Bank account: Difference between revisions
Removal of spam |
|||
| Line 1: | Line 1: | ||
{{Refimprove|date=22 April 2010}} |
|||
A '''bank account''' is a financial account with a [[banking institution]], recording the financial transactions between the customer and the bank and the resulting financial position of the customer with the bank {{fact|date=22 April 2010}}. |
A '''bank account''' is a financial account with a [[banking institution]], recording the financial transactions between the customer and the bank and the resulting financial position of the customer with the bank {{fact|date=22 April 2010}}. |
||
Revision as of 02:27, 23 April 2010
 | This article needs additional citations for verification. (22 April 2010) |
A bank account is a financial account with a banking institution, recording the financial transactions between the customer and the bank and the resulting financial position of the customer with the bank [citation needed].
Nomenclature, classification and codification
![[icon]](/wiki/File:Wiki_letter_w_cropped.svg){kind=small} | This section needs expansion. You can help by adding to it. (22 April 2010) |
Account types
Bank accounts may have a positive, or debit balance, where the bank owes money to the customer; or a negative, or credit balance, where the customer owes the bank money.
Broadly, accounts opened with the purpose of holding debit balances are referred to as deposit accounts; whilst accounts opened with the purpose of holding credit 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 called "checking accounts"; in the UK, they are termed "current accounts".
Other account types
- Automatic transfer service account
- Individual Savings Account
- Joint account
- Low-cost account
- Money market deposit account
- Numbered bank account
- Negotiable Order of Withdrawal account
- Nostro and vostro accounts
- Overdraft Free Account
- Personal account
- Savings account
- Time deposit / certificate of deposit
- Transactional account
- Tax-Exempt Special Savings Account
- Transaction deposit
Neutral Consumer Information
Canada
| This article needs additional citations for verification. (September 2007) |
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[1], that allows consumers to compare various bank-account packages online.