New Jersey State Employees Credit Union Key Terms

Learn some terms associated with New Jersey state employees credit union

New Jersey state employees credit unions allow members who work for the state or local governments to use their services in the financial sector. Savings accounts, checking accounts and all sorts of loans may be obtained through the New Jersey state employees credit union.

Take some time to learn about some of the key terms associated with these federal credit unions so that you can get the most out of the banking experience. Here are some of those terms along with some helpful resources to help get you started.

Eligibility

Eligibility refers to the people who are allowed to be members of a particular credit union. In the case of New Jersey state employees, one must work for the state or local government or one of its municipal branches or affiliates.

Internet home banking

Internet home banking refers to the ability of the client to access their accounts from the comfort of their home computer. The client may check balances, write checks, transfer funds and more. Because a credit union operates slightly differently than a bank, these online services were not always available in recent years to members.

Electronic payment processing

Electronic payment processing is the method by which merchants accept credit card and electronic check payments from consumers. Some credit unions align with electronic payment processing companies to offer their customers a direct deposit option as soon as the electronic payment is processed.

Loan rates

Loan rates refer to the interest rate that a federal credit union will charge a client for a given loan over a certain period of time. Credit unions often offer home, car, collegiate and personal loans to their customers.

Credit cards

Credit cards, in terms of credit unions, operate slightly differently from their bank counterparts. While it is still a financial tool that allows consumers to make purchases up to a certain credit limit, the terms are usually a bit more favorable. The interest rates are traditionally lower with an extended grace period. Usually these credit cards have some form of underlying security, as the client must have a savings account with the credit union.

Loan calculators

Loan calculators are financial tools that allow a client to determine their monthly payment for a monetary loan. These loan calculators usually specialize in home, auto or personal loans and will request information such as size of the loan and term of the loan. Check the interest rate page on the credit union website to determine which interest rate to use for the calculator.