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Corda Products
Corda Products and Services
| Term | Definition |
|---|---|
| Membership Savings | Account required for membership. This account requires $5 to be kept in the account at all times, which is the member’s share in the credit union. |
| Regular Savings | Additional “sub-savings” accounts for whatever the member desires. There is no minimum balance required. |
| Money Market (MM) | a higher yield savings account with tiered interest that allows for penalty-free withdrawals. Minimum balance to receive interest is $1,000. |
| High Yield Money Market (HYMM) | a higher interest bearing Money Market targeted for larger balances. Minimum balance to receive interest is $5,000. |
| Certificate of Deposit (CD) | a secured investment account with a set term and interest rate based on the product selected. Minimum balance is $1,000, and interest is compounded quarterly. |
| Health Savings Account (HSA) | a tax-exempt account to put money aside for medical expenses. |
| Individual Retirement Account (IRA) | an investment account to save for retirement. Traditional: don’t pay taxes until they’re withdrawn. Roth: pay taxes on income now rather than later. |
| Christmas Club | a savings account to help members save for holiday spending. Money is transferred to the members preferred account automatically on November 1st. No minimum balance. |
| Prime Time | account status for members 50+ years old who have either $5,000+ on deposit at Corda, or have retirement income, a paycheck, or other income directly deposited. |
| High-Yield Checking | a free checking account that will earn 3.00% APY on balances up to $25,000 and refunds out-of-network ATM fees when the member makes at least 12 signature-based debit card purchases, receives e-Statements, and directly deposits a paycheck |
| Empower Checking | a free checking account that will pay 5.00% APY on balances between $250 and $2,500. Features include: 5.00% APY from $250-$2,500, No monthly service fee, Free Cashier’s Checks, No NSF fees |
| All-In Checking | a rewards earning checking account fully loaded with benefits at the low monthly cost of $6.96. Features include: 1.50% APY, ID Protect, Cell Phone Protection, Discounts, Rewards, Health Discount Savings, Debit Advantage Warranty, AD&D Insurance |
| Consumer Loan | a loan for all vehicles, motorcycles, boats, RVs, etc. We have two classifications of consumer loans: Indirect – these are non-members with a Consumer Loan. Direct – these are members with a Consumer Loan |
| Mortgage | a loan to pay for the purchase or refinance of a house/property. We offer Fixed-Rate and Adjustable-Rate Mortgage Loans |
| Signature/Personal Loan | loan offered to cover a number of expenses such as medical needs, vacations, house repairs, etc. This loan is granted based on your signature as collateral, which means it is unsecured, but a less expensive alternative to a credit card. |
| Home Equity Line of Credit (HELOC) | a revolving credit line that allows members to borrow against the equity in their home and use it for just about anything. |
| Visa Platinum Credit Card | basic level credit card. Great for building your credit rating or as a starter credit card. 13.90% - 23.90% Variable APR |
| Visa Platinum Rewards Credit Card | rewards card allows you to earn one point for every dollar you spend. These points are redeemable for cash, travel, merchandise, etc. 10.90% - 20.90% Variable APR |
| Visa Platinum Plus Credit Card | our lowest rate credit card that we offer. Great for members who typically carry a balance from month to month and have good-to-great credit. 9.90% - 18.90% Variable APR |
| Balance Transfer | similar to a refinance, but for a credit card. If a member carries a balance on a credit card(s) from another company, they can transfer it to a Corda credit card to consolidate and save money on interest! |
| Secured Credit Card | a credit card in which money must be deposited and held as a “security deposit” or collateral to help minimize the risk of lending out to a borrower. |
| Business Savings | account required for business membership. This account requires $5 to be kept in the account at all times, which is the member’s share in the credit union. |
| Business Health Savings Account | a business savings account that allows employees to set aside and save money for medical expenses. |
| Business Money Market Account | a higher yield business savings account with tiered interest that allows for penalty-free withdrawals. Minimum balance to receive interest is $1,000. |
| Business Driver Checking | a business checking account for large companies that have a high volume of transactions and deposits. This account can earn higher dividends on a tiered structure based on average daily balances, and has a low monthly account maintenance fee. |
| Family Business Checking | a business checking account designed for small businesses that have minimal check writing, deposit, and withdrawal needs. This account can earn dividends on average daily balances of $2,500+ and has a very low monthly fee. |
| Empower Business Checking | a business account for nonprofit organizations, with limited monthly check writing, deposit, and withdrawal needs. This account earns higher dividends and has no monthly service charge, minimum balance requirement, or (NSF) fees. |
| Commercial First Mortgage | a business loan to purchase or refinance commercial buildings, investment properties, or land for real estate development or construction loans. |
| Commercial Vehicle Loan | loan to purchase or refinance business vehicles |
| Commercial Equipment Loan | loan to purchase or refinance business equipment |
| Commercial Agriculture Loan | loan to purchase/refinance farmland or recreational land. |
| Business Line of Credit | a flexible business loan that allows business owners to borrow as needed with funds secured by accounts receivable or inventory. |
| Visa Business Platinum Rewards Credit Card | rewards card allows you to earn one point for every dollar you spend. These points are redeemable for cash, travel, merchandise, etc. – 13.90% - 23.90% Variable APR. |
| Visa Business Platinum Credit Card | lowest rate business credit card for business owners that typically carry a balance from month to month and have good-to-great credit. – 10.90% - 20.90% Variable APR. |
| Wire Transfer | a quick method of transferring money from one person or financial institution to another. Domestic ($20) or international ($50) wires are available, and receiving incoming. |
| Cashier's Check | a check written or printed by a financial institution that is considered “guaranteed funds”. Available for $3. |
| Notary | an authorized, official witness that authenticates the signing of certain types of documents. Free for all members. |
| Coin Machines | self-serve coin counting machines free to members |
| Night Drop Box | a box for members to drop their transaction and information into to be processed first thing the next business day. |
| Safe Deposit Box | a locked box that members can rent to store valuables in for an annual fee. |
| Statement Copy | printing of any statements for $1. |
| Financial Coaching | free session with any of our certified coaches |
| Online/Mobile Banking | a digital “branch” that lets members check balances, transfer money internally/externally to other financials, make payments, set up alerts, see if checks cleared, update information, apply for accounts/loans, order checks, etc. |
| e-Statements | review your statements on-the-go |
| Mobile Deposit | deposit checks into an account securely on a device |
| Money Map | personal finance tool to track spending, budget, etc. |
| Card Manager | app that lets you control your cards: suspend and reactivate, log travel plans, set limits and alerts, restrict transactions, etc. |
| Bill Payer | lets members pay bills electronically and directly. |
| RoundUp Savings | rounds up each debit transaction to deposit the difference into a Corda account of the member’s choosing. |
| Digital Wallets | link your cards with Apple, Google, or Samsung Pay |
Created by:
HR1TDCoach
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