fees were further reduced and usage increased further, making the money order system reasonably profitable. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Traveler's Cheque
A traveller's cheque is a medium of exchange that can be used in place of the currency of a country. Each cheque is denominated in a preprinted fixed, round, amount of one of a number of major world currencies; it has two panels for a signature. The purchaser signs one panel of each cheque on receiving it; to use it, it is signed on the second panel and dated in the presence of the payee, who accepts it if the signatures match. It can then be deposited into a bank account in the same way as a normal cheque; payment was guaranteed if the signatures matched, even if a cheque had been used fraudulently, for example stolen, encouraging merchants to accept them routinely. While it was possible for the issuer to go out of business, invalidating cheques, most issuers were large, stable, businesses. Traveller's cheques were widely used from the 1850s to the 1990s by people travelling in foreign countries instead of cash, mainly before the introduction of payment cards and later elect ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cheque
A cheque (or check in American English) is a document that orders a bank, building society, or credit union, to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the ''drawer'', has a transaction banking account (often called a current, cheque, chequing, checking, or share draft account) where the money is held. The drawer writes various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the ''drawee'', to pay the amount of money stated to the payee. Although forms of cheques have been in use since ancient times and at least since the 9th century, they became a highly popular non-cash method for making payments during the 20th century and usage of cheques peaked. By the second half of the 20th century, as cheque processing became automated, billions of cheques were issued annually; these volumes peaked in or a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
