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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
Trust
A legal arrangement in which one party transfers ownership of property to another person or entity to be managed for the benefit of a third party.
Overdraft Fee
A charge that is assessed when a check or electronic transaction is processed for more money than is available in a checking account.
Social Security
A government-run program that provides financial assistance to eligible individuals, including retired workers, disabled workers, and their families.