Accounts glossary
Commonly used terms for your day-to-day banking.
CU BY PHONE®
An automated, interactive bill payment and banking service you can access 24 hours a day.
Deposit guarantee
At SCU, all deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba. This means your deposits are protected without limit in case your financial institution fails.
Deposit Guarantee Corporation of Manitoba (DGCM)
An organization that provides a 100% guarantee on all deposits held at a Manitoba credit union.
Digital banking
A system that allows you to manage your day-to-day banking from your mobile device or computer. Through digital banking, you can transfer funds, pay bills, send money to friends or family with Interac e-Transfer®, and even open new accounts. Visit our digital banking resource centre to get started today.
ding free®
A Canada-wide ATM network that allows members to withdraw, deposit, or check their balance without paying a surcharge fee. Learn more about the ding free network.
Interac e-Transfer®
A secure payment system that allows you to send a transfer from anywhere at any time using your computer or smartphone. Learn more about Interac e-Transfer.
Interac®
Interac manages several networks that power a large share of Canada’s payments.
Mobile wallet
Mobile wallet is a fast and secure way to pay online, in apps, and in stores. Add your SCU debit card and Collabria® credit card to Apple Pay®, Samsung Pay, and Google Pay™, and pay for purchases with a tap of your phone.
Preauthorized debits
An automatic transfer that is set up between financial institutions for transactions such as mortgage and loan payments, or a one-time transfer.
Preauthorized transfers
An automatic transfer you can set up to transfer between your accounts, or to another account. Preauthorized debits are a useful tool to help you reach your savings goals — read our article to learn more.
Surcharge
A surcharge, or convenience fee, is a fee charged by an ATM for using the service. Surcharges are usually charged per transaction.
Tiered interest rate
Interest rates that increase the more you put into the savings account. At SCU, we offer higher interest rates based on certain balance thresholds, starting at $100,000.
Variable savings account
A savings account with an interest rate that fluctuates over time. Funds in a variable savings account are always accessible, as opposed to funds in accounts with fixed interest rates.
* Includes all savings and chequing accounts, RRSPs, RRIFs, TFSAs, and GICs.
Apple Pay® is a trademark of Apple Inc., registered in the U.S. and other countries.
®ding free is a registered trademark of Central 1 Credit Union, used under license.
Interac e-Transfer® is a registered trademark and the Interac logo is a trademark of Interac Corp. Used under licence.
© 2017 Samsung Electronics Canada Inc. All rights reserved. Samsung and Samsung Galaxy are registered trademarks or trademarks of Samsung Electronics Co., Ltd., used with permission. Screen images simulated.
©2022 Google LLC All rights reserved. Google Pay™ is a trademark of Google LLC.