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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
Social Security
A government-run program that provides financial assistance to eligible individuals, including retired workers, disabled workers, and their families.
Canceled Check
A physical check that has been paid by the bank and cannot be used again. It may be returned to the payer with their bank statement.
Escrow Funds
Funds that are held by a third party on behalf of two parties in a transaction and are released when the terms of the transaction are met.