Overview#Transaction Account (or Deposit Account) is an Account used within a Transaction
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 Transaction Account are regarded as liquid funds and in accounting terms they are considered as cash.
Some common terms used for Transaction Account
- Demand Deposit Account - checking account
- Savings Account - Transaction Account 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.
Transaction Account and Payment Services Directive#Transaction Account 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:
- Account Information Service
- Account Information Service Provider
- Account Servicing Payment Service Provider
- Account owner
- Clearing House Interbank Payments System
- Demand Deposit Account
- Deposit Account
- Depository Institutions Deregulation and Monetary Control Act of 1980
- Financial Settlement
- Payment Initiation Service
- Payment Initiation Service Provider
- Payment Service Provider
- Payment Service User
- Payment Transaction
- Savings Account