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May 31, 2016

Annual percentage rate (APR)

The cost of credit expressed as an annual rate.

ATM fees

Charges assessed by your bank, either by exceeding the transaction limit set by the financial institution based on your account type or as a convenience charge from a bank not associated with the person using the machine.

Automatic payment

A preauthorized payment deducted automatically from an account to pay recurring bills. Payments are usually scheduled for the same calendar day of the month.

Available balance

The portion of a customer's account balance on which the bank has placed no restrictions, making it available for immediate withdrawals.


The amount of money in your current account.

Certificate of deposit (CD)

A time deposit, FDIC insured to $250,000 per person, with a fixed maturity date, typically from three months to five years. It usually pays higher interest than a savings account, and a penalty is charged for withdrawing funds before the maturity date.

Demand deposit

A deposit that can be withdrawn at any time without advance notice. The most common type is the checking account.

Direct deposit

Electronic deposit of wages or benefits, such as pension or social security, into a personal bank account; deposits are handled through the automated clearinghouse (ACH).

Electronic Funds Transfer (EFT)

Electronic Funds Transfer. The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs) and electronic payment of bills.


An exact copy of a thing, such as a signature or document, by a duplicating process.

Federal Deposit Insurance Corp. (FDIC)

An independent agency of the U.S. government that insures bank and thrift institution deposits of up to $250,000 per depositor.

Insufficient funds

A term indicating that an account balance in inadequate to cover a check that has been written and presented for payment.

Late payment fee

Charge imposed on a debtor for not paying on time.

Online banking

A service that allows an account holder to obtain account information and perform certain banking transactions through a personal computer.

Overdraft protection

An arrangement made between you and your bank that allows you to withdraw more than the amount of money in your account.


Stands for Personal Identification Number. A PIN is issued with your debit or credit card so that you can withdraw money from ATMs. Don't forget it and, to help prevent fraud, keep it secret. A PIN should be memorized, never written down and never disclosed to anyone else.

Routing number

The first nine numbers that appear at the bottom of a check to identify the financial institution.


An extra cost assessed by the owner of the ATM, associated with using a service, such as an out-of-network ATM. The amount of the surcharge is set by the ATM owner.

Variable rate

An interest rate that may fluctuate during the term of a loan, line of credit or deposit account, according to changes in an index rate, such as the prime rate or other prescribed criteria.

Wire transfer

An electronic payment service for transferring funds by wire. These transfers may be conducted through the Federal Reserve Wire Network or the Clearing House Inter-bank Payments System, among others. Wire transfers are guaranteed funds for the recipient, meaning that the payment cannot be revoked by the sender after the transfer.

May 31, 2016

  © 2015 Linn County State Bank | Privacy Statement
Linn County State Bank has implemented a "Customer Identification" program in compliance with the USA Patriot Act passed by the United States Government to help prevent
identity theft and fraud. You will be asked for proper identification when becoming a customer of the bank. In addition, the bank may ask for official documents and may use a third party to
verify your identity.