Washington State Department of Financial Institutions

Glossary of Terms

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Joint Accounts - Both the member and the joint owners may make deposits and withdrawals on the account. However, only the primary owner can negotiate loans on the account.

Joint Owner - Any person authorized by the primary owner to transact business on the account, i.e., deposits and withdrawals. A joint owner is not a SECU member unless s/he has her/his own SECU savings account opened under the individual's Social Security number.

Judgment - A legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.