Being able to have access to a
transaction account is a first step toward broader financial inclusion since a
transaction account allows people to store money, and send and receive payments.
Based on latest available figures, 31.3 percent of adult Filipinos have a
transaction account, and 14 percent have a savings account.
A
transaction account is an essential financial service that can serve as a gateway to other financial services such as savings, credit and insurance.
Having a formal and regulated
transaction account opens access to other financial services, such as savings, payments, insurance and credit, all of which can help people better manage their lives and reduce poverty.
Using this exogenous increase in account ownership, 1 examine the causal effect of
transaction account ownership on the accumulation of financial assets.
Mashreq has announced the launch of the Sweep Current Account, a interest bearing
transaction account, designed to automatically sweep idle money above a certain threshold into an interest-paying deposit.
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.
ME Bank has reduced its monthly minimum deposit on its EveryDay
Transaction account from $1,500 to $500 in order to accommodate part-time workers, apprentices and retirees.
The FDIC created the
Transaction Account Guarantee (TAG) Program in November 2008, to "strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, thrifts, and certain holding companies, and by providing full coverage of noninterest bearing deposit
transaction accounts, regardless of dollar amount."