- Bank account
A bank account is a financial account with a
banking institutionrecording the financial transactions between the customer and the bank and the resulting financial position of the customer with the bank.
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.
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.
Other account types
Time deposit/ Certificate of deposit
Numbered bank account
Negotiable Order of Withdrawal account
Automatic transfer service account
Money market deposit account
Individual Savings Account
Tax-Exempt Special Savings Account
Nostro and Vostro Account
Neutral Consumer Information
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 [http://www.fcac-acfc.gc.ca/eng/consumers/ITools/CoB/default.asp] that allows consumers to compare various bank account packages online.
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Look at other dictionaries:
bank account — ➔ account1 * * * bank account UK US noun [C] ► BANKING an arrangement with a bank in which the customer puts in and takes out money and the bank keeps a record of it: »How much is there in your bank account? »Wages can be deposited directly into… … Financial and business terms
bank account — bank ac,count noun count * an arrangement with a bank that allows you to keep your money there and to pay money in and take money out: We ll pay the money directly into your bank account. open a bank account (=start it): They re encouraging… … Usage of the words and phrases in modern English
bank account — bank accounts N COUNT A bank account is an arrangement with a bank which allows you to keep your money in the bank and to take some out when you need it … English dictionary
bank account — bank ac.count n an arrangement between a bank and a customer that allows the customer to pay in and take out money ▪ I d like to open a bank account for my son … Dictionary of contemporary English
bank account — n. A sum placed in a bank by a customer that is available to be withdrawn upon the customer’s request. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 … Law dictionary
bank account — bank′ account n. bus account 7) • Etymology: 1790–1800 … From formal English to slang
bank account — ☆ bank account n. money deposited in a bank and subject to withdrawal by the depositor … English World dictionary
bank account — noun a fund that a customer has entrusted to a bank and from which the customer can make withdrawals (Freq. 1) he moved his bank account to a new bank • Hypernyms: ↑account, ↑business relationship • Hyponyms: ↑giro account, ↑checking account, ↑ … Useful english dictionary
bank account — / bæŋk əˌkaυnt/ noun an account which a customer has with a bank, where the customer can deposit and withdraw money ● to open a bank account ● to close a bank account ● How much money do you have in your bank account? ● If you let the balance in… … Dictionary of banking and finance
bank account — / bæŋk əˌkaυnt/ noun an account which a customer has with a bank, where the customer can deposit and withdraw money ● to open a bank account ● to close a bank account ● How much money do you have in your bank account? ● If you let the balance in… … Marketing dictionary in english