BANK ACCOUNT Meaning and
Definition
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A bank account is a financial facility or arrangement provided by a bank to an individual or entity that allows them to deposit, store, and manage their money securely. It acts as a repository for one's funds and offers various services for money transactions.
A bank account typically entails the establishment of a contractual relationship between the bank and the customer. Opening a bank account requires the completion of required documentation and identity verification. Once the account is set up, the bank issues an account number unique to the customer, allowing easy identification and access to their funds.
Bank accounts serve multiple purposes, including depositing money, receiving payments, and making transactions. Individuals often use bank accounts to receive their salaries, savings, or investments. These accounts enable secure and convenient management of financial resources, as they provide customers with a checking or savings account that can be accessed either through physical bank branches, automated teller machines (ATMs), or online banking platforms.
Moreover, bank accounts often offer additional features, such as debit and credit cards, checks, and electronic fund transfers, which facilitate purchases, bill payments, and person-to-person transfers. Additionally, banks may provide account holders with interest rates on their savings or offer loan and mortgage products.
Overall, bank accounts are fundamental financial tools that provide individuals and businesses with a safe, efficient, and accessible way to manage their money and conduct necessary financial transactions.
Top Common Misspellings for BANK ACCOUNT *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for BANK ACCOUNT
- vank account
- nank account
- hank account
- gank account
- bznk account
- bsnk account
- bwnk account
- bqnk account
- babk account
- bamk account
- bajk account
- bahk account
- banj account
- banm account
- banl account
- bano account
- bani account
- bank zccount
- bank sccount
Etymology of BANK ACCOUNT
The word "bank account" is derived from two different sources.
Firstly, the word "bank" can be traced back to the Italian word "banco" which means "bench". This is because during medieval times, Italian merchants used to conduct their business on benches in public squares. These merchants would place their money and other valuable items on the bench, and eventually the term "bank" came to represent a place where money is stored and managed.
Secondly, the word "account" comes from the Latin word "computare" which means "to reckon together". It referred to the process of keeping records and calculations of financial transactions.
Therefore, when combined, "bank account" refers to the specific type of account held by individuals or businesses at a bank, where money is deposited, withdrawn, and various financial transactions are recorded and managed.
Idioms with the word BANK ACCOUNT
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Swiss bank account
The idiom "Swiss bank account" refers to a financial account held in a Swiss bank. It is often used metaphorically to imply secrecy, confidentiality, or illicit activities due to the perception that Swiss banks offer strict privacy laws and are a common choice for individuals wishing to hide or protect their wealth, engage in tax evasion, or engage in other illegal financial practices.
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bank account
A bank account refers to a financial account held by a bank in which money can be deposited and withdrawn by the account holder. It is used for managing personal or business finances, including income, expenses, savings, and investments.
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