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:
“The places which I have described may seem strange and remote to my townsmen ... our account may have made no impression on your minds. But what is our account? In it there is no roar, no beach-birds, no tow-cloth.”
—Henry David Thoreau (1817–1862)