CUETS Master Cards

Glossary

Amortization – The gradual reduction or repayment of the principal amount of a loan owed by means of equal payments.

Anniversary Date – The same date in each calendar year on which the investment was purchased.

Demand Account – An account from which funds can be withdrawn by the member at anytime without prior notice.

Liquid Funds – Investment funds which are immediately accessible.

Non-Redeemable – Funds are “locked in” for the entire term. The investment cannot be cashed in prior to the maturity date.

OAC – On Approved Credit

Pre-Authorized Debits – Automatic debits to an account which are authorized by the account holder. Processed on a pre-determined date at regular intervals.

Redemption – The cashing in of an investment prior to its maturity date.

Secured Loan – A loan guaranteed by collateral security pledged by the member (i.e. funds on deposit, vehicle, real estate, etc).

Unsecured Loan - A loan where no collateral security has been pledged.

Tiered Interest Rate – Different rates calculated on different balance levels.