Bank Account


Also found in: Dictionary, Thesaurus, Legal, Idioms, Encyclopedia, Wikipedia.

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 ?
Specifically, the Judge ordered the freezing of the bank accounts following an ex parte application by the Economic and Financial Crimes Commission (EFCC).
Take the case of Dubai expat, Narendra Gajria whose Dh1 million was blocked from across his various UAE bank accounts following his wife Heena's death.
'The private bank's response to the NAB letter was unsatisfactory with reference to the blocking of PECO's bank account,' the documents read.
"Therefore, we advise our fellow citizens to avoid any offer to rent bank accounts or cards in order to be safe from legal punishment."
The number of black households without a bank account fell to 16.9 percent last year, according to the FDIC, while 14 percent of Hispanic households were without a bank account.
COMPLAINTSWhile issuing the orders, the court heard that the commission has received complaints of fraud, embezzlement and misappropriation of public funds against Mr Waiganjo, who is a lawyer based in Nairobi.The EACC detectives will also access a bank accounts held by Mr Waiganjo's law firm, M/s J.
Also, if you operate a current bank account, you are most likely going to pay bank charges every month.
Initially, the mobile app will facilitate opening a bank account using face and voice recognition and make domestic and international transactions.
However, the NBP did not share whether the bank's rules allow absconders to legally open a bank account in Pakistan and whether the bank has facilitated such persons in the past.
19 ( ANI ): The Unique Identification Authority of India (UIDAI) on Tuesday issued a Gazette notification that makes nod of beneficiaries must for changing their subsidy-receiving bank account.
TerraPay, the world's first mobile payments switch, has partnered with Yes Bank, India's fourth largest private sector bank, to enable real-time international money transfers to bank accounts in India.
The truth is there has been no notification from the RBI to mandatorily link a bank account with the Aadhaar number.