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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
Checking Account
A type of bank account that allows the owner to deposit, withdraw, and manage their money using checks, debit cards, and electronic banking services.
Clearing House
An institution that processes financial transactions, such as the exchange of securities, between two parties.
Individual Retirement Account (IRA)
A type of savings account designed to help individuals save for retirement.