Whois & Analysis for meridiancu.ca

Meridian Credit Union is a Canadian credit union.

It was formed April 1, 2005, following the merger of Niagara Credit Union and HEPCOE Credit Union.

It is insured by the Deposit Insurance Corporation of Ontario.

A savings account is a deposit account held at a retail bank that pays interest but cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing a cheque).

These accounts let customers set aside a portion of their liquid assets while earning a monetary return.

In some jurisdictions, deposits in savings accounts do not incur reserve requirements.

A cheque (or check in American English) is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.

The person writing the cheque, the drawer, has a transaction banking account (often called a current, cheque, chequing or checking account) where their money is held.

The drawer writes the various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay that person or company the amount of money stated.

A mortgage loan, also referred to as a mortgage, is used either by purchasers of real property to raise funds to buy real estate; or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.

The loan is "secured" on the borrower's property.

This means that a legal mechanism is put in place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event that the borrower defaults on the loan or otherwise fails to abide by its terms.

The word mortgage is derived from a "Law French" term used by English lawyers in the Middle Ages meaning "death pledge", and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure.

Retail banking, also known as consumer banking, is the provision of services by a bank to individual consumers, rather than to companies, corporations or other banks.

Services offered include savings and transactional accounts, mortgages, personal loans, debit cards, and credit cards.

The term is generally used to distinguish these banking services from investment banking, commercial banking or wholesale banking.

It may also be used to refer to a division or department of a bank dealing with retail customers.