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.