Berkshire Bank Acquisition Glossary of Terms
Below is a compilation of terms that are either covered in this guide or are provided to support you as you transition to credit union membership.
The process of transitioning Berkshire Bank accounts and services to Hudson Valley Credit Union’s core banking systems.
Automated Clearing House; an electronic network for processing transactions between participating financial institutions.
Credit union member-volunteers who devote their time and talents to serving your credit union without compensation. Board members serve a three-year term, elected into office by their fellow members.
This type of account allows you to deposit a specific amount of money for a designated amount of time with a predetermined withdrawal date. Banks call them certificates of deposit (CD).
A government authorization to do business. A credit union or other financial institution must have a charter with a state or the federal government. HVCU is a New York State chartered credit union.
An institution that is owned jointly by those who use its services. Credit unions are cooperatives that work solely for the benefit of their members.
Credit unions are not-for-profit financial cooperatives owned by their members (account holders) and overseen by a volunteer Board of Directors who are elected by members.
Earnings on credit union savings, checking, and certificate accounts. Banks refer to dividends as interest.
The electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.
A designated group of members that a credit union can serve.
Someone who belongs to a credit union. To join, you must be eligible according to the credit union’s field of membership rules and make a minimum deposit. Once a member, you are a part owner, with equal voting rights in board elections. Each member has one vote, regardless of shares (money deposited) in the credit union.
Your primary savings account with par value equal to $.01, represents your ownership share in the credit union. This entitles you to certain rights and responsibilities, including the opportunity to run for a position on our volunteer Board of Directors and to vote in annual Board elections.
The National Credit Union Administration (NCUA) is a federal agency created by the United States Congress, which administers the National Credit Union Share Insurance Fund (NCUSIF) and offers similar deposit insurance to that of the Federal Deposit Insurance Corporation (FDIC).
A credit union term that refers to an account that accepts deposits, such as checking, savings, money market or certificate accounts.
HVCU is a member of a shared branch network, which allows members to conduct business at other credit unions that are also members of that network.
A credit union committee established to protect the financial welfare of the members by examining the affairs of the credit union, ensuring an annual audit is performed, and reporting to regulatory agencies or the Membership as required.