Transaction account

Transaction account

A checking or similar account from which transfers can be made to third parties. Demand-deposit accounts, negotiable order of withdrawal NOW accounts, automatic transfer service (ATS) accounts, and credit union share draft accounts are examples of transaction accounts at banks and other depository institutions.

Transaction Account

A bank account from which payments can be made to a third party. Perhaps the most common type of transaction account is a checking account where one can write a check or use a debit card to deduct an amount from the account and give it to a third party without having to go personally to the bank to make a withdrawal. See also: NOW Account, Demand Account.
References in periodicals archive ?
Qantas Frequent Flyers now have even more reasons to enjoy happy banking at Bankwest following the launch of Australia s first and only everyday transaction account that allows members to earn Qantas Points.
Australian citizens are said to be paying hundreds of millions of dollars a year in transaction account fees in spite of the fact that some accounts allow customers to escape such charges.
The beneficiary or next of kin must report the death of the EasySave, Vibe or Transaction Account client within three months to any Bank Windhoek branch," he said.
This replaced the FDIC's Transaction Account Guarantee (TAG) Program, which provided unlimited coverage for noninterest-bearing transaction accounts, but also for low-interest NOW accounts and IOLTAs (Interest on Lawyer Trust Accounts).
The Transaction Account Guarantee Program had been set to expire June 30 but will now run until December 31.
When opening a transaction account and filing in an inquiry form, bank clients have to answer the question of whether they are politically active.
is participating in the Federal Deposit Insurance Corporation's (FDIC) Transaction Account Guarantee Program (TAGP).
Under a two-year extension of the FDIC's Transaction Account Guarantee (TAG) program authorized under the Dodd-Frank Act, demand deposit insurance for accounts with balances exceeding $250,000 is set to expire at year-end 2012.
As well as the $1000 cash back and our low standard variable rate, we re waiving the $600 application fee and NAB customers don t get charged monthly account fees on our most popular transaction account.
18 /PRNewswire-FirstCall/ -- Oxford Bank, a subsidiary of Oxford Bank Corporation (BULLETIN BOARD: OXBC) , today announced that it is participating in the Transaction Account Guarantee Program (TAGP), which is a part of the Federal Deposit Insurance Corporation's (FDIC) Temporary Liquidity Guarantee Program (TLGP).
Depository institutions may offer overdraft protection programs to transaction account customers as an alternative to traditional ways of covering overdrafts.
Product penetration, choice of channel, the drivers of product and provider choice, and the barriers to adoption are all covered in this deck to ensure that the reader knows What Consumers Want from a transaction account in their country of interest.