Everything about Bank Account totally explained
A
bank account is a financial account with a
banking institution recording the financial transactions between the customer and the bank and the resulting financial position of the customer with the bank.
Bank accounts may have a positive or
credit balance where the bank owes money to the customer; or a negative or
debit balance where the customer owes the bank money.
Broadly, accounts opened with the purpose of holding credit balances are referred to as
deposit accounts; whilst accounts opened with the purpose of holding debit balances are referred to as
loan accounts.
Some accounts are defined by their function rather than nature of the balance they hold. Bank accounts designed to process large numbers of transactions may offer credit and debit facilities and therefore don't sit easily with a polarised definition. These
transactional accounts are called by different names in different countries: in the U.S. and Canada, they're
checking accounts, in the UK
current accounts.
Other account types
Neutral Consumer Information
Canada
The Government of Canada maintains a database of the fees and features of bank account packages offered by various financial institutions operating in Canada. The information is periodically incorporated in comparative tables and published in booklet form. The tables are also published in PDF form on the website of the
Financial Consumer Agency of Canada. The database also feeds into an interactive online tool
(External Link
) that allows consumers to compare various bank account packages online.
Further Information
Get more info on 'Bank Account'.
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