Transaction account

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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 ?
The company is to initially offer transaction accounts, savings accounts and home loans.
The innovation is that all accounts of legal entities are now in the Registry, whereas previously it only contained transaction accounts. Furthermore, the Registry is based on a real-time working, which implies that the data are collected continuously during working hours and are processed as such.
Transaction accounts increased by $201 million or 3.0% during that period, while time deposits increased $135 million or 2.8%.
"The Customs Administration is not asking for an access to the transaction accounts of individuals but wants instead to be allowed to act in keeping with its powers granted by the customs law," says Gjoko Tanasoski, Director of the Customs Administration.
Among such products, general purpose reloadable (GPR) prepaid cards may be able to address the issues more effectively than alternative checking accounts offered by depository institutions or transaction accounts offered by nondepository institutions.
The Payment aspects of financial inclusion report builds on a document that underwent public consultation in late 2015 and seeks to tackle barriers to the adoption and usage of transaction accounts, which sit at the heart of retail payment services.
Pakistan's financial inclusion strategy is currently focusing on four areas including promoting digital transaction accounts and reaching scale through bulk payments, expanding and diversifying access points, improving capacity of financial service providers and increasing levels of financial awareness and capability.
I first compare Child Benefit recipients across time to estimate the mandate's effect on the ownership of transaction accounts, defined as bank accounts meant primarily for daily financial transactions rather than to store funds for later use.
Bluebird, the new prepaid card product being rolled out by Walmart and American Express, will provide banks and credit unions with additional competition in transaction accounts and technology.
In 2013 the first $12.4 million in net transaction accounts will be exempt from reserve requirements.
It is important for businesses to consider that if they opt to convert their noninterest-bearing transaction accounts to interest-bearing accounts, the account will no longer be eligible for unlimited deposit insurance coverage.
Bank Windhoek recently increased the life cover for clients with EasySave, Vibe or Transaction accounts. The death benefit has been increased from N$3 600 to N$4 000 with effect from 1 September 2011.