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 ?
Only 10% of EU consumers changed bank accounts in 2011, the Commission notes, stressing that the lack of information and help from banks often discourages consumers from starting the process.
A spokeswoman said a "watching brief" is in place on the situation but payments into Cypriot bank accounts will not resume when banks on the island reopen - currently planned for Thursday.
Money was transferred to three separate bank accounts apparently under the name of the Chinese, the investigators said.
The Co-op has always been seen as the goody-two-shoes ethical bank, praised for its high levels of customer service and fair products, and because it was one of just two banks offering a bank account lifeline to those who hit hard times and bankruptcy.
There are no social groups with restricted access to bank accounts or payment services.
taxpayers are required to file an annual reporting form, called a Report of Foreign Bank and Financial Accounts (or FBAR), stating whether they have a financial interest in any bank accounts maintained in foreign countries.
Gillian Guy, chief executive of Citizens Advice, said: "Great progress has been made in improving access to bank accounts for many groups who were previously financially excluded, yet there are still groups, such as undischarged bankrupts, who struggle to open even a basic bank account.
Chancellor Alistair Darling said the move would lead to up to 1m more people having access to bank accounts during the coming five years.
After her discovery that a new Senate campaign committee and separate bank account were necessary, Burleson said she had to transfer data, and during the process unknowingly lost computer data information on four of the small contributors.
A: Yes, the FBAR is the correct form to file when an individual has signature authority over, or a financial interest in, an offshore bank account.
The gang--made up of six hackers, four bank officials who are needed to authorize illicit bank withdrawals, and five federal policemen who act as lookouts for electronic law enforcement on their trail--illicitly wires funds from Brazilian bank accounts to phantom accounts, where money is withdrawn to buy anything from cars to computer equipment.
We may well then join Rab Hatfield in his surprise at finding the records for the sculptor's bank account stored in the Archivio di Stato in Florence.