View the definition of technical terms

All the FGDR’s protections rely on relatively complex banking and financial mechanisms. This glossary provides the definition of many technical terms used on this website or in the FGDR’s documents.

ALL WORDS A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

B

Bank

Category of credit institution authorised by law to carry out all banking transactions. Banking transactions include the receipt of funds from the public, credit operations and bank payment services (including the issuance of cheque books).

 

Source : Banque de France 

Bank account identification document (RIB)

Document used in France to identify the details of a customer’s account. The RIB includes the name of the account holder(s), bank name, bank code, branch code, account number and check digits. The RIB is generally found on the bank account statement and/or in the cheque book. It also includes IBAN and BIC codes. Customers may send the RIB to all their debtors or creditors to allow transactions (bank transfers, direct debits, interbank payment orders, etc.) to be carried out on their account. BIC and IBAN codes are used to identify a bank account and are required for automated processing of bank transfers and direct debits in France and abroad.

 

Source: Les clés de la banque

Bank account statement

Provided in paper format or on a durable medium (i.e. in electronic format), an account statement is a document that summarises the transactions carried out on a customer's account during a given period, generally monthly.

Source : Banque de France

Bank branch

Entity directly related to a company or group of companies. Unlike a subsidiary, a branch does not have a legal personality. However, a branch has a certain degree of management and administrative independence from its parent company. For example, a banking facility can be a branch.

Source : FGDR

Bank charges

Debit interest collected by the bank, generally for an account overdraft, calculated based on the amount, duration and interest rate of the overdraft, plus fees and commissions.

Source : FBF

Bank code

The bank code is also called the bank identification code (CIB). It consists of five digits and is indicated on every bank account identification document (RIB). This code is unique to each credit institution licensed by the ACPR i.

 

Source: FGDR

Bank secrecy

Bank i secrecy, a form of professional secrecy, is a legal obligation, for the bank and its employees, not to disclose any information regarding its customers to a third party. Secrecy may be waived under very strict conditions at the request of certain administrative or judicial authorities.

Source : Banque de France

Bank transfer

Operation whereby funds are transferred from one account to another. Written order given by customers to their bank or payment institution to debit a specified amount from their account in order to credit the creditor’s account.
A bank transfer can be occasional or ongoing.
It may be executed immediately or on a scheduled date and requires the account information of the creditor receiving the transfer (bank details, BIC and IBAN codes).

Source : Banque de France

banking ombudsman

Appointed by each bank, the ombudsman is an independent, impartial person who is bound by confidentiality and responsible for recommending an amicable solution to disputes that arise between individuals and their bank. After taking all other actions (appeals) with the branch and the institution’s customer service department, individuals may contact their institution's ombudsman, free of charge, for matters relating to the operation of their account, credit transactions or savings transactions.

Source : Les clés de la banque

Banque de France

In addition to the tasks of implementing the monetary and financial policy and banking supervision, the Banque de France provides specific public services to individuals: it manages the payment incident registers: Register of Household Credit Repayment Incidents (FICP), Central Cheque Register (FCC) and National Register of Irregular Cheques (FNCI) and handles requests to exercise the right to an account; it helps to inform private individuals about banking regulations and practices through its information service for individuals (Tel.: 0 811 901 801).

Source : Banque de France

Beneficiary

As regards the FGDR, the beneficiary of a bank account is a person who has a right to the account as a result of their legal, tax or financial situation or a family relationship with the account holder. Such accounts include those opened by a professional in order to deposit funds belonging to other individuals who are the beneficiaries, for example, an account opened by a property management company for the management of co-owned buildings or a lawyer's CARPA account.


Source: FGDR

Beneficiary of compensation

Person to whom the compensation is sent  (in the case of deceased individuals, insolvency proceedings or any other situation where the compensation is sent to a person who is not the account holder).

 

Source: FGDR

 

Business bank account

Bank i account that allows holders to manage their day-to-day business activity. It is used to separate business transactions from personal transactions to avoid any tax or accounting confusion. Not all companies are required to open a business bank account. However, companies with share capital (one-person limited liability companies (EURL), limited companies (SA), simplified joint-stock companies (SAS), limited liability companies (SARL), etc.) must open a business bank account at the time of their creation.
Note: for professionals who have not created an EURL or EIRL, their compensation is calculated by adding up all their personal and business accounts up to the limit of €100,000.

 

Sources: Ministry of the Economy and FGDR