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bank account

 

n.
Funds deposited in a bank that are credited to and subject to withdrawal by the depositor.


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Bank account

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A bank account is a financial account recording the financial transactions between the customer and their bank and the resulting financial position of the customer with the bank.[citation needed]

Contents

Account types

Bank accounts may have a positive, or credit balance, where the bank owes money to the customer; or a negative, or debit balance, where the customer owes the bank money[1].

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.

Accounts

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,[2] that allows consumers to compare various bank-account packages online.

Notes & references

See also


 
 

 

Copyrights:

American Heritage Dictionary. The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company. All rights reserved.  Read more
Wikipedia on Answers.com. This article is licensed under the Creative Commons Attribution/Share-Alike License. It uses material from the Wikipedia article Bank account Read more

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