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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
Individual Retirement Account (IRA)
A type of savings account designed to help individuals save for retirement.
Bond
A debt security where an investor loans money to a borrower for interest and the return of the principal. They are low-risk but offer lower returns.
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.

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