Brex Learning Center

Glossary

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Balance Transfer

A balance transfer is the process of moving an outstanding balance from one account to another. Balance transfers are available on credit card, savings, checking and trading accounts. The purpose of this transfer is usually to obtain a lower interest rate on the outstanding balance. Most banks impose a Balance Transfer Fee on these transfers.

Bank Statement

A bank statement is a record summarizing all the transactions in a bank account during a specific period of time. Account holders usually receive them on a monthly basis. It evidences all the financial transactions within that period with an accurate date of the transaction, including deposits, checks, withdrawals, deductions, and bank fines and charges. It contains the balance available at the beginning of the month and a closing balance, with some banks also including the interest earned in the account on the statement. Customers should review banks statements regularly and in detail to identify any fraudulent activity on their account.

Bankruptcy

Bankruptcy is a legal process where a person or business is unable to repay outstanding debts. As a result, their assets are turned over to a trustee or receiver for administration. These are then measured, evaluated, and used to repay the outstanding debt. The most common type of bankruptcy is voluntary bankruptcy. The debtor begins this process by filing a petition, claiming that they are unable to meet their financial obligations and are willing to declare themselves bankrupt. Bankruptcy can also be involuntary when a petition is filed on behalf of one or more creditors of an insolvent debtor file.

Billing Cycle

A billing cycle refers to the interval of time between the issuing dates of regular periodic statements. Often set monthly, the intervals, however, can be no longer than a quarter of a year according to the Truth in Lending Regulations.

Billing Error

A billing error refers to a charge that appears on a periodic credit statement that is not identified and was not authorized or accepted by the cardholder or their designee. Accounting and clerical errors can also cause billing errors, as can a creditor's failure to credit a payment into an account.

Bond

A bond refers to a fixed income instrument representing a loan between an investor and a borrower. Companies, municipalities, and states use them to finance projects. Bonds include the details of the loan, such as the payments, the variables, or fixed interest payments, and the end date when the bond owner is due the principal of the loan.

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