| A | B |
|---|
| Accounts receivable | Payments due, not yet received |
| Acculink | The proprietary credit union electronic network for ATMs |
| Amortization | Gradual reduction or repayment of the principal of a loan by means of equal periodic payments sufficient to pay current interest owing and extinguish the debt at the end of a period |
| Annual | Once a year |
| Assets | Can be classed into two categories: Interest earning and non interest earning. = Liabilities + Equities |
| Assumptive Close | "Take it for granted" Assumes the sale has been made |
| Automated Telephone banking | Service provides access to accounts directly using touch tone telephone |
| ATM | Automated Banking Machine, allows access to cash, and accounts through a card and a personal identification number |
| Baby Boomers | Generation born between 1947 and 1966 |
| Balance Sheet | Financial statement that summarizes what the credit union owns and owes |
| Bank of Canada Rate | The maximum overnight rate at which the bank of Canada loans money to chartered banks when they need short term funds |
| Bases Rate | Prime rate or the rate that financial institutions begin negotiations with their customers/members |
| Basis Point | One One Hundreth of a percentage point |
| Benefits | Defines what the product and/or service will do for the member |
| Bi-monthly | Payments that occur twice per monthat 15 day intervals |
| Bit | A binary digit, equal to 1 or 0 |
| Bi-weekly | Payments that occur every 14 days |
| Board of Directors | The Credit Union Act empowers the Board of Directors with decision making authority |
| Bond | A fixed income instrument with a maturity date longer than one year |
| Byte | A byte is eight bits together. A byte can represent a letter, a numeric digit or a character |
