Banking definitions beginning with B

Balance transfer - permalink - collapse

All > Business > Banking

The process of moving an outstanding balance from one credit card to another. This is usually done to obtain a lower interest rate on the outstanding balance. Transfers are sometimes subjected to a Balance Transfer Fee.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Credit Disability Insurance, Debt Elimination Scheme, Flood Insurance, Flood Plain, Lease, PITI, Special Flood Hazard Area (SFHA)

Bank - permalink - collapse

All > Business > Banking

America has a "dual banking system" which means that both states and the federal government issue bank charters for the need and convenience of their citizens. The Office of the Comptroller of the Currency (OCC) charters national banks, while the Office of Thrift Supervision (OTS) charters federal savings banks and savings associations. The words "national," "federal", or "state" in an institution's name indicate the type of charter, not the bank's service area. The Department of Banking charters and supervises Connecticut bank and trust companies, savings banks, savings and loan associations, bankers' bank, uninsured banks, and limited purpose trust companies. In addition, the Department licenses and supervises foreign banks' operating agencies, branches, or representative offices in Connecticut. You may find the primary regulator for a particular institution operating in Connecticut by referring to our bank and limited purpose trust company listings.
Connecticut Deptartment of Banking - Cite This Source - This Definition
Browse Related Terms: Bank examination, credit union, Enforcement Action, Financial regulatory agency, National Bank, National Bank Examiner, National Credit Union Administration (NCUA), Operating Subsidiary, State Banking Department

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bank and trust company - permalink - collapse

All > Business > Banking

Also known as commercial banks, bank and trust companies historically concentrated on short-term business loans that were funded with demand deposits. Business checking accounts whose balances fluctuate up and down due to customers writing checks are considered demand deposits. In today's more open banking environment, commercial banks tend to offer diversified services to businesses and individuals.
Connecticut Deptartment of Banking - Cite This Source - This Definition
Browse Related Terms: Affidavit, Cashier's check, Certified check, Check, check cashing service, Checking account, Collected funds, Float, Forged check, Insufficient funds, Kiting, Official check, Outstanding check, Overdraw, Stop payment

bankers' bank - permalink - collapse

All > Business > Banking

An institution owned exclusively by any combination of banks or credit unions and that is organized to do business solely with other banks or credit unions and their directors, officers, and employees.
Connecticut Deptartment of Banking - Cite This Source - This Definition
Browse Related Terms: Banking day, Business day, connecticut bank, connecticut credit union, Media, member, State bank

Bank examination - permalink - collapse

All > Business > Banking

Examination of a bank's assets, income, and expenses-as well as operations by representatives of Federal and State bank supervisory authority-to ensure that the bank is solvent and is operating in conformity with banking laws and sound banking principles.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Bank, credit union, Enforcement Action, Financial regulatory agency, National Bank, National Bank Examiner, National Credit Union Administration (NCUA), Operating Subsidiary, State Banking Department

bank holding company - permalink - collapse

All > Business > Banking

A bank holding company controls, directly or indirectly, at least twenty-five percent of any class of voting securities of a bank and meets various other legislative and regulatory criteria. Bank holding companies are not operating entities and are often formed for expanding banking business into new geographical regions or new lines of activity.
Connecticut Deptartment of Banking - Cite This Source - This Definition
Browse Related Terms: Acquiring bank, business opportunity, merchant banking, Safekeeping, sales finance company, service mark, small loan company, trademark

Banking day - permalink - collapse

All > Business > Banking

A business day during which an office of a bank is open to the public for substantially all of its banking functions.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: bankers' bank, Business day, connecticut bank, connecticut credit union, Media, member, State bank

Bankrupt - permalink - collapse

All > Business > Banking

A bankrupt person, firm, or corporation has insufficient assets to cover their debts. The debtor seeks relief through a court proceeding to work out a payment schedule or erase debts. In some cases, the debtor must surrender control of all assets to a court-appointed trustee.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Bankruptcy, Cease and Desist Letter, consumer collection agency, Fiduciary, Letter of Wishes, Offshore Trustee

Bankruptcy - permalink - collapse

All > Business > Banking

The legal proceedings by which the affairs of a bankrupt person are turned over to a trustee or receiver for administration under the bankruptcy laws. There are two types of bankruptcy:
- Involuntary bankruptcy-one or more creditors of an insolvent debtor file a petition having the debtor declared bankrupt.
- Voluntary bankruptcy-the debtor files a petition claiming inability to meet financial obligations and willingness to be declared bankrupt.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Bankrupt, Cease and Desist Letter, consumer collection agency, Fiduciary, Letter of Wishes, Offshore Trustee

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Bank statement - permalink - collapse

All > Business > Banking

Periodically the bank provides a statement of a customer's deposit account. It shows all deposits made, all checks paid, and other debits posted during the period (usually one month), as well as the current balance.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Available balance, Deposit slip, Exception hold, Hold, Safe (or safety) deposit box, Uncollected funds

Bearer Shares - permalink - collapse

All > Business > Banking > Offshore Banking

Many offshore financial secrecy jurisdictions permit the issuance of bearer shares by corporations chartered in their jurisdiction. The bearer (the holder, or the one with possession of) the share certificate(s) is the owner of the share(s). Only the bearer knows that he/she owns stock in the offshore corporation. Therefore, the ownership of this offshore corporation (IBC) remains private. Bearer shares may be bought, sold, or exchanged in complete privacy.
IRS - Cite This Source - This Definition
Browse Related Terms: Beneficial Ownership, International Business Corporation (IBC), Letter of Wishes, Nominee, Nominee Director, Offshore Mail Forwarding Address, Offshore Trustee

Beneficial Ownership - permalink - collapse

All > Business > Banking > Offshore Banking

This term refers to the true owner of an entity, asset, or transaction as opposed to any stated ownership provided in documents or oral representations. The beneficial owner is the one that receives or has the right to receive proceeds or other advantages as a result of the ownership. It is common practice in offshore financial secrecy jurisdictions to interpose entities, individuals, or both as stated owners. The beneficial or true owner is contractually acknowledged in side agreements, statements or by other devises.
IRS - Cite This Source - This Definition
Browse Related Terms: Bearer Shares, International Business Corporation (IBC), Letter of Wishes, Nominee, Nominee Director, Offshore Mail Forwarding Address, Offshore Trustee

Beneficiary - permalink - collapse

All > Business > Banking

A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Annuity, Embezzlement, fiduciary capacity, non-banking corporations acting in a, limited purpose trust company, Trust account, Trust administrator, wholesale banking

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Billing cycle - permalink - collapse

All > Business > Banking

The time interval between the dates on which regular periodic statements are issued.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Accrued interest, Billing error, Interest rate, Periodic statement, Previous balance, Residual interest

Billing date - permalink - collapse

All > Business > Banking

The month, date, and year when a periodic or monthly statement is generated. Calculations have been performed for appropriate finance charges, minimum payment due, and new balance.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Debt collector, Debtor, Deferred payment, Guarantor, Late charge, Minimum payment, Missing payment, Payment due date, Pre-payment

Billing error - permalink - collapse

All > Business > Banking

A charge that appears on a periodic statement associated with an extension of credit (e.g., credit card) that
- was not authorized by the cardholder or the cardholders' designee,
- is not properly identified, and
- was not accepted by the cardholder or the cardholder's designee.
A billing error can also be caused by a creditor's failure to credit a payment or other credit to an account as well as accounting and clerical errors.

The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Accrued interest, Billing cycle, Interest rate, Periodic statement, Previous balance, Residual interest

Bond, U.S. Savings - permalink - collapse

All > Business > Banking

Savings bonds are issued in face value denominations by the U.S. Government in denominations ranging from $50 to $10,000. They are typically long-term, low-risk investment tools.
The Office of the Comptroller of the Currency - Cite This Source - This Definition
Browse Related Terms: Mutual Fund, Power of attorney, savings and loan association, savings bank, security, Uniform Commercial Code (UCC)

branch, bank - permalink - collapse

All > Business > Banking

Branch means any office at a fixed location of a bank, other than the main office, at which deposits are received, checks paid, and money lent, and that, at a minimum, is open for banking business Monday through Friday.
Connecticut Deptartment of Banking - Cite This Source - This Definition
Browse Related Terms: branch office, securities, branch, credit union, limited branch, mobile branch, share

branch, credit union - permalink - collapse

All > Business > Banking

Branch means any office established by a credit union at a fixed location, at which shares or deposits are received, share drafts or checks are paid, or money is lent, including an office operated as a shared service center and not including the main office of the credit union.
Connecticut Deptartment of Banking - Cite This Source - This Definition
Browse Related Terms: branch office, securities, branch, bank, limited branch, mobile branch, share

branch, foreign bank - permalink - collapse

All > Business > Banking

see also Foreign Bank Branches and agencies are the most common structures of foreign banking organizations in the United States. The major difference between these two types of banking offices is that branches may accept deposits, while agencies generally may not. Both structures can make and manage loans, conduct foreign exchange activities, and trade in securities and commercial paper. These offices may conduct most of the activities a domestic bank performs. The primary exception is that foreign banks and branches may not accept deposits less than $100,000 unless they had FDIC insurance prior to December 19, 1991. State governments and the Office of the Comptroller of the Currency both license and supervise foreign bank branches and agencies. The Federal Reserve serves as the federal regulator of state-licensed foreign bank branches and agencies, in a system similar to that for domestic banks. More than 85% of the foreign bank branches and agencies in the United States are state licensed/chartered.
Connecticut Deptartment of Banking - Cite This Source - This Definition
Browse Related Terms: agency, bank, business and industrial development corporation, Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Reserve System, foreign banks with state branches, franchise, Freedom of Information Act (FOIA), Insured deposits, representative office, uninsured bank

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Banking (314) : A B C D E F G H I J K L M N O P Q R S T U V W X Y Z #

ExpertGlossary

Balance transfer - permalink - collapse

Bank - permalink - collapse

bank and trust company - permalink - collapse

bankers' bank - permalink - collapse

Bank examination - permalink - collapse

bank holding company - permalink - collapse

Banking day - permalink - collapse

Bankrupt - permalink - collapse

Bankruptcy - permalink - collapse

Bank statement - permalink - collapse

Bearer Shares - permalink - collapse

Beneficial Ownership - permalink - collapse

Beneficiary - permalink - collapse

Billing cycle - permalink - collapse

Billing date - permalink - collapse

Billing error - permalink - collapse

Bond, U.S. Savings - permalink - collapse

branch, bank - permalink - collapse

branch, credit union - permalink - collapse

branch, foreign bank - permalink - collapse

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