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A transaction account, also called a checking account, chequing account, current account,
demand deposit Demand deposits or non-confidential money are funds held in demand 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, or share draft account at
credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned financial cooperative, controlled by its members and operated on a not-for-profit basis. Credit unions generally provide services to members simila ...
s, is a deposit account held at a
bank A bank is a financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), stat ...

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 card A debit card (also known as a bank card, plastic card or check card) is a payment card that can be used in place of cash to make purchases. It is similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardho ...
s,
cheque A cheque, or check (American English American English (AmE, AE, AmEng, USEng, en-US), sometimes called United States English or U.S. English, is the set of varieties of the English language native to the United States. Currently, A ...
s (checks) and electronic transfer. In economic terms, the funds held in a transaction account are regarded as
liquid funds
liquid funds
. In
accounting Accounting or Accountancy is the measurement ' Measurement is the number, numerical quantification (science), quantification of the variable and attribute (research), attributes of an object or event, which can be used to compare with other ob ...
terms, they are considered as
cash In economics Economics () is a social science Social science is the Branches of science, branch of science devoted to the study of society, societies and the Social relation, relationships among individuals within those societie ...
. 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 A bank is a financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), stat ...

bank
, share draft account when held by a
credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned financial cooperative, controlled by its members and operated on a not-for-profit basis. Credit unions generally provide services to members simila ...
in
North America North America is a continent A continent is any of several large landmasses. Generally identified by convention (norm), convention rather than any strict criteria, up to seven geographical regions are commonly regarded as continen ...

North America
. In the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer to use Britain as shorth ...

United Kingdom
,
Hong Kong Hong Kong (; , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (HKSAR), is a city A city is a large human settlement.Goodall, B. (1987) ''The Penguin Dictionary of Human Geography''. London: Pe ...

Hong Kong
,
India India, officially the Republic of India (Hindi Hindi (Devanagari: , हिंदी, ISO 15919, ISO: ), or more precisely Modern Standard Hindi (Devanagari: , ISO 15919, ISO: ), is an Indo-Aryan language spoken chiefly in Hindi Belt, ...

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
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 An overdraft occurs when money is withdrawn in excess of what is on the current account. In this situation the account is said to be "overdrawn". If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn i ...
.


History

In
Holland Holland is a geographical region In geography, regions are areas that are broadly divided by physical characteristics (physical geography), human impact characteristics (human geography), and the interaction of humanity and the environment (en ...

Holland
in the early 1500s,
Amsterdam Amsterdam (, , ) is the Capital of the Netherlands, capital and Municipalities of the Netherlands, most populous city of the Netherlands with a population of 872,680 within the city proper, 1,558,755 in the City Region of Amsterdam, urban ar ...

Amsterdam
was a major trading and shipping city. People who had acquired large accumulations of cash began to deposit their money with ''cashiers'' to protect their wealth. These cashiers held the money for a fee. Competition drove cashiers to offer additional services, including paying out money to any person bearing a written order from a depositor to do so. They kept the note as proof of payment. This concept spread to other countries including
England England is a Countries of the United Kingdom, country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest of England and the Celtic Sea to the southwest. E ...

England
and its colonies in North America, where land owners in
Boston Boston (, ), officially the City of Boston, is the capital city, capital and List of municipalities in Massachusetts, most populous city of the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States and 21st List of Unit ...

Boston
in 1681 mortgaged their land to cashiers who provided an account against which they could write checks. In the 18th century in England, preprinted checks, serial numbers, and the word "
cheque A cheque, or check (American English American English (AmE, AE, AmEng, USEng, en-US), sometimes called United States English or U.S. English, is the set of varieties of the English language native to the United States. Currently, A ...
" appeared. By the late 18th century, the difficulty of clearing checks (sending them from one bank to another for collection) gave rise to the development of clearing houses.


Features and access

All transaction accounts offer itemised lists of all financial transactions, either through a
bank statement 300px, Example of a checking account statement for a fictional bank. A bank statement is an official summary of financial transaction A financial transaction is an Contract, agreement, or communication, carried out between a buyer and a sell ...
or a
passbook A passbook or bankbook is a paper book used to record bank or building society A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking A bank is a financial instit ...
. A transaction account allows the account holder to make or receive payments by: *
ATM card ATM or atm often refers to: * Atmosphere (unit) The standard atmosphere (symbol: atm) is a unit Unit may refer to: Arts and entertainment * UNIT, a fictional military organization in the science fiction television series ''Doctor Who'' * Unit of ...
s (withdraw cash at any
Automated Teller Machine An automated teller machine (ATM) or cash machine (in British English British English (BrE) is the standard dialect A standard language (also standard variety, standard dialect, and standard) is a language variety that has undergo ...
) *
Debit card A debit card (also known as a bank card, plastic card or check card) is a payment card that can be used in place of cash to make purchases. It is similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardho ...
(cashless direct payment at a store or merchant) *
Cash In economics Economics () is a social science Social science is the Branches of science, branch of science devoted to the study of society, societies and the Social relation, relationships among individuals within those societie ...

Cash
(deposit and withdrawal of
coin A coin is a small, flat, (usually, depending on the country or value) round piece of metal A metal (from Greek Greek may refer to: Greece Anything of, from, or related to Greece Greece ( el, Ελλάδα, , ), officially the Hell ...

coin
s and
banknote A banknote (often known as a bill (in the US and Canada), paper money, or simply a note) is a type of negotiable promissory note A promissory note, sometimes referred to as a note payable, is a legal instrument ''Legal instrument'' is a ...
s at a branch) *
Cheque A cheque, or check (American English American English (AmE, AE, AmEng, USEng, en-US), sometimes called United States English or U.S. English, is the set of varieties of the English language native to the United States. Currently, A ...
and
money order A money order is a payment order for a pre-specified amount of money In a 1786 James Gillray caricature, the plentiful money bags handed to King George III are contrasted with the beggar whose legs and arms were amputated, in the left co ...
(paper instruction to pay) *
Direct debitA direct debit or direct withdrawal is a financial transaction in which one person (or company) withdraws funds from another person's bank account. Formally, the person who directly draws the funds ("the payee") instructs their bank to collect (i.e., ...
(pre-authorized debit) *
Standing order#REDIRECT Standing orderA Standing Order is a rule of procedure in the Parliament of the United Kingdom. Both the House of Commons and the House of Lords can set Standing Orders to regulate their own affairs. These contain many important constitution ...
(automatic regular funds transfers) *
Electronic funds transfer Electronic funds transfer (EFT) is the electronic transfer of money from one bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a cus ...
s (transfer funds electronically to another account) * Online banking (transfer funds directly to another person via internet banking facility) Banks offering transactional accounts may allow an account to go into
overdraft An overdraft occurs when money is withdrawn in excess of what is on the current account. In this situation the account is said to be "overdrawn". If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn i ...
if that has been previously arranged. If an account has a negative balance money is being borrowed from the bank and interest and overdraft fees as normally charged.


Country specific differences

In the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer to use Britain as shorth ...

United Kingdom
and other countries with a UK banking heritage, transaction accounts are known as current accounts. These offer various flexible payment methods to allow customers to distribute money directly. One of the main differences between a UK current account and an American checking account is that they earn considerable interest, sometimes comparable to a savings account, and there is generally no charge for withdrawals at cashpoints (ATMs), other than charges by third party owners of such machines.


Transfer systems

Certain modes of payment are country-specific: *
Giro A giro transfer, often shortened to giro (), is a payment transfer from one bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a cus ...
(funds transfer, direct deposit in European countries) *In the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer to use Britain as shorth ...

United Kingdom
,
Faster Payments Service Faster Payments Service (FPS) is a United Kingdom banking initiative to reduce payment times between different banks' customer accounts to typically a few seconds, from the three working days that transfers usually take using the long-establishe ...
offers near immediate transfer,
BACS Bacs Payment Schemes Limited (Bacs), previously known as Bankers' Automated Clearing System, is the organization that is responsible for the schemes behind the clearing and settlement of UK automated payment methods and Bacs Direct Credit, as ...
offers
giro A giro transfer, often shortened to giro (), is a payment transfer from one bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a cus ...
s that clear in a matter of days while
CHAPS The Clearing House Automated Payment System (CHAPS) is real-time gross settlement Real-time gross settlement (RTGS) systems are specialist Electronic funds transfer, funds transfer systems where the transfer of money or securities takes place from ...

CHAPS
is done on the same day. *
Canada Canada is a country in the northern part of North America North America is a continent A continent is any of several large landmasses. Generally identified by convention (norm), convention rather than any strict criteria, ...

Canada
has an
Interac e-Transfer Interac e-Transfer (formerly Interac Email Money Transfer or EMT) is a giro, funds transfer service between personal and business accounts at participating Canadian banks and other financial institutions, offered through Interac, Interac Corporati ...
service *In
India India, officially the Republic of India (Hindi Hindi (Devanagari: , हिंदी, ISO 15919, ISO: ), or more precisely Modern Standard Hindi (Devanagari: , ISO 15919, ISO: ), is an Indo-Aryan language spoken chiefly in Hindi Belt, ...

India
, NEFT and RTGS services are available to clear funds in a day.


In the European Union

The Regulation (EU) n. 655/2014 has introduced the European Account Preservation Order, a new procedure of asset freezing in order "to facilitate cross-border debt recovery in civil and commercial matters."


Access


Branch access

Customers may need to attend a bank branch for a wide range of banking transactions including cash withdrawals and
financial advice A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory bo ...
. There may be restrictions on cash withdrawals, even at a branch. For example, withdrawals of cash above a threshold figure may require notice. Many transactions that previously could only be performed at a branch can now be done in others ways, such as use of ATMs, online, mobile and telephone banking.


Cheques

Cheque A cheque, or check (American English American English (AmE, AE, AmEng, USEng, en-US), sometimes called United States English or U.S. English, is the set of varieties of the English language native to the United States. Currently, A ...
s were the traditional method of making withdrawals from a transaction account.


Automated teller machines

Automated teller machine An automated teller machine (ATM) or cash machine (in British English British English (BrE) is the standard dialect A standard language (also standard variety, standard dialect, and standard) is a language variety that has undergo ...
s (ATMs) enable customers of a
financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), state to act as a single entity (a legal entit ...
to perform
financial transaction A financial transaction is an agreement Agreement may refer to: Agreements between people and organizations * Gentlemen's agreement, not enforceable by law * Trade agreement, between countries * Consensus, a decision-making process * Contract, ...
s without attending a branch. This enables, for example, cash to be withdrawn from an account outside normal branch trading hours. However, ATMs usually have quite low limits for cash withdrawals, and there may be daily limits to cash withdrawals other than at a branch.


Mobile banking

With the introduction of mobile banking a customer to perform banking transactions and payments, to view balances and statements, and various other facilities using their
mobile phone A mobile phone, cellular phone, cell phone, cellphone, handphone, or hand phone, sometimes shortened to simply mobile, cell or just phone, is a portable telephone A telephone is a telecommunication Telecommunication is the tra ...

mobile phone
. In the UK this has become the leading way people manage their finances, as mobile banking has overtaken internet banking as the most popular way to bank.


Internet banking

Internet or online banking enables a customer to perform banking transactions and payments, to view balances and statements, and various other facilities. This can be convenient especially when a bank is not open and enables banking transactions to be effected from anywhere Internet access is available. Online banking avoids the time spent travelling to a branch and standing in queues there. However, there are usually limits on the value of funds that can be transferred electronically on any day, making it necessary to use a cheque to effect such transfers when those limits are being reached.


Telephone banking

Telephone banking provides access to banking transactions over the
telephone A telephone is a telecommunication Telecommunication is the transmission of information by various types of technologies over wire A wire is a single usually cylindrical A cylinder (from Greek Greek may refer to: Greece Anyt ...

telephone
. In many cases telephone banking opening times are considerably longer than branch times.


Mail banking

A financial institution may allow its customers to deposit
cheque A cheque, or check (American English American English (AmE, AE, AmEng, USEng, en-US), sometimes called United States English or U.S. English, is the set of varieties of the English language native to the United States. Currently, A ...
s into their account by
mail The mail or post is a system for physically transporting postcard A postcard or post card is a piece of thick paper or thin Card stock, cardboard, typically rectangular, intended for writing and mailing without an envelope. Non-rectangular s ...

mail
. Mail banking can be used by customers of
virtual bank Virtual may refer to: * Virtual reality (virtuality), computer programs with an interface that gives the user the impression that they are physically inside a simulated space * ''Virtual'', a 2001 album by Romanian band Animal X (band), Animal X * ...
s (as they may not offer branches or ATMs that accept deposits) and by customers who live too far from a branch.


Stores and merchants providing debit card access

Most stores and merchants now have to accept debit card access for purchasing goods if they want to continue operating, especially now that some people only use electronic means of purchase.


Cost

Any cost or fees charged by the financial institution that maintains the account, whether as a single monthly maintenance charge or for each
financial transaction A financial transaction is an agreement Agreement may refer to: Agreements between people and organizations * Gentlemen's agreement, not enforceable by law * Trade agreement, between countries * Consensus, a decision-making process * Contract, ...
, will depend on a variety of factors, including the country's regulations and overall interest rates for lending and saving, as well as the financial institution's size and number of channels of access offered. This is why a
direct bank A direct bank (sometimes called a branch-less bank or virtual bank) is a bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending a ...
can afford to offer low-cost or free banking, as well as why in some countries, transaction fees do not exist but extremely high lending rates are the norm. This is the case in the United Kingdom, where they have had free banking since 1984 when the then
Midland Bank Midland Bank Plc was one of the Big Four (banks)#United Kingdom, Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham ...

Midland Bank
, in a bid to grab market share, scrapped current account charges. It was so successful that all other banks had no choice but offer the same or continue losing customers. Free banking account holders are now charged only if they use an add-on service such as an
overdraft An overdraft occurs when money is withdrawn in excess of what is on the current account. In this situation the account is said to be "overdrawn". If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn i ...
. Financial transaction fees may be charged either per item or for a
flat rateA flat fee, also referred to as a flat rate or a linear rate refers to a pricing structure that charges a single fixed fee for a service, regardless of usage. Less commonly, the term may refer to a rate that does not vary with usage or time of use ...

flat rate
covering a certain number of transactions. Often,
youth Youth is the time of life Life is a characteristic that distinguishes physical entities that have biological processes, such as signaling and self-sustaining processes, from those that do not, either because such functions have cease ...

youth
s,
student A student is primarily a person enrolled in a school A school is an educational institution designed to provide learning spaces and learning environments for the teaching of students under the direction of teachers. Most countries h ...

student
s,
senior citizen File:Festival Ringing Cedars 2014 June 22 Димон 05.jpg, An elderly woman at a Ringing Cedars' settlement in Russia. Old age refers to ages nearing or surpassing the life expectancy of human beings, and is thus the end of the human biologic ...
s or high-valued customers do not pay fees for basic financial transactions. Some offer free transactions for maintaining a very high average balance in their account. Other service charges are applicable for
overdraft An overdraft occurs when money is withdrawn in excess of what is on the current account. In this situation the account is said to be "overdrawn". If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn i ...
,
non-sufficient fundsDishonoured cheques (also spelled check) are cheque A cheque, or check (American English; American and British English spelling differences, see spelling differences), is a document that orders a bank to pay a specific amount of money from a ...
, the use of an external
interbank network Interbank is a Peruvian provider of financial services. History Image:Banco Internacional del Peru.jpg, 250px, Interbank office in Arequipa In 1897, Elias Mujica opened an agency at Jiron de la Union in Lima's historical center under the name o ...
, etc. In countries where there are no service charges for transaction fees, there are, on the other hand, other recurring service charges such as a
debit card A debit card (also known as a bank card, plastic card or check card) is a payment card that can be used in place of cash to make purchases. It is similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardho ...
annual fee. In the United States, there are checking account options that do not require monthly maintenance fees and this can keep costs down. While a majority of U.S. checking accounts do charge monthly maintenance fees, about one-third of accounts do not charge those fees. A survey of monthly checking account maintenance fees shows the average cost to be $13.47 per month or $161.64 per year.


Interest

Unlike savings accounts, for which the primary reason for depositing money is to generate interest, the main function of a transactional account is transactional. Therefore, most providers either pay no interest or pay a low level of interest on credit balances. Formerly, in the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

United States
,
Regulation QRegulation Q ( 12 CFRbr>217 is a Federal Reserve The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enac ...
(12 CFR 217) and the Banking Acts of 1933 and 1935 (12 USC 371a) prohibited a member of the
Federal Reserve The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series ...

Federal Reserve
system from paying interest on demand deposit accounts. Historically, this restriction was frequently circumvented by either creating an account type such as a
Negotiable Order of Withdrawal account#REDIRECT Negotiable order of withdrawal accountIn the United States The United States of America (USA), commonly known as the United States (U.S. or US), or America, is a country Contiguous United States, primarily located in North America. ...
(NOW account), which is legally not a demand deposit account or by offering interest-paying chequing through a bank that is not a member of the Federal Reserve system. The Dodd-Frank Wall Street Reform and Consumer Protection Act, however, passed by Congress and signed into law by President Obama on July 21, 2010, repealed the statutes that prohibit interest-bearing demand deposit accounts, effectively repealing Regulation Q (Pub. L. 111-203, Section 627). The repeal took effect on July 21, 2011. Since that date, financial institutions have been permitted, but not required, to offer interest-bearing demand deposit accounts. In the United Kingdom, some online banks offer rates higher as many savings accounts, along with free banking (no charges for transactions) as institutions that offer centralised services (telephone, internet or postal based) tend to pay higher levels of interest. The same holds true for banks within the EURO currency zone.


High-yield accounts

High-yield accounts pay a higher interest rate than typical NOW accounts and frequently function as loss-leaders to drive relationship banking.


Lending

Accounts can lend money in two ways: overdraft and offset mortgage.


Overdraft

An overdraft occurs when withdrawals from a bank account exceed the available balance. This gives the account a negative balance and in effect means the account provider is providing credit. If there is a prior agreement with the account provider for an overdraft facility, and the amount overdrawn is within this authorised overdraft, then interest is normally charged at the agreed rate. If the balance exceeds the agreed facility then fees may be charged and a higher interest rate might apply. In North America,
overdraft protection An overdraft occurs when money is withdrawn from a bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be direc ...
is an optional feature of a chequing account. An account holder may either apply for a permanent one, or the financial institution may, at its discretion, provide a temporary overdraft on an ad hoc basis. In the UK, virtually all current accounts offer a pre-agreed
overdraft An overdraft occurs when money is withdrawn in excess of what is on the current account. In this situation the account is said to be "overdrawn". If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn i ...
facility the size of which is based upon affordability and credit history. This overdraft facility can be used at any time without consulting the bank and can be maintained indefinitely (subject to
ad hoc Ad hoc is a Latin phrase __NOTOC__ This is a list of Wikipedia articles of Latin phrases and their translation into English. To view all phrases on a single, lengthy document, see: * List of Latin phrases (full) The list also is divided alpha ...

ad hoc
reviews). Although an overdraft facility may be authorised, technically the money is repayable on demand by the bank. In reality this is a rare occurrence as the overdrafts are profitable for the bank and expensive for the customer.


Consumer reporting

In the United States, some consumer reporting agencies such as
ChexSystems ChexSystems is a check verification service and consumer credit reporting agency owned by the eFunds subsidiary of Fidelity National Information Services. It provides information about the use of deposit accounts by consumers. History In 1991, ...
, Early Warning Services, and TeleCheck track how people manage their checking accounts. Banks use the agencies to screen checking account applicants. Those with low debit scores are denied checking accounts because a bank cannot afford an account to be overdrawn.


Offset mortgage

An offset mortgage was a type of mortgage common in the United Kingdom used for the purchase of domestic property. The key principle is the reduction of interest charged by "offsetting" a credit balance against the mortgage debt. This can be achieved via one of two methods: either lenders provide a single account for all transactions (often referred to as a current account mortgage) or they make multiple accounts available, which let the borrower notionally split money according to purpose, whilst all accounts are offset each day against the mortgage debt.


See also

Transaction related *
Collection item Collection or Collections may refer to: * Cash collectionCash collection Accounts receivable. It is the recovery of cash from a business or individual with which you have issued an Invoice. Unpaid invoices are considered outstanding. Invoices ...
*
Demand draft A demand draft is a negotiable instrument similar to a bill of exchange. A bank issues a demand draft to a client (drawer), directing another bank (drawee) or one of its own branches to pay a certain sum to the specified party (payee). A demand dra ...

Demand draft
*
Error account An error account is a type of account used for storing compensation for errors in trading, a transaction that is not posted in a timely manner because of inconsistencies, such as an incorrect account or routing numbers to the wrong name on the accou ...
a necessity for auditing transaction accounts *
Transaction depositIn the United States, transaction deposit is a term used by the Federal Reserve for checkable deposits and other accounts that can be used directly as cash without withdrawal limits or restrictions. Such deposits are subject to reserve requirements i ...
Account type related * Current account mortgage *
Negotiable Order of Withdrawal account#REDIRECT Negotiable order of withdrawal accountIn the United States The United States of America (USA), commonly known as the United States (U.S. or US), or America, is a country Contiguous United States, primarily located in North America. ...
*
Personal account A personal account is an account for use by an individual for that person's own needs. It is a relative term to differentiate them from those accounts for business or corporate use. References

Bank account {{finance-stub ...
*
Savings account A savings account is a bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transaction A financial transaction is an Contract, agreement, or communication, carried ...


Notes

{{Authority control Bank account Banking terms