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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
Direct Deposit
A method of electronically transferring funds from an organization, such as an employer or government agency, into an individual's bank account.
Apple Pay
A mobile payment and digital wallet service that allows users to make payments using their Apple device.
Billing Cycle
The period of time between billing statements for an account, typically one month.