A Glossary of Terms.
We’ll admit, the language of banking can get a little impersonal. What’s more, banks will often disagree on what some words mean. So let’s be clear. If you have any additional questions about how we explain our products and services, please feel free to call us at 406-543-8700.
What is an item? Basically, it’s a transaction that involves paper. Deposited checks, deposit slips and checks you have written are items; internet banking transactions (transfers), ACH debits and credits, debit card credits and debits and deposited cash are not items. This particular definition of the word makes it a lot easier to stay within your allowable items per month without incurring a service charge.
What is an eStatement? An eStatement is an electronic version of your monthly banking statement. You will receive an email when your monthly statement is ready. Then you can log in and view your statement securely online. Requesting an eStatement can save you money on monthly charges. Click here to learn more.
What is ACH? ACH stands for Automated Clearing House. It’s a group of regional bank networks we use to process electronic transactions with a guaranteed collection float of one day.
What is a CD? A certificate of deposit, indicating that a specific amount of funds has been deposited, on which the bank pays interest until the maturity date.
What is a variable rate? It’s any interest rate that changes periodically, influenced by outside indicators.
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