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Bank Account
A financial account held at a bank or other financial institution where an individual can deposit, withdraw, and manage their money.
More Details
A bank account is a financial account held with a financial institution, such as a bank or credit union. There are several types of bank accounts, including checking accounts, savings accounts, and money market accounts.
Example
You visit a local MCU Branch intending to have one place to store and access your hard-earned money. You connect with an MCU Employee to open up your account, which is your bank account.
Related Terms
Personal Loan
A flexible form of credit issued by a bank for personal use, with a fixed interest rate and repayment period.
Returned Item Fee
A fee that is charged to a bank account holder when a check or electronic payment they have made is returned unpaid.
Investment
The act of committing money or capital to an endeavor with the expectation of obtaining an additional income or profit.