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Encyclopedia > Bank account

A bank account is a monetary account with a banking institution recording the balance of money for a customer. A banking institution provides banking services. ...


Bank accounts may have a positive or credit balance where the bank holds money on behalf of the customer; or a negative or debit balance where the customer owes the bank money. Debit and Credit are formal bookkeeping and accounting terms that have opposite meanings and come from Latin. ... Debit and Credit are formal bookkeeping and accounting terms that have opposite meanings and come from Latin. ...


Broadly, accounts opened with the purpose of holding credit balances are referred to as deposit accounts; whilst accounts opened with the purpose of holding debit balances are referred to as loan accounts. This article does not cite any references or sources. ... A loan is a type of debt. ...


Some accounts are defined by their function rather than nature of the balance they hold. Bank accounts designed to process large numbers of transactions may offer credit and debit facilities and therefore do not sit easily with a polarised definition. These transactional accounts are called by different names in different countries: in the U.S. and Canada, they are checking accounts, in the UK current accounts. The cheque is the traditional mode of payment for a transactional account. ... Includes demand deposits, ATS, NOW, and other checkable deposits. ... A current account is a deposit account in the UK and countries with a UK banking heritage offering various flexible payment methods to allow customers to distribute money directly to others. ...


Other account types

The passbook is the traditional document to keep track of earnings in a savings account Savings accounts are accounts maintained by commercial banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money (by, for example, writing a cheque). ... The cheque is the traditional mode of payment for a transactional account. ... Low-cost accounts are accounts with monthly fees of no more than C$4. ... A time deposit (also known as a term deposit, particularly in Australia and New Zealand) is a money deposit at a bank that cannot be withdrawn for a certain term or period of time. ... Numbered bank accounts are offered by Swiss banks to the majority of their clients. ... In the United States, a Negotiable Order of Withdrawal account (NOW account) is a deposit account that pays interest, on which checks may be written. ... An automatic transfer service account is a deposit account that allows the transfer of funds from a savings account to a checking account in order to cover a check written or to maintain a minimum balance. ... In the United States, a Money Market Deposit Account is a bank deposit that is considered a savings account for some purposes, but upon which checks can typically be written, subject to certain restrictions. ... An Individual Savings Account (ISA) is a financial product available in the United Kingdom, designed for the purpose of investment and savings with a favourable tax status. ... In the UK, the Tax-Exempt Special Savings Account (TESSA) was a special tax-free bank account. ... In the United States transactions deposit is a term used by the Federal Reserve for checkable deposits and other accounts that can be used directly as cash without withdrawal limits or restrictions. ... A Nostro or Vostro (from Latin: nostra and vostra, ours and yours) Account is a deposit account that a bank holds at a foreign or correspondent bank for the purpose of holding foreign currency and making/receiving international payments. ...

Neutral Consumer Information

Canada

The Government of Canada maintains a database of the fees and features of bank account packages offered by various financial institutions operating in Canada. The information is periodically incorporated in comparative tables and published in booklet form. The tables are also published in PDF form on the website of the Financial Consumer Agency of Canada. The database also feeds into an interactive online tool[1] that allows consumers to compare various bank account packages online. The Financial Consumer Agency of Canada (FCAC) is an agency of the Government of Canada. ...


  Results from FactBites:
 
Procedure - How to Establish a Bank Account (1291 words)
The account custodian is responsible for the bank account.
The account custodian is responsible for notifying the Office of Revenues and Receivables of updates in the bank account information, such as address, authorized signers, changes in purpose or amount required.
A copy of the bank statement, the bank reconciliation or the Statement of Petty Cash Account, with attached detail, are to be forwarded to the assigned bank account reviewer for each bank account within 45 days of the end of the month.
Opening A Bank Account (2591 words)
Basic Banking accounts can be opened with $25 or less, can be maintained with a balance of one cent and must permit a minimum of eight free withdrawals per billing cycle and a maximum charge per cycle of $3 per month.
In New York, banks are required to inform consumers before they open a checking account, the order in which checks will be cleared, whether it is by the dollar amount of the check (largest first or smallest first) or any other manner.
If your bank loses the check after the deposit, you are responsible for contacting the writer of the check to see if the check was cashed or to have them put a stop payment order on the check.
  More results at FactBites »

 
 

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