Bank Account Basics Quiz

A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded.

Each financial institution sets the terms and conditions for each type of account it offers.

The purpose of a bank statement is to report the financial transactions which have occurred on a bank account within a given period of time to the customer.

<p>In most legal systems, a deposit of funds in a bank is not a bailment. The actual funds deposited by a person in a bank cease to be the property of the depositor and become the property of the bank.</p> Signup and view all the answers

<p>The depositor acquires a claim against the bank for the sum deposited but not to the actual cash handed over to the bank.</p> Signup and view all the answers