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Phishing: The practice of defrauding an online account holder of personal, private information by posing as a legitimate company.
PIN: A personal identification number assigned to you by your financial institution or created by the account owner that allows you
to use an ATM or your debit card for transactions. This number should remain known only to you.
Savings and Loan Association (SLA): An association created specifically to help consumers take out loans to purchase a home.
Savings Bond inflation indexed (I Bond): A note of return provided by the U.S. Department of the Treasury that provides a percentage of return above the rate of inflation. Interest is compounded semi- annually, and I-Bonds are exempt from state and local income tax. They cannot be cashed out before 5 years without a penalty.
Savings Bond series EE: Safe low-risk savings note provided by the U.S. Department of the Treasury that pays interest based on a fixed rate of return.
Skimming: An electronic method of capturing a person's personal information used by identity thieves.
Stop payment: Your request to your bank to not honor a check that you wrote. There is usually a fee when you ask the bank to do this unless the request is because of stolen checks.
Traditional savings account: Also known as a statement savings account, this low-interest account can be set up with a small minimum opening deposit which is compounded daily.
Transaction number (TAN): A single-use password used for online banking transactions to keep them more secure.
Glossary