Bank Account Description
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For example a personal account may also be checking and a deposit account.
Bank account description. This topic is important for bank exams as generally many questions are asked in bank exams and interview on bank accounts like what are different types of accounts in the bank what is the difference between a current account and saving the accountso understanding this topic is very important. Meaning pronunciation translations and examples. A bank account is an arrangement with a bank which allows you to keep your money in the. 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.
As i wrote before ive tried every type of transaction i can think of that generates activity in a bank account. Funds deposited in a bank that are credited to and subject to withdrawal by the depositor. An oral or written description of particular events or situations. 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.
Bank account synonyms bank account pronunciation bank account translation english dictionary definition of bank account. Strictly speaking there are only about 7 different unique types of bank accounts with the rest simply variations or flavors of the same account type. For example a bank account where a credit is maintained is called a deposit account while an account to which a customer pays back a debt with the bank is called a loan accountthe most familiar type of deposit account is a checking or savings bank account while a loan account is best represented by a mortgage held by the bank. Within this article you will find definitions of the most common bank accounts.
Savings accounts basic checking accounts interest bearing checking accounts money market deposit accounts and certificates of deposit. A description entered on a purchase invoice shows up when selecting view on the transaction in the bank account from which the purchase invoice was paid.
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