Glossary Navigation

Magnetic Ink Character Recognition (MICR) - A language that is universally used by bankers on checks, consisting of Arabic- type numbers printed on the bottom of each check. The special ink used in printing these numbers is capable of being magnetized when processed through automated check processing equipment. SECU uses this process on its checks.
Maker - person who signs a check or note; person who promises to pay an obligation when due
Margin - amount paid by the customer when using a broker's credit to buy or sell a security
Market Price - last reported price at which the stock or bond sold, or the current quote
Maturity - the date when a note or other obligation becomes due and payable
Member - a person holding at least one credit union share who has the opportunity to receive the credit union's financial and related services and has a right to vote at the annual meeting
Mortgagee - person or firm to whom property is conveyed a security for a loan (lender)
Mortgagor - One who borrows money, giving as security a mortgage or deed of trust on real property (borrower)