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glossary of terms
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Choose a letter:
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B
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balance is the amount of money you have in your account at any particular time or which you owe on your credit or store card. It will be shown on your statement.
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balance brought forward the balance that was shown on your last statement.
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bank a commercial organisation that undertakes to provide a range of financial services, such as current and deposit accounts. Banks must be authorised to take your money.
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basic bank account a service from a bank or building society which lets you pay in money, get cash out and pay bills. It doesn't let you spend more than you have in your account, so there's no risk of going overdrawn and running up overdraft charges.
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borrowing getting money from someone else that you intend to pay back. You might borrow informally from friends and family or take out a formal loan with a written agreement.
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bounced cheque a cheque that the bank refuses payment on because there is not enough money in the account of the person who wrote the cheque. The bank usually sends the cheque back to the person it was written out to (the payee). The cheque is marked 'return to drawer'. When this happens you have to ask the person who wrote the cheque to give you cash instead or to put some money in their account.
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budget a plan of your spending.
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building society an organisation that is owned by its members, who are some or all of the customers saving with or borrowing from the society. They often offer a range of financial services and are similar to banks. Building societies must be authorised to take your money.
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