Bank Account Description Meaning
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An oral or written description of particular events or situations.
Bank account description meaning. A description entered on a purchase invoice shows up when selecting view on the transaction in the bank account from which the purchase invoice was paid. For instance an account description for a gas account would mean the unique name that you create for each payment. Most banks offer some type of online banking service but true virtual banks usually do not have physical branches or atms. 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.
This topic is important for bank exams as generally many questions are asked in bank exams and interview on bank accounts like what are different types of accounts in the bank what is the difference between a current account and saving the accountso understanding this topic is very important. Unlike a brokerage account which allows an investor to buy and sell securities a bank account is. Bank account synonyms bank account pronunciation bank account translation english dictionary definition of bank account. 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.
Funds deposited in a bank that are credited to and subject to withdrawal by the depositor. An account held by an investor at a financial institution. Debit cards are often used to access money in virtual bank accounts. A bank account is an arrangement with a bank which allows you to keep your money in the.
As i wrote before ive tried every type of transaction i can think of that generates activity in a bank account. For example a bank account where a credit is maintained is called a deposit account while an account to which a customer pays back a debt with the bank is called a loan accountthe most familiar type of deposit account is a checking or savings bank account while a loan account is best represented by a mortgage held by the bank. The financial institution holds the money for the investor leading to a positive or credit balance or loans money to the investor leading to a negative or debit balance. Account description varies from place to place.
A virtual bank account is a type of bank account that exists online only. How to use bank account in a sentence.
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