Personal account

Personal account

A personal account is an account for use by an individual for their own needs. It is a relative term to differentiate the said accounts from those accounts for corporate or business use. The term "personal account" may be used genericly for financial accounts at banks and for service accounts such as accounts with the phone company, or even for e-mail accounts.

Banking

In banking in the United States, "personal account" refers to one's account at the bank that is used for non-business purposes. Most likely, the service at the bank is comprised of one of two kinds of accounts or sometimes both -- a savings account and a checking account.

Banks differentiate their services for personal accounts from business accounts by setting lower minimum balance requirements, lower fees, free checks, free ATM usage, free debit card (Check card) usage, etc. The term does not apply to any one service or limit the banks from providing the same services to non-individuals.

At the turn of the 21st century, many banks started offering free checking, a checking account with no minimum balance, a free check book, and no hidden fees. This encouraged those Americans who would otherwise live from check to check, to open their "personal" account at financial institutions. For businesses that issue corporate checks to employees, this enables reduction in the amount of paperwork.

References

See also

* Girobank

External links

* [http://www.fsa.gov.uk Financial Services Authority]
* [http://www.financial-ombudsman.org.uk Financial Ombudsman Service]
* [http://www.bankingcode.org.uk Banking Code Standards Board]
* [http://companieshouseonline.com/content/blogsection/3/43/ International Private Bank Accounts]
* [http://www.pfrc.bris.ac.uk/completed_research/Reports/FSA_Basic_bank_accounts.pdf An evaluation of the FSA leaflet on basic bank accounts]


Wikimedia Foundation. 2010.

Игры ⚽ Нужно сделать НИР?

Look at other dictionaries:

  • Personal account —   Personal account is an account held by a customer. This is an account for which the bank is accountable to the customer …   International financial encyclopaedia

  • personal account — 1) An account in a ledger that bears the name of an individual or of an organization; it records the state of indebtedness of the named person to the organization keeping the account or vice versa. Personal accounts are normally kept in the sales …   Big dictionary of business and management

  • personal account — noun : drawing account …   Useful english dictionary

  • personal account notice — A written undertaking signed by the employees of authorised ( authorisation) firms detailing the rules to be obeyed when dealing for themselves. Dresdner Kleinwort Wasserstein financial glossary …   Financial and business terms

  • Account (disambiguation) — Account may refer to:* An account in accounting * Accounts at banks and/or other financial institutions. ** Current account (banking) ** Deposit account ** Personal account ** Sweep account * User account The means by which a user can access a… …   Wikipedia

  • account — a record of a business transaction. When you buy something on credit, the company you are dealing with sets up an account . This means it sets up a record of what you buy and what you pay. You will do the same thing with any customers to whom you …   Financial and business terms

  • account current — noun (plural accounts current) : current account * * * pl. accounts current. 1. a personal account providing for periodic settlements; current account. 2. the periodic statement or transcript of such an account. [1675 85] * * * account current …   Useful english dictionary

  • account current — pl. accounts current. 1. a personal account providing for periodic settlements; current account. 2. the periodic statement or transcript of such an account. [1675 85] * * * …   Universalium

  • Personal finance — is the application of the principles of finance to the monetary decisions of an individual or family unit. It addresses the ways in which individuals or families obtain, budget, save, and spend monetary resources over time, taking into account… …   Wikipedia

  • Personal Identifiers (PID) — Personal Identifiers also known as (PID) are a subset of Personally identifiable information or PII data elements that identify a unique individual and can permit another person to “assume” that individual’s identity without their knowledge or… …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”