Bank account







Part of a series on financial services
Banking





Accounts · Cards




Accounts

  • Christmas club

  • Deposit

  • Money-market

  • Savings

  • Time deposit (Bond)


Transaction (checking / current)

Cards

  • ATM

  • Credit

  • Debit











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letter by the Midland Bank to a customer, informing on the introduction of electronic data processing and the introduction of account numbers for current accounts


A bank account is a financial account maintained by a bank for a customer. A bank account can be a deposit account, a credit card account, a current account, or any other type of account offered by a financial institution, and represents the funds that a customer has entrusted to the financial institution and from which the customer can make withdrawals. Alternatively, accounts may be loan accounts in which case the customer owes money to the financial institution.


The financial transactions which have occurred within a given period of time on a bank account are reported to the customer on a bank statement and the balance of the accounts at any point in time is the financial position of the customer with the institution.


The laws of each and every country specify the manner in which accounts may be opened and operated. They may specify, for example, who may open an account, how the signatories can identify themselves, deposit and withdrawal limits and many other matters.




Contents





  • 1 Account structure


  • 2 Account types


  • 3 See also


  • 4 References




Account structure


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


Broadly, accounts opened with the purpose of holding credit balances are referred to as deposit accounts, whereas accounts opened with the purpose of holding debt balances are referred to as loan accounts. Some accounts can switch between credit and debit balances.


Some accounts are categorized by the function rather than nature of the balance they hold, such as savings account, which routinely are in credit.


All financial institution have their own names for the various accounts which they open for customers.



Account types





  • Deposit

    • Transactional account
      • Checking account

      • Current account


    • Personal

    • Transaction deposit (USA)




  • Savings
    • Individual Savings Account (ISA) (UK)


    • Time deposit (Bond) / Fixed deposit
      • Certificate of deposit (USA)


    • Tax-exempt special savings account (TESSA) (UK)

    • Tax-Free Savings Account (Canada)

    • Money-market



  • Other types
    • Loan

    • Joint

    • Low-cost

    • Numbered

    • Negotiable Order of Withdrawal (NOW) (USA)




See also




  • Bank card number

  • Banking in Switzerland

  • Bank secrecy

  • Bank statement

  • Chart of accounts

  • Financial privacy

  • International Bank Account Number

  • Society for Worldwide Interbank Financial Telecommunication




  • International Organization for Standardization
    • ISO 639

    • ISO 3166

    • ISO/IEC 7064

    • ISO/IEC 7812

    • ISO 9362

    • ISO 13616

    • ISO 15924



  • Money laundering

  • Telephone banking




References




  1. ^ "What is debit balance? definition and meaning". Businessdictionary.com. Retrieved 2013-12-17..mw-parser-output cite.citationfont-style:inherit.mw-parser-output .citation qquotes:"""""""'""'".mw-parser-output .citation .cs1-lock-free abackground:url("//upload.wikimedia.org/wikipedia/commons/thumb/6/65/Lock-green.svg/9px-Lock-green.svg.png")no-repeat;background-position:right .1em center.mw-parser-output .citation .cs1-lock-limited a,.mw-parser-output .citation .cs1-lock-registration abackground:url("//upload.wikimedia.org/wikipedia/commons/thumb/d/d6/Lock-gray-alt-2.svg/9px-Lock-gray-alt-2.svg.png")no-repeat;background-position:right .1em center.mw-parser-output .citation .cs1-lock-subscription abackground:url("//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Lock-red-alt-2.svg/9px-Lock-red-alt-2.svg.png")no-repeat;background-position:right .1em center.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registrationcolor:#555.mw-parser-output .cs1-subscription span,.mw-parser-output .cs1-registration spanborder-bottom:1px dotted;cursor:help.mw-parser-output .cs1-ws-icon abackground:url("//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/12px-Wikisource-logo.svg.png")no-repeat;background-position:right .1em center.mw-parser-output code.cs1-codecolor:inherit;background:inherit;border:inherit;padding:inherit.mw-parser-output .cs1-hidden-errordisplay:none;font-size:100%.mw-parser-output .cs1-visible-errorfont-size:100%.mw-parser-output .cs1-maintdisplay:none;color:#33aa33;margin-left:0.3em.mw-parser-output .cs1-subscription,.mw-parser-output .cs1-registration,.mw-parser-output .cs1-formatfont-size:95%.mw-parser-output .cs1-kern-left,.mw-parser-output .cs1-kern-wl-leftpadding-left:0.2em.mw-parser-output .cs1-kern-right,.mw-parser-output .cs1-kern-wl-rightpadding-right:0.2em








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