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Library of Information
Please see the list below of some financial terms that are commonly referred to on this Web site.
ACH: Automated Clearing House transactions can be used to pay your utilities, credit card bills and much more. If you have to pay a bill at a business that does not accept online payments and you’re tired of writing checks and licking stamps, you can set up an ACH to have that amount manually drafted from your account and sent to the business.
College Scholarship Award: Pelican offers up to 10 $500 College Scholarship Awards each year to graduating high school seniors. Visit our Youth Accounts Page for more information.
Coverdell IRA: Also known as an Educational Savings Account, this IRA is designed to help fund education expenses for a child. Earnings are tax free if used for qualified educational expenses. For more information, visit our Investments Page.
Debit Card: Directly linked to your checking or savings account, a Visa Debit card can be used to make purchases or use at an ATM. The money is instantly removed from your personal account at the time of transaction. A Debit Card is not a credit card and cannot be used to borrow funds or make a ‘charge’. Click here to order a debit card.
Dividends: Dividends are taxable payments that you earn on your deposits with us. For example, you earn money (dividends) each quarter based on the funds you have in your Regular Shares Account. We calculate our dividend rate and your average account balance to determine your payment.
e-Access: e-Access is our FREE online banking program that allows you to securely access your account 24 hours a day. You can take advantage of many of our electronic services through your e-Access account. Click here for instructions.
e-Pay: This online bill payment service is available to our members free of charge. You can pay your bills with a click of the mouse! If Pelican isn't your only financial institution, you can upgrade your e-Pay product to perform bank-to-bank transfers and send gift checks. It's FREE!
Jumbo IRA: An Individual Retirement Account (IRA) is an account that allows you to save money for your retirement with possible tax advantages and possible tax-free earnings. Our Regular IRA Certificate has a minimum deposit of $10,000. See our Rates Page to view our available Jumbo IRA Certificates
Jumbo Share Certificat:e Also known as a Certificate of Deposit (CD), this deposit account is an alternative way to save your money. Share certificates are offered in different terms and interest rates. Your funds are held until maturity and then you can withdraw your money, plus the interest you’ve earned. Our Jumbo Share Certificate has a minimum deposit of $10,000. See our Rates Page to view our available Jumbo Share Certificates.
Overdraft Privilege: ODP can save you money and embarrassment. This service will mean fewer returned checks or automated clearing house (ACH) transactions on your account when you make a mistake. Pelican will consider payment of your reasonable overdraft charges as long as they are under your assigned Overdraft Privilege limit (assigned according to your checking account qualifications). Some restrictions apply, click here for details.
Overdraft Protection: If you overdraft your checking account, we will automatically use the money from your savings account to cover the transaction. You must sign up for this overdraft protection; it is not automatic. There is a fee associated with this service. Contact a representative to enroll.
Pelican Teller: Call this automated telephone system to access your account 24 hours a day, 7 days a week. You can make share withdrawals, transfer funds, make loan payments, and get listings of your drafts, deposits and more. Click here for instructions.
Regular IRA: An Individual Retirement Account (IRA) is an account that allows you to save money for your retirement with possible tax advantages and possible tax-free earnings. Our Regular IRA Certificate has a maximum deposit of $9,999.99. See our Rates Page to view our available IRA Certificates.
Regular Share Certificate: Also known as a Certificate of Deposit (CD), this deposit account is an alternative way to save your money. Share certificates are offered in different terms and interest rates. Your funds are held until maturity and then you can withdraw your money, plus the interest you’ve earned. Our Regular Share Certificate has a maximum deposit of $9,999.99. See our Rates Page to view our available Share Certificates.
Roth IRA: This IRA provides an easy and safe way to plan for the future. It offers unique incentives to boost your retirement savings. For more information, visit our Investments Page.
Traditional IRA: This IRA offers tax-deferred earnings and the possibility of tax-deductible contributions. These tax advantages make the traditional IRA a powerful tool in creating a balanced, long term savings plan. For more information, visit our Investments Page.
Unsecured Loan: Also known as a signature or personal loan, an unsecured loan is not backed by collateral.
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