Definition Of Bank

An establishment authorized by a government to accept deposits, pay interest, clear checks, make loans, act as an intermediary in financial transactions, and provide other financial services to its customers.

Introduction
A bank account is a financial account between a bank customer and a financial institution. A bank account can be a deposit account, a credit card, or any other type of account offered by a financial institution. The financial transactions which have occurred within a given period of time on a bank account are reported to the customer on a bank statement and the balance of the account at any point in time is the financial position of the customer with the institution. a fund that a customer has entrusted to a bank and from which the customer can make withdrawals.

Account types
Bank accounts may have a positive, or credit balance, where the bank owes money to the customer; or a negative, or debit balance, where the customer owes the bank money. Broadly, accounts opened with the purpose of holding credit balances are referred to as deposit accounts; whilst accounts opened with the purpose of holding debit balances are referred to as loan accounts. Some accounts can switch between credit and debit balances. Some accounts are categorized by the function rather than nature of the balance they hold, such as savings account. All banks have their own names for the various accounts which they open for customers.

Types of accounts

Deposit account o Checking account o Current account o Personal account o Transaction deposit

Savings account o Individual Savings Account o Time deposit/certifi cate of deposit o Tax-Exempt Special Savings Account o Tax-Free Savings Account o Money market account

Other accounts o Loan account o Joint account o Low-cost account o Numbered bank account o Negotiable Order of Withdrawal account