This is where you deposit your money. Your account is held in a financial institution, which keeps it safe.
Authentification checks your identification to make sure it’s really you logging on.
Cheques are documents that adults fill out and use to pay for something with money from their accounts. A cheque is a way to pay for something.
You make deposit when you use a Caisse École envelope to put money in your account.
Your usename is the 16 number code that the caisse gave you. It starts with 4540..
Your password is made up of 6 to 12 characters (letters and numbers). It’s confidential and you use it to log on to your account.
Hold on funds
When you deposit a cheque, there is a 5 to 7 day period where the caisse makes sure it’s ok before depositing it into your account.
Interest is the money your financial institution deposits into your account to thank you for using their services. Interest is determined by the balance in your account.
A PIN is a number linked with your debit card. You’ll have to enter your PIN before you make a transaction.
A transaction can be a withdrawal, deposit, purchase or transfer. Transactions are activity in your account.
You might have to buy a share when you become a member of a caisse populaire. When you own a share, you become an owner of the company, just like the other members. At the caisse populaire, a share is $10 and you’ll be asked to pay it when you start high school.
A statement lists all of your account transactions for a certain period.
A balance is how much money you have in your account right now.
A balance forward is the amount you have in your account at the beginning of the month.
A transfer is when a family member transfers money from their account (withdrawal) to your account (deposit).
Plan that helps you determine whether you earn enough money to cover your expenses and save.
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Card used to make transactions at the ATM and buy items in store. To use it, you must enter your PIN, i.e., your personal identification number.
The debit card is sometimes called “ATM card” or “ Caisse populaire Access Card”.
Card that lets you buy now and pay later.
Fraud technique consisting in creating a copy of a debit or credit card to make purchases on behalf of someone else.
Organization that belongs to its members. In a cooperative, services are adapted to meet the needs of the member-owners who use these services and who also share the profits. Your Caisse populaire is a cooperative and, as a member, you are a part owner.
Rating attributed to a person based on their repayment ability. The person’s credit rating is based on their debt amount, as well as on their debt (e.g., a loan) and bill (e.g., credit card, utilities, etc.) payment history. The more you make your payments on time, the higher your credit rating.
A sum of money loaned to someone to carry out a project, make a purchase or cover unexpected expenses. An agreement between the lender and the borrower is necessary to determine how and when the debt will be paid back.
A portion of the earnings that is attributed to each share of a company. The more shares a person has in a company, the greater their share of the profit is (or the greater their loss is, if the share’s value drops).
File containing an individual’s history in terms of credit, work experience, debt repayment (late payments, bankruptcy, etc.) and the list of organizations or individuals who have inquired about their credit payment history.
The portion of an individual’s income that is not spent and that is saved to carry out a project or purchase an item.
A rise in the price of goods and services in a given region or country. For example, $50 could get you more goods in 1920 than it can today because the prices of goods have edged up over the years.
A sum paid in addition to the loan amount when you borrow money or make a late payment on your account.
Interest is also money a financial institution gives you when you put money in it for a period of time or when you deposit funds in a savings account.
An amount paid on invested principal and on the total interest yielded by this investment over the previous years.
Ex.: The 1st year, the C aisse populaire gives you, for example, $5 in interest on a $100 investment. The 2nd year, the C aisse populaire will pay you interest on $105, and so on.
The maximum amount of credit extended to an individual applying for a personal loan, student loan, credit card, etc.
The stock market is a place where people (brokers) meet to buy or sell shares. A share is a certificate that proves that someone owns part of a company. Shares gain or lose value based on several factors, including the profits of a company, news that could affect the company, the economy, etc. People ask their brokers to buy or sell shares, hoping to make a profit. Nowadays, most transactions (buying and selling stock) are done online.
Gross domestic product (GDP)
Value of all final goods and services produced in a country or territory in a given year.
The value of money, as measured by the quantity of goods and services it can buy.
Amount of money loaned to an individual by a financial institution. There are various types of loans: mortgage loan (to buy a home), student loan, auto loan and personal loan (e.g., to buy a computer).
The excess of revenues over expenses of a business.
A sum that may be paid by a Caisse populaire to its members if its financial results allow it. Member dividends are paid from the Caisse populaire profits.
A percentage of the amount you invest that will be given back to you. It’s set according to the duration of the investment.
Ex.: If you invest $1,000 at 3% interest for 1 year, the C aisse populaire will give you $30 at the end of the year.