Bank Account Definition
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A payroll bank account is a separate checking account that businesses use exclusively to pay employees their payroll checks.
Bank account definition. How to use bank account in a sentence. An arrangement with a bank in which the customer puts in and removes money and the bank keeps a. What the holder may do with those assets depends upon the nature of the account. A bank account is an arrangement with a bank which allows you to keep your money in the.
Funds deposited in a bank that are credited to and subject to withdrawal by the depositor. Bank account definition is an account with a bank created by the deposit of money or its equivalent and subject to withdrawal of money as by check or passbook. A personal bank account is not for business use but rather for an individual to keep and manage their own personal funds and other assets. Bank account an agreement between a bank and a person or institution whereby the bank agrees to hold money andor other assets on behalf of the other party.
This would be your personal banking account rather than a shared corporate account or joint account. Meaning pronunciation translations and examples. Each financial institution sets the terms and conditions for each type of account it offers which are classified in commonly understood types such as deposit accounts credit card accounts current accounts loan accounts. In a checking account or a savings account the bank holds money and pays the client a certain percentage in.
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. Payroll is such a large component of some businesses that its easier and more secure to use a separate checking account for payroll instead of the main operating account.
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