This page (revision-1) was last changed on 29-Nov-2024 16:16 by UnknownAuthor

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Transaction Account
Transaction Account

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!!! Overview
[{$pagename}] (or [Deposit Account]) is an [Account] used within a [Transaction]
[{$pagename}] may be have a [Legal] definition within a [Jurisdiction]
[{$pagename}] is available to the account owner and is available for frequent and immediate access by the [Account owner] or to others as the [Account owner] may [Delegate|Delegation].
Access may be in a variety of ways, such as cash withdrawals, use of cheques (checks) and debit by electronic transfer.
In economic terms, the funds held in a [{$pagename}] are regarded as liquid funds and in accounting terms they are considered as cash.
Some common terms used for [{$pagename}]
* [Demand Deposit Account] - checking account
* [Savings Account] - [{$pagename}] which that pays interest but cannot be used directly as [Currency]-exchange in the narrow sense of as a medium of exchange (for example, by writing a cheque). \\ These accounts let customers set aside a portion of their liquid assets while earning a monetary return. This account is followed by another account known as Fixed deposit account.
!! [{$pagename}] and [Payment Services Directive]
[{$pagename}] is a deposit account held at a [Financial Institution] ([Custodian]) which is often referred to as a [Account Servicing Payment Service Provider]
!! More Information
There might be more information for this subject on one of the following:
[{ReferringPagesPlugin before='*' after='\n' }]
This page (revision-1) was last changed on 29-Nov-2024 16:16 by UnknownAuthorTop