A transactional account is a deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels.
Transactional accounts are meant neither for the purpose of earning interest nor for the purpose of savings, but for convenience of the business or personal client; hence they tend not to bear interest. Instead, a customer can deposit or withdraw any amount of money any number of times, subject to availability of funds.
Read more about Transactional Account: Name, History, Features and Access, Overdrafts, Cost, Interest, Current Accounts
Famous quotes containing the word account:
“All my life I’ve been harassed by questions: Why is something this way and not another? How do you account for that? This rage to understand, to fill in the blanks, only makes life more banal. If we could only find the courage to leave our destiny to chance, to accept the fundamental mystery of our lives, then we might be closer to the sort of happiness that comes with innocence.”
—Luis Buñuel (1900–1983)