Glossary Of
Bank Accounts
A glossary of financial terms helps to understand the meaning of common banking words and hence, makes it easier to deal with the bank accounts.
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Account
Overdraft Fee
Direct Deposit
Interest
Online Banking
Savings
An account is offered by a bank to the customers for carrying out operations like deposit and withdrawal of cash. When a bank account does not have enough funds to cover the payment requested from the account, the bank charges overdraft fee. It is the electronic transfer of payments like your salary, social security amount and other incomes directly to your account. A bank pays interest in the form of money to the customers for maintaining minimum balance in their savings account. Facility that enables customers to access their account online through the use of internet. It makes banking convenient. It is the money that the customers invest or store in bank accounts to be used whenever needed.
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