Glossary

A network that moves money electronically between banks. Commonly used for direct deposits, bill payments, and transferring funds between accounts.

The unique number that identifies your specific bank account.

The process of starting a new bank account such as checking, savings, or a CD (Certificate of Deposit).

The total amount of interest you earn on a deposit account in a year, including compound interest.

Checking how much money is currently available in your account.

A person or organization who is designated to receive funds or benefits from a bank account, upon the death of the account owner.

Monday through Friday, excluding federal holidays. Transactions are typically processed on these days.

The act of paying out money, such as when a loan is issued or funds are released from a bank, government agency, or program to an individual or business.

Managing your bank account online or through a mobile application instead of visiting a physical branch.

A bank that operates entirely online without physical branches. All banking services are done through apps, websites, or customer support.

A fee you pay if you take money out of a CD before it matures.

A method of protecting your personal and financial information by converting it into a secure code during online transmission or storage.

Secure data exchanges between your device and the bank's systems to keep your information safe from unauthorized access.

Moving money from your Ponce Bank Direct account to an account at a different bank.

Your money is protected by the Federal Deposit Insurance Corporation, up to $250,000 per person, per bank, in case the bank fails.

Real-time systems used by the bank to detect and stop suspicious or unauthorized activity on your account.

A short time (7 days) after a CD ends when you can withdraw or renew your money without paying a penalty.

Moving money between your own accounts within the same bank.

The money the bank pays you for keeping your funds deposited in the CD.

The money you must pay the bank (or lender) for borrowing their funds.

The end of term CD, when you can access your deposit and interest without penalty.

A banking application on your smartphone or tablet that allows you to check balances, transfer money, pay bills, and more.

An added layer of security that requires two or more steps to verify your identity when logging into your account — like a password and a one-time code sent to your phone.

A designation that allows you to name one or more beneficiary on your account. The funds in the account are payable directly to the beneficiary after the account owner's death.

A safe and secure digital system that lets you manage your money online — including checking balances, transferring funds, and more.

A 9-digit code that identifies your bank in a transaction. It’s used when transferring money between banks or setting up direct deposit.

A government-backed loan program that helps small businesses get funding. These loans are issued by banks or lenders but are partially guaranteed by the U.S. Small Business Administration, making it easier for small businesses to qualify and access capital.

The maximum amount of money you can move, withdraw, or deposit within a certain time frame.

Moving money from one account to another. This is between your own accounts.