QS Study

Bank Account

Bank collects fund from depositors, pay the deposited money on demand, and transact different kinds of credits. For these purposes and do everything safely bank maintain an account that is known as the bank account. It is a financial account maintained by a financial institution for a customer. In a bank account, every transaction is recorded strictly. When a depositor enface with the bank and continue the transaction, all activities are recorded in the bank account.

“By which, account bank transacts with clients is called bank account.” – Prof. Harrison.

“Bank account is a contractual agreement between a bank and its customers, allowing the customer to use bank services for a fee. Accounts may be established in the name of individuals or firms.” – Dictionary of Banking and Finance.

According to above all discussion, bank account means one kind of relationship between a bank and a client by which two parties can do their essentials and a client can enjoy all kinds of facilities provided by the bank. Finally, it can be said that bank opens an account in the name of the clients, give an account number and record all transactions of clients. Generally, bank accounts are three types, savings account, current account and fixed deposit account.