Banking terms beginning with B
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Alphabetical List
BAD DEBT
If a particular bank or creditor fails to recover money from a borrower or a debtor, it is termed as bad debt. The bad debt is considered as an expense on the part of the bank. Nevertheless, the bank, in concern, can always opt for legal proceedings to recover the amount that has been declared as 'bad debt'.
BALANCE TRANSFER
Balance transfer is an option included in the application form of credit card. This option can be selected afterwards as well. This facility is very useful for the person, who is holding more than one card. On availing this facility, the user can transfer the balance payable amount to the other card, if he/she is not able to make full payment that is due on a particular card. Nevertheless, the person has to make payment of the transferred amount on a scheduled time as stated by the bank that gave him/her the other card. One needs to pay fee for the balance amount that has been transferred. The balance transfer facility is useful in reducing interest outgo.
BANK STATEMENT
The savings account holders receive passbook mostly. The passbook helps the account holder to keep a track over his/her transactions. If the user has not been given a passbook, he/she is sent an account statement by the bank on regular intervals at the mailing address. The account statement is nothing but like a passbook features all the transaction details on the person's account for a particular time period. In order to apply for a loan, one needs to produce a bank statement of the last 6 months to the concerned lending institution.
BANKING OMBUDSMAN
The banking ombudsman scheme is an efficient and cost-effective forum, which has been formed to resolve complaints registered by the customers in case of any services provided by the bank. The central bank of India namely Reserve Bank of India (RBI) has introduced this scheme under Section 35A of banking regulation Act, 1949. The scheme came into effect in the year 1995. RBI appoints the banking ombudsman, a senior official, to look into customer complaints in case of a particular banking service and resolve them. Presently, we have 15 banking ombudsmen. The offices are mostly found in the state capitals. One can find the address of a particular banking ombudsman at the bank branch.
BOUNCED CHEQUE CHARGES
A cheque can bounce on several accounts including inadequate cash in the account, signature mismatch and mismatch between the numerals and words. And if a cheque has bounced or has been dishonored, the person who had drawn it needs to pay bounced cheque charges in that case. The charges for the bounced cheque can be compensated by seeking court's assistance. However, this is allowed only when the cheque has been returned due to insufficient fund in the account.
BAD DEBT
If a particular bank or creditor fails to recover money from a borrower or a debtor, it is termed as bad debt. The bad debt is considered as an expense on the part of the bank. Nevertheless, the bank, in concern, can always opt for legal proceedings to recover the amount that has been declared as 'bad debt'.
Balance transfer is an option included in the application form of credit card. This option can be selected afterwards as well. This facility is very useful for the person, who is holding more than one card. On availing this facility, the user can transfer the balance payable amount to the other card, if he/she is not able to make full payment that is due on a particular card. Nevertheless, the person has to make payment of the transferred amount on a scheduled time as stated by the bank that gave him/her the other card. One needs to pay fee for the balance amount that has been transferred. The balance transfer facility is useful in reducing interest outgo.
BANK STATEMENT
The savings account holders receive passbook mostly. The passbook helps the account holder to keep a track over his/her transactions. If the user has not been given a passbook, he/she is sent an account statement by the bank on regular intervals at the mailing address. The account statement is nothing but like a passbook features all the transaction details on the person's account for a particular time period. In order to apply for a loan, one needs to produce a bank statement of the last 6 months to the concerned lending institution.
BANKING OMBUDSMAN
The banking ombudsman scheme is an efficient and cost-effective forum, which has been formed to resolve complaints registered by the customers in case of any services provided by the bank. The central bank of India namely Reserve Bank of India (RBI) has introduced this scheme under Section 35A of banking regulation Act, 1949. The scheme came into effect in the year 1995. RBI appoints the banking ombudsman, a senior official, to look into customer complaints in case of a particular banking service and resolve them. Presently, we have 15 banking ombudsmen. The offices are mostly found in the state capitals. One can find the address of a particular banking ombudsman at the bank branch.
BOUNCED CHEQUE CHARGES
A cheque can bounce on several accounts including inadequate cash in the account, signature mismatch and mismatch between the numerals and words. And if a cheque has bounced or has been dishonored, the person who had drawn it needs to pay bounced cheque charges in that case. The charges for the bounced cheque can be compensated by seeking court's assistance. However, this is allowed only when the cheque has been returned due to insufficient fund in the account.
