Bank Account
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A Bank Account is a financial account that represents the funds of a bank's customer.
- Context:
- It can (typically) allows you to Bank Account Deposit, Bank Withdraw Deposit, and Bank Account Money Transfer.
- It can be associated with a Safety Deposit Box.
- …
- Example(s)
- Counter-Example(s):
- See: Loan, Bank Card Number, Bank Statement , Online Banking, Telephone Banking.
References
2023
- (Wikipedia, 2023) ⇒ https://en.wikipedia.org/wiki/bank_account Retrieved:2023-9-26.
- A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type of account it offers, which are classified in commonly understood types, such as deposit accounts, credit card accounts, current accounts, loan accounts or many other types of account. A customer may have more than one account. Once an account is opened, funds entrusted by the customer to the financial institution on deposit are recorded in the account designated by the customer. Funds can be withdrawn from loan loaders.
The financial transactions which have occurred on a bank account within a given period of time are reported to the customer on a bank statement, and the balance of the accounts of a customer at any point in time is their financial position with the institution.
- A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type of account it offers, which are classified in commonly understood types, such as deposit accounts, credit card accounts, current accounts, loan accounts or many other types of account. A customer may have more than one account. Once an account is opened, funds entrusted by the customer to the financial institution on deposit are recorded in the account designated by the customer. Funds can be withdrawn from loan loaders.
2023
- GBard
- A bank account is a financial account that allows you to deposit, withdraw, and transfer money. Banks offer a variety of different types of bank accounts, each with its own unique features and benefits.
- The most common types of bank accounts include:
- Checking accounts: Checking accounts are designed for everyday transactions, such as writing checks, paying bills, and withdrawing cash. Checking accounts typically have a low minimum balance requirement and offer easy access to your money.
- Savings accounts: Savings accounts are designed to help you save money for future goals. Savings accounts typically offer higher interest rates than checking accounts, but may have limited access to your money.
- Money market accounts (MMAs): MMAs are a type of savings account that offers higher interest rates and more features than traditional savings accounts. MMAs typically have a higher minimum balance requirement than savings accounts, but may offer features such as check writing and ATM access.
- Certificate of deposit (CD) accounts: CD accounts are a type of savings account that offers a fixed interest rate for a fixed period of time. CD accounts typically have a higher minimum balance requirement than savings accounts, and you may have to pay a penalty if you withdraw your money before the CD matures.
- Here is a table that summarizes the differentiating properties of the four most common types of bank accounts:
Bank account type Minimum balance requirement Interest rate Liquidity Checking account Low Low High Savings account Low Medium Medium Money market account Medium High Medium Certificate of deposit account High High Low
2016
- (Wikipedia, 2016) ⇒ http://en.wikipedia.org/wiki/Bank_account
- A bank account is a financial account maintained by a financial institution for a customer. A bank account can be a deposit account, a credit card account, or any other type of account offered by a financial institution, and represents the funds that a customer has entrusted to the financial institution and from which the customer can make withdrawals. Alternatively, accounts may be loan accounts in which case the customer owes money to the financial institution. ...