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Glossary of Financial Terms

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B

B-Notice
If the Tax Identification Number (TIN) reported for an account owner does not match the TIN on record for that owner with the Internal Revenue Service and Social Security Administration, then the TIN reported for the account owner is considered invalid by the Internal Revenue Service. A B-Notice is generated.

A B-Notice states that if the account owner fails to furnish the correct TIN to your institution within 30 business days, you may be required to begin withholding a certain percentage of the interest paid on accounts owned by these individuals. For more information see Federal Backup Withholding.

Balance Sheet
A detailed listing of assets, liabilities, and capital accounts (net worth), showing the financial condition of a bank or company as of a given date. A balance sheet illustrates the basic accounting equation; assets = liabilities + net worth. In banking, the balance sheet is usually referred to as the statement of conditions.

Balloon Payment
A final loan payment that is larger than the regular scheduled payment. The option of having a balloon payment allows the customer more flexibility. The customer may be able, at maturity, to refinance, the loan balance depending on bank policies and contract agreements.

Bank
Any depository financial institution, including a national bank, a state bank, a federal or state savings bank, a credit union, or a savings association.

Bank CD
A type of certificate of deposit typically issued by banks. Can be an Original Issue Discount (OID) in which case the customer will receive a form 1099-OID, rather than a 1099-INT.

First Central Savings Bank has eleven different CD terms that all pay you outstanding rates. First Central Savings is dedicated to keeping your savings flexible.

Bank Check
A check, also known as a cashier's, treasurer's or official check, drawn by the bank on itself. Since the drawer and drawee are one and the same, acceptance is considered automatic and such instruments have been legally held to be promised to pay.

Bank Directors
The individuals selected by the banks stockholders to constitute the board of directors and who form the active, governing body of the bank as a corporation.

Bank Statement
A report rendered by a bank to a customer, showing the account balance at the start of a period, the transactions affecting the account and the closing balance.

Bearer
The party who is in possession of a check, security, or title document. A check made payable to Cash is a bearer instrument.

Beneficiary
The party who is to receive the proceeds of a trust, insurance policy, letter of credit, or other transaction.

Blank Endorsement
The signature of a person or business on an instrument (check or note) making it payable to a holder in due course and containing no restrictions.

Board of Governors
A seven-member group appointed by the president and confirmed by the Senate for 14-year terms that directs the operations of the Federal Reserve.

Bond
An instrument that evidences long-term debt. The issuer (a corporation, unit of government, or other legal entity) promises to repay the stated principal plus interest on a specified date. Bonds may be registered (identifying the holder) or payable to bearer (not identifying the holder).

Bond of Indemnity
A written instrument issued to protect a party against loss.

Boot Up
The term describing the series of steps that takes place when you turn on the computer.

Example: The disk operating system (DOS) is loaded into the computer's internal memory (RAM) in the boot process.

Bootable Disk
A disk containing the Disk Operating System (DOS) files needed to start and operate DOS. A boot disk can be a diskette or a hard drive.

Budgeting
The development of a plan of future expenditures and income based on past experience, as modified by managerial objectives and estimates of future income and expenditures.

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