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152:
1124:; that is, 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. The depositor acquires a claim against the bank for the sum deposited but not to the actual cash handed over to the bank. In accounting terms, the bank creates ("opens") an account in the name of the depositor or a name directed by the depositor in which the amount received is recorded as a
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The minimum age for opening a bank account is most commonly 18 years. However, in some countries, the minimum age to open a bank account can be 16 years, and accounts may be opened in the name of minors but operated by their parent or guardian. In general, it is unlawful to open an account in a false
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Each financial institution sets the terms and conditions for each type of account it offers, and when a customer applies for the opening of an account, and is accepted by the institution, they form the contract between the financial institution and the customer in relation to the account.
1105:, loan accounts or many other types of account. A customer may have more than one account. 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. Funds can be withdrawn from the accounts.
1143:
On the other hand, a bank can lend some or all of the money it has on deposit to third parties. Such accounts, generally called loan or credit accounts, are subject to similar but reverse principles of a deposit account. In accounting terms, a loan account is an
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The laws of each country specify how bank accounts may be opened and operated. They may specify who may open an account, for example, how the signatories can identify themselves, deposit and withdrawal limits among other specifications.
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between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type of account it offers, which are classified in commonly understood types, such as
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Financial institutions have an account numbering scheme to identify each account, which is important as a customer may have multiple accounts.
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The financial transactions which have occurred on a bank account within a given period of time are reported to the customer on a
1112:, and the balance of the accounts of a customer at any point in time represents their financial position with the institution..
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Each financial institution has its own names for the various accounts it offers to customers, but these can be categorised as:
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Some accounts are categorized by the function rather than nature of the balance they hold, such as
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balance, when the financial institution owes money to the customer; or a negative, or
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From the customer's point of view, bank accounts may have a positive, or
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balance, when the customer owes the financial institution money.
1199:, and accounts opened to hold debit balances are referred to as
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143:
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Broadly, accounts that hold credit balances are referred to as
1203:. Some accounts can switch between credit and debit balances.
29:
1120:
In most legal systems, a deposit of funds in a bank is not a
1415:
Society for
Worldwide Interbank Financial Telecommunication
57:
1073:
to a customer, informing them on the introduction on
1156:with collateral from the borrower, and they may be
1152:of the borrower. Loan accounts may be unsecured or
1331:Negotiable Order of Withdrawal account (NOW) (USA)
1459:"What is debit balance? definition and meaning"
1411:- International bank account numbers standard
1405:- International bank identifier code standard
1160:by a third person, with or without security.
1089:or other financial institution in which the
1046:
8:
62:introducing citations to additional sources
1077:and on account numbers for current accounts
1289:Tax-exempt special savings account (TESSA)
1053:
1039:
535:
346:
131:
383:Transaction (checking / current)
1461:. Businessdictionary.com. Archived from
52:Relevant discussion may be found on the
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1140:of the depositor (the account holder).
1085:is a financial account maintained by a
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142:
27:Financial account maintained by a bank
7:
1453:
1451:
1012:
25:
1397:International Bank Account Number
1296:Tax-Free Savings Account (Canada)
1210:, which routinely are in credit.
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1021:
1011:
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1001:
150:
45:relies largely or entirely on a
34:
801:Strategic financial management
1:
955:Sustainable development goals
1281:Certificate of deposit (USA)
125:For the 21 Savage song, see
1511:
1075:electronic data processing
706:Fractional-reserve banking
634:Enterprise risk management
124:
1255:Transaction deposit (USA)
609:Diversification (finance)
1116:Nature of a bank account
559:Automated teller machine
806:Stress test (financial)
1091:financial transactions
1078:
1326:Numbered bank account
1233:Transactional account
1069:1967 Letter from the
1068:
980:Too connected to fail
741:Investment management
639:Environmental finance
498:Correspondent account
192:Community development
1307:Other account types
878:Exchange traded fund
756:Mathematical finance
716:Fundamental analysis
711:Full-reserve banking
317:Bank holding company
227:Export credit agency
135:Part of a series on
58:improve this article
1272:Time deposit (Bond)
1136:of the bank and an
970:Time value of money
796:Statistical finance
786:Sustainable finance
736:Investment advisory
378:Time deposit (Bond)
127:Bank Account (song)
1421:Swiss bank account
1148:of the bank and a
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945:Security (finance)
920:History of banking
816:Structured product
811:Structured finance
624:Economic expansion
137:financial services
1436:Telephone banking
1392:Chart of accounts
1217:Types of accounts
1176:Account structure
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858:Corporate finance
853:Capital structure
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599:Corporate finance
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16:(Redirected from
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1426:Money laundering
1377:Bank card number
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1321:Low-cost account
1250:Personal account
1238:Checking account
1197:deposit accounts
1103:current accounts
1095:deposit accounts
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1004:
935:Personal finance
868:Equity (finance)
731:Impact investing
721:Growth investing
629:Enterprise value
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302:Savings and loan
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1267:Individual (UK)
1262:Savings account
1243:Current account
1228:Deposit account
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1208:savings account
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1130:deposit account
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975:Too big to fail
960:Systematic risk
873:Ethical banking
863:Cost of capital
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776:Private banking
746:Islamic banking
726:Hedge (finance)
649:Ethical banking
619:Economic bubble
594:Climate finance
569:Bank regulation
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483:Instant payment
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358:Christmas club
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323:Lists of banks
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161:Types of banks
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73:"Bank account"
56:. Please help
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1465:on 2020-09-29
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1201:loan accounts
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965:Systemic risk
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925:List of banks
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843:Asset pricing
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584:Capital asset
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114:November 2023
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75: –
74:
70:
69:Find sources:
63:
59:
55:
49:
48:
47:single source
43:This article
41:
37:
32:
31:
19:
18:Bank accounts
1490:Bank account
1467:. Retrieved
1463:the original
1382:Bank secrecy
1369:Money portal
1355:Banks portal
1311:Loan account
1301:Money-market
1288:
1274: /
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1212:
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1107:
1083:bank account
1082:
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1071:Midland Bank
898:participants
771:Pension fund
579:Asset growth
574:Bank secrecy
449:Bill payment
368:Money-market
338:
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202:Credit union
111:
101:
94:
87:
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1126:transaction
1099:credit card
930:Market risk
821:Toxic asset
791:Speculation
679:engineering
217:Development
197:Cooperative
1484:Categories
1469:2013-12-17
1442:References
1158:guaranteed
1101:accounts,
903:regulation
552:management
547:allocation
444:Electronic
237:Industrial
232:Investment
212:Depository
187:Commercial
84:newspapers
1409:ISO 13616
1150:liability
1134:liability
883:Financial
674:economics
654:Financial
520:BRICS PAY
312:Wholesale
307:Universal
207:Custodian
54:talk page
1403:ISO 9362
1341:See also
1122:bailment
1007:Category
699:services
684:forecast
659:analysis
564:Bad debt
350:Accounts
335:Accounts
272:Payments
262:Offshore
242:Merchant
167:Advising
1495:Banking
1417:(SWIFT)
1154:secured
1017:Commons
694:planner
664:analyst
412:Prepaid
373:Savings
363:Deposit
297:Savings
282:Private
257:Neobank
182:Central
144:Banking
98:scholar
1399:(IBAN)
1183:credit
1172:name.
1128:. The
1027:Portal
950:Shares
913:system
893:market
454:Mobile
434:Cheque
402:Credit
337:
292:Retail
287:Public
222:Direct
100:
93:
86:
79:
71:
1189:debit
1146:asset
1138:asset
1132:is a
669:asset
542:Asset
532:Terms
493:SWIFT
407:Debit
389:Cards
342:Cards
105:JSTOR
91:books
1291:(UK)
1087:bank
908:risk
751:Loan
689:plan
589:Cash
515:SPFS
510:CIPS
488:Giro
466:RTGS
461:Wire
439:Card
172:Banq
77:news
888:law
644:ESG
505:CLS
478:ACH
397:ATM
60:by
1486::
1450:^
1097:,
1081:A
471:NS
1472:.
1054:e
1047:t
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129:.
116:)
112:(
102:·
95:·
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64:.
50:.
20:)
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