Bank Account Basics

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

Commonly understood types of accounts include deposit accounts, credit card accounts, current accounts, loan accounts, and many other types of accounts.

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.

<p>The financial transactions which have occurred on a bank account within a given period of time are reported to the customer on a bank statement.</p> Signup and view all the answers

<p>Once an account is opened, funds entrusted by the customer to the financial institution on deposit are recorded in the account designated by the customer.</p> Signup and view all the answers