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 ?
Hahn said that two bank accounts would allow people to access money in case one of their accounts is crippled in a cyber attack.
Packaged bank accounts offer extra benefits, such as insurance and cheaper overdrafts, but charge a fee in return.
The wallet service, Speed Pay, allows a customer to load money even if he does not have a bank account.
Under the proposed modifications, banks will have to sign memorandums with these state institutions and then grant them access, under certain conditions, to the bank accounts of those citizens concerning whom procedures for exercising rights in institutions are underway.
The Economic Secretary to the Treasury Andrea Leadsom today (15 December 2014) hailed a major agreement between the government and the banking industry to establish new basic bank accounts that will end bank charges if a direct debit or standing order fails.
The changes mean that for the first time basic bank accounts will be truly fee-free, helping people to manage their money without fear of running up an overdraft.
com/research/lqlnnd/insurance_and_assi) has announced the addition of the "Insurance and Assistance linked to Payment Cards and Bank Accounts in Portugal" report to their offering.
We completed this move in November 2014, benefiting our one million customers with Basic Bank Accounts who were not previously able to access the network, following a decision made in 2011.
MoneyGram (NASDAQ: MGI), a money transfer company, has announced that it has started money transfer services to all bank accounts in India.
She also mentioned in her application, that the money in their bank accounts were reserved for the welfare of the general population, hence they cannot be froze
John Hughes, managing director of retail banking at the Co-op, said: "Across the industry, there has long been an un-level playing field in the provision of basic bank accounts, with our bank doing far more than most, and we have been calling for some time for this to be addressed.