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Glossary of Financial Terms

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F

Federal Backup Withholding
A percentage of interest taken from an account holder not in compliance when providing the correct social security number for income tax reporting requirements

Federal Deposit Insurance Corporation (FDIC)
The federal government agency that provides insurance protection, up to a stated limit, on depositors' accounts. All national banks and all Federal Reserve member banks must belong to FDIC; mutual savings banks may join if they wish.

  • First Central Savings Bank is fully FDIC Insured and an Equal Opportunity Lender.

Federal Housing Administration (FHA)
A division of the Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. It sets standards for construction and underwriting.

Federal Reserve Bank (the FED)
One of 12 district banks that correspond with member banks and the government. The district banks maintain branches and check processing centers as necessary.

Federal Reserve System
The organization created by the Federal Reserve Act in 1913, consisting of the 12 district banks and their branches plus the member banks, who are the legal owners. The Fed Board of Governors, headquartered in Washington, exercises overall control over the nationwide operations of the system.

File Transfer Protocol (FTP)
A way of moving files across networks. With FTP you can login to another Internet site and download and send files.

Financial Accounting Standards Board (FASB)
A seven member independent body that establishes Generally Accepted Accounting Principles via the issuance of Statements of Financial Accounts Standards (SFAS) and related pronouncements. These members solicit input from accounting professionals and other interested parties.

Float
A specific number of days between the date a check is issued, and the date it is actually charged against the issuing account. The check or deposit amount is not considered part of the balance used for interest accruals.

Font
A set of characters with the same typeface, point size and weight.

Foreclosure
A legal process whereby a mortgagor is deprived of their right to use a mortgaged property if they fail to meet conditions of the mortgage.

Foreign Transaction
An ATM transaction at a non-proprietary ATM.

Forgery
The legal term of counterfeiting a check or other document with the intention to defraud.

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