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Club Account
A type of savings account that is managed by a group of individuals for the purpose of saving money for a specific goal or event.
More Details
A club account is a type of bank account that is used by a group of people, such as a club or association, to manage their collective funds. This type of account is typically used to manage the group's finances, pay bills, and collect membership dues.
Example
You may choose to use a club account if you are in charge of a local sports club and need to manage their funds and oversee their transactions separate from your personal bank account.
Related Terms
Bill Pay
A service offered by banks and other financial institutions that allows customers to pay their bills electronically.
Apple Pay
A mobile payment and digital wallet service that allows users to make payments using their Apple device.
Auto Payment
A payment that is made on a recurring basis without the need for the payer to manually authorize each transaction.