Bank Account


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Bank Account

An agreement between a bank and a person or institution, whereby the bank agrees to hold money and/or other assets on behalf of the other party. What the holder may do with those assets depends upon the nature of the account. In a checking account or a savings account, the bank holds money and pays the client a certain percentage in interest. This payment gives the bank the right to lend the money to other clients or invest it within the confines of law and banking regulations. However, the client has the right to withdraw the total amount of money on demand.
References in periodicals archive ?
Just having a simple bank account will be a real lifeline to consumers who are currently being turned away at the door by the major players in high street banking.
The defendant told police he didn't have to register all of his bank accounts, which is incorrect.
They also wrote on the paper that I was the only person allowed access to the bank account - I accepted and put the money in the woman's company's bank account.
Bank account relationships enable many payment transactions which generate not only transaction fees but also valuable insights into customer behaviour.
The freeze on benefit payments into Cypriot bank accounts was announced by Treasury Minister Greg Clark last week amid reports that the government in Cyprus was planning a levy on all accounts to fund a bailout.
Recent research by the World Bank shows adults living in countries with better enabling environments for accessing financial services -- including lower account costs and greater proximity to financial intermediaries -- are significantly more likely to report owning and frequently using a bank account.
ySTANBUL (CyHAN)- Four businessmen were tricked into depositing a total of TL, 470, 000 into the bank accounts of members of a gang claiming to be police officers, Turkish dailies reported on Monday.
As the man told the police he passed control of his bank account to a Chinese acquaintance, police are investigating that Chinese individual, who is believed to have already left Japan, for suspected involvement in the fraud.
Access to a bank account is a basic necessity as wages, benefits and pensions are paid directly into them.
According to the survey, almost 88 percent of young people (18 to 25 years) and seniors (56 years and above) had a bank account, of which 87 percent were with unfinished secondary education and 86 percent with a monthly income of less than 1,000 litas (289 euros) after taxes.
Summary: DUBAI - Emirates NBD Securities announced that it has made available more trading options for its customers through their Dirham bank account; this is yet another valuable opportunity for Emirates NBD Securities customers which allows them to trade on NASDAQ Dubai using their existing bank account in Dirham.
com)-- The Knowledge Group/The Knowledge Congress Live Webcast Series, the leading producer of regulatory focused webcasts, announced today that it has scheduled a live webcast entitled: "Foreign Bank Account Reporting and Enforcement Update: The Internal Revenue Service's 2011 Offshore Voluntary Disclosure Initiative and the New FBAR Regulations.