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:
“There is no permanent class of hired laborers amongst us. Twenty five years ago, I was a hired laborer. The hired laborer of yesterday, labors on his own account today; and will hire others to labor for him tomorrow. Advancement—improvement in condition—is the order of things in a society of equals.”
—Abraham Lincoln (1809–1865)