Search the forum,

account

A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of debit cards, cheques (checks) and electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds. In accounting terms, they are considered as cash.
Transaction accounts are known by a variety of descriptions, including a current account (British English), chequing account or checking account when held by a bank, share draft account when held by a credit union in North America. In the United Kingdom, Hong Kong, India and a number of other countries, they are commonly called current or cheque accounts. Because money is available on demand they are also sometimes known as demand accounts or demand deposit accounts. In the United States, NOW accounts operate as transaction accounts.
Transaction accounts are operated by both businesses and personal users. Depending on the country and local demand economics earning from interest rates varies. Again depending on the country the financial institution that maintains the account may charge the account holder maintenance or transaction fees or offer the service free to the holder and charge only if the holder uses an add-on service such as an overdraft.

View More On Wikipedia.org
Recent contents Top users
  • Dan
    44

    Dan

    Administrator From On the forum.
    • Messages
      2,780
    • Directory
      6
    • Reaction score
      1,222
    • Points
      113
  • Stigster
    1

    Stigster

    44 From Channel Islands
    • Messages
      1,338
    • Reaction score
      941
    • Points
      113
  • Scott_D
    1

    Scott_D

    From BRISTOL
    • Messages
      6,131
    • Reaction score
      2,736
    • Points
      113
    • Creating content since 2001. Untold Media.

    Newest Plumbing Threads

    Back
    Top
    AdBlock Detected

    We get it, advertisements are annoying!

    Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

    I've Disabled AdBlock