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].
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Nomenclature, classification and codification
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Account types
Bank accounts may have a positive, or debit Debit and credit are formal bookkeeping and accounting terms. They are the most fundamental concepts in accounting, representing the two sides of each individual transaction recorded in any accounting system. A debit transaction indicates an asset or an expense transaction, a credit indicates a transaction that will cause a liability or a gain. A balance, where the bank owes money to the customer; or a negative, or credit Debit and credit are formal bookkeeping and accounting terms. They are the most fundamental concepts in accounting, representing the two sides of each individual transaction recorded in any accounting system. A debit transaction indicates an asset or an expense transaction, a credit indicates a transaction that will cause a liability or a gain. A balance, where the customer owes the bank money.
Broadly, accounts opened with the purpose of holding debit balances are referred to as deposit accounts A deposit account is a current account, savings account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank, and represent the amount owed by the bank to; whilst accounts opened with the purpose of holding credit balances are referred to as loan accounts A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.
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 A transactional account is a deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels. Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts are called by different names in different countries: in the U.S. and Canada, they are called "checking accounts A transactional account is a deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels. Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts"; in the UK, they are termed "current accounts A transactional account is a deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels. Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts".
Other account types
Neutral Consumer Information
Canada
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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 Financial Consumer Agency of Canada is an independent government agency of the Government of Canada. The database also feeds into an interactive online tool[1], that allows consumers to compare various bank-account packages online.
Notes & references
See also
- Bank card number A bank card number is the primary account number found on credit cards and bank cards. It has a certain amount of internal structure and shares a common numbering scheme. Credit card numbers are a special case of ISO/IEC 7812 bank card numbers
- Banking in Switzerland Banking in Switzerland is characterised by stability, privacy and protection of clients' assets and information. The country's tradition of bank secrecy, which dates to the Middle Ages, was first codified in a 1934 law. All banks in Switzerland are regulated by Swiss Financial Market Supervisory Authority , which derives its authority from a
- Bank secrecy Bank secrecy is a legal principle under which banks are allowed to protect personal information about their customers, through the use of numbered bank accounts or otherwise. Effective bank secrecy is better achieved in certain countries, such as Switzerland or in tax havens, where offshore banks adhere to voluntary or statutory levels of privacy
- Bank statement An account statement or a bank statement is a summary of all financial transactions occurring over a given period of time on a deposit account, a credit card, or any other type of account offered by a financial institution
- Chart of accounts Chart of accounts is a list of the accounts used by an organization[citation needed]. The list can be numerical, alphabetic, or alpha-numeric. The structure and headings of accounts should assist in consistent posting of transactions. Each nominal ledger account is unique to allow its ledger to be located. The list is typically arranged in the
- Financial privacy Debates on the first sense of the phrase have many different points of view, from crypto anarchists who want to create a completely decentralized and anonymous banking system, to others who support enhancing the power of the government to find financial information in order to fight terrorism
- International Bank Account Number
- Society for Worldwide Interbank Financial Telecommunication The Society for Worldwide Interbank Financial Telecommunication operates a worldwide financial messaging network which exchanges messages between banks and other financial institutions. SWIFT also markets software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362 bank identifier codes (BICs) are
- International Organization for Standardization The International Organization for Standardization , widely known as ISO (pronounced /ˈaɪsoʊ/ EYE-soe), is an international-standard-setting body composed of representatives from various national standards organizations. Founded on 23 February 1947, the organization promulgates worldwide proprietary industrial and commercial standards. It has
- ISO 639 ISO 639 is the set of international standards that lists short codes for language names. It was also the name of the original standard, approved in 1967 and withdrawn in 2002[citation needed]
- ISO 3166 ISO 3166 is a standard published by the International Organization for Standardization , and defines codes for the names of countries, dependent territories, and special areas of geographical interest, and their principal subdivisions (e.g., provinces or states). The official name of the standard is Codes for the representation of names of
- ISO/IEC 7064
- ISO/IEC 7812
- ISO 9362 ISO 9362 is a standard format of Bank Identifier Codes approved by the International Organization for Standardization (ISO). It is the unique identification code of a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks
- ISO 13616
- ISO 15924 ISO 15924, Codes for the representation of names of scripts, defines two sets of codes for a number of writing systems . Each script is given both a four-letter code and a numeric one
- Money laundering In the past, the term "money laundering" was applied only to financial transactions related to organized crime. Today its definition is often expanded by government and international regulators such as the US Office of the Comptroller of the Currency to mean any financial transaction which generates an asset or a value as the result of
- Telephone banking Telephone banking was a service provided by a financial institution which allows its customers to perform transactions over the telephone
Categories: Banking
Tue, 29 Jun 2010 19:44:49 GMT+00:00
KMGH Denver A 54-year-old woman accused of using fake and stolen IDs to withdraw thousands of dollars from victims' bank accounts has been arrested. ...
NEWSGUY
Wed, 21 Jul 2010 06:28:00 GM
Chole: I understand that you would like to pay HELOC account from another . bank's account. . Chole: And, you have to verify the trail deposit. Chole: Let me help you with that. You: correct. You have the credit union account, the name of ...
Q. The joint bank account is with a Hong Kong bank and two signatures are required for withdrawals. Since my joint account partner has vanished for a long time, the funds have been frozen for years now. Anyone please advise of any procedure Hong Kong banks would allow the locatable account holder to access his/her share of the funds.
Asked by airmkt - Wed Apr 9 08:27:10 2008 - - 1 Answers - 0 Comments
A. have the court decleard him dead!!!
Answered by mister ed - Wed Apr 9 15:33:35 2008
