A bank account is a bank-managed financial account for a customer. A bank account may be a savings account, credit card account, current account, or any other type of account offered by a financial institution, and represents the funds that the customer has entrusted to the financial institution and from which the customer may make withdrawals. Alternatively, the account may be a borrowing account, in which case the customer owes money to the financial institution.
The financial transactions that have occurred within a certain period of time in the bank account are reported to the customer on the bank statement and the account balance at any point in time is the customer's financial position with the institution.
The laws of each and every country determine the way in which accounts can be opened and operated. They can set, for example, who can open an account, how signers can identify themselves, set a withdrawal and withdrawal limit, and many other things.
Video Bank account
Account structure
A bank account may have a positive balance, or credit , in which the financial institution owes money to customers; or a negative balance, or debit , in which the customer owes money to the financial institution.
In general, an account opened with the purpose of holding a credit balance is referred to as a deposit account, while an account is opened for the purpose of holding a debt balance called a loan account. Multiple accounts can switch between credit and debit balances.
Some accounts are categorized by function rather than the nature of the balance they hold, such as a savings account, which is routinely in credit.
All financial institutions have their own names for the various accounts they open for customers. Financial institutions have various costs for maintaining various accounts and for processing certain transactions.
Maps Bank account
Type
See also
References
Source of the article : Wikipedia
0 Comments