Glossary

Definitions of key banking terms and phrases for your assistance

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ACH Automated Clearing House

• The system used to support electronic transactions such as direct deposits and direct debits.

Available Balance

• The official balance of your account, plus or minus any pending transactions that have not posted yet.

Bill Pay Payment

• A transaction you initiate through Woodforest Online Banking systems to pay a bill.

Check Register

• Personal record of your checking account used to track transactions to your account.

Credit

• Any transaction that increases your balance (e.g. deposit).

CVV

• The three-digit code found on the back of debit cards. Provides extra protection for online purchases, ensuring that whoever is entering the transaction has actual possession of the card.

Debit

• Any transaction that decreases your balance (e.g. debit card purchase).

Direct Debit

• An electronic debit that you have authorized with your account number and the bank’s routing number.

FDIC Federal Deposit Insurance Corporation

• A United States government corporation that guarantees checking and savings account deposits in member banks up to $250,000 per depositor.

Hold

• When funds from a check deposit are delayed.

Identity Theft

• The fraudulent acquisition and use of a person's private identifying information, usually for financial gain.

Interest

• Interest is the price paid to a lender for the use of the money loaned. Interest is earned as a percentage of your average balance on eligible accounts.

Ledger Balance

• The official balance of your account, reflecting all transactions that have posted.

Merchant

• The operator of a business that sells goods or services, such as a store, restaurant or gas station.

P2P Payment

• P2P stands for “Person to Person” which means a Woodforest P2P payment is a transfer of funds between your Woodforest bank account and the bank account of another individual. Payments are electronic and will be processed the next business day. Funds must be available at the time the payment is being processed.

Payee

• One to whom money is paid, or is to be paid.

Pending Transaction

• A transaction that was conducted recently that hasn’t posted to your account (e.g. a debit card purchase, ATM withdrawal, or deposit made on the current business day).

Point-of-Sale (POS)

• A transaction conducted using your debit card.

Posting

• The process of clearing transactions that occurs each night. When a transaction posts, this is reflected in your ledger balance.

Pre Authorization

• A pending transaction resulting from a debit card transaction.

Push Notifications

• Messages delivered directly to the home screen of a mobile device from an app even if you are not currently logged in. They may appear as pop-ups in the app or as banners displayed on your lock or home screens. While push notifications are like texts, when you open a push notification, you will be brought straight to the app.

Wire Transfer

• A bank-to-bank electronic transfer of funds.