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Margin: The number of percentage points the lender adds to the index rate to calculate the annual percentage rate at each adjustment. Margin requirements are set by each lender, within limits fixed by the Federal Reserve Board. The margin percentage is usually fixed for the life of a loan, while the actual index rate will fluctuate.

Market Index Certificate: This insured credit union certificate pays dividends based on the movement of the S&P 500 (Standards & Poor 500). It gives you the potential for stock market-like returns without risking their deposits. If the S&P 500 is higher on the day the certificate matures than on the day it was established, the member earns a percentage of the increase. If the S&P 500 is the same or lower, no dividends are earned, but the deposit is returned in full. Members can choose from 1, 2, 4 or a 7 year term. A $5,000 minimum deposit is required. Any term certificate can be used as an IRA Certificate and provides members with a low-risk retirement savings option. A Market Index Certificate cannot be used for a certificate secured loan.

Marital Deduction: An estate or gift tax deduction for the amount of property that passes to a spouse.

Market Value: The highest price that a buyer and the lowest price that a seller would accept, neither one being compelled to buy or sell.

Marketable or Merchantable Title: A marketable or merchantable title is synonymous with a perfect title or clear title of record and is one free from apparent defects, grave doubts and litigious uncertainty and consists of both legal and equitable title, fairly deducible of record.

Maturity: A termination date or period of a note. For example, a 30-year mortgage has a maturity of 30 years.

Metes and Bounds: A method of describing or locating property; metes are measures of length and bounds are boundaries; this description starts with a well-marked point of beginning and follows the boundaries of the land until it returns once more to the point.

Minimum Finance Charge: The minimum interest amount the borrower must pay even if the loan is repaid before the maturity date.

Money Market Account: A Money Market Account is a secondary savings account that compounds dividends daily and pays on a monthly basis. Funds are not directly accessible through an ATM, but are accessible by any other transaction method available to the member, electronic or check. Money Market Accounts are regulated under federal Reg D restrictions which limit these accounts to 6 transactions per month, 3 electronic and 3 check.

Money Order: A Money Order is a currency transaction instrument drawn on the funds of the Members' Account or in exchange for cash or verified check equivalent. Since the funds are guaranteed by Integrated Payment Systems, the amount is collected from the member at the time of purchase. Since these are guaranteed funds, an IPS Money Order should be handled as a cash transaction at any other financial institution. Once the funds are collected, a Money Order is issued to the member for the equivalent amount. The Money Order is dated and made payable by the member when the member is ready to use the Money Order. Money Orders act as a guaranteed version of a personal check.

Mortality Tables: The formulas the insurance companies use to determine the actual cost of insurance, determined by the life expectancy of the insured based on age and sex.