We call a FP a 'bum bag', which, I believe is what you guys in the States call a fanny. Correct???
That's correct :) Bum, fanny, same thing here - VERY different meaning abroad ;)
Judy, you're right. It's hilarious how the same word can take on such hugely different connotations depending on the country you're in despite the fact it's all the same language.
Famous saying of George Bernard Shaw, "England and America are two countries separated by a common language."
It would probably simplify things if everyone from North America got into the habit of using the term "waist pack". This would avoid the strange looks they get from the locals in England when they mention the term "Fanny Pack".
The difference in jargon is indeed intersting, but this is certainly not the only example.